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May 26, 2015 2:33 EST

CLASSIC CRAFTSMAN STYLE HOME IN EAST ATLANTA VILLAGE (EAV): Offered is an Addition and Renovation of an existing 2/1 on main level with 1/1 on the terrace level that is approximately 928 SF on the main level

iCrowdNewswire - May 26, 2015

CLASSIC CRAFTSMAN STYLE HOME IN EAST ATLANTA VILLAGE (EAV)

About the opportunity:

 

EXECUTIVE SUMMARY

Address: 511 Blake Avenue, Atlanta, GA 30316
Builder: TBD
Construction Manager: LCM, Inc.
Property Type: Single Family Resedential Renovation and Addition
Investment Type: Debt, Secured by the property.  Security is subordinate to bank financing
Interest Rate

and Revenue Share:

8% base rate plus abonus based on sales price
  • If the Sales Price is $350,000-399,999, then the total returnwill be increased to 8%, even if the note is repaid in less than 12 months
  • If the Sales Price is $400,000-430,000,  then the total returnwill be increased to 10%, even if the note is repaid in less than 12 months
  • If the Sales Price is greater than $430,000, then the total returnwill be increased to 12%, even if the note is repaid in less than 12 months
Term: 12 Months

FINANCIAL SUMMARY

Sales Price: $350,000-$430,000
Purchase Costs: $130,000
Soft Costs: $5,000
Hard Costs: $140,000
Sales Commissions: $8,250
Closing Costs: $5,000
Warranty: (1 Year Renovation Warranty)
Total Cost: $288,250
Projected Profit: $61,750-141,750

CAPITAL STACK  
Bank: $100,000
CrowdVested: $75,000
Developer: $100,000

Selected Comps (via Zillow)

Offered is an Addition and Renovation of an existing 2/1 on main level with 1/1 on the terrace level that is approximately 928 SF on the main level. This new opportunity includes raising the roof to create an additional 844 SF on the second newly raised level, while improving all remaining aspects of the existing structure. This process provides a completely recreated craftsman style home with 4/4 on the top two floors, not including the terrace level with a Live in Suite. This improvement would also allow for a newly improved Glenwood porch/frontage in addition to improving the Blake porch/frontage, while adding upper, covered bedroom porch areas and a kitchen/living room with direct access to side deck/patio areas, resulting in four covered deck/patio areas outdoors.

Newly constructed Second Level features: a Master Bedroom with Private Bath, Walk In Closet, Private Fireplace and Private Covered Porch; Large Laundry; Secondary Bedroom with Private Covered Porch and an additional bathroom.

Other features throughout the home include: 2 Office/Bedrooms on Main with direct porch access, Fireplace in Living Area, Fully Renovated Kitchen with new Solid Surface Tops and Large Island Bar Top, Open Kitchen/Living/Dining Floor Plan for entertaining connected to Private Covered Porch, Terrace Level Suite with Bedroom, Bathroom, Kitchenette Hook Ups and Entertaining Room, while leaving additional space for interior Mechanical and Storage Room, Private Wrought Iron Style Fencing around Entire Property, Stone Veneered Entry Patio, New Hardie Siding and Shake Exterior.

About the property:

PROPERTY SUMMARY

Square Footage
Heated:
Main 928
Upper Level 844
Terrace 928
Total 2700
Garage: Parking pad 1-2 cars
Patio(4): 620 sqft total
Front Porch: 200 sqft
Note – Based on architect’s estimates
Acerage .15 Acre (6,330 sqft)
Topography Sloped corner to corner
Exterior
  • Siding/Shakes – Hardiplank
  • Stone Veneer (per rendering)
  • Front Porch – Stone Veneer on Blake/Wood Column and Hardiplank on Glenwood
  • Gutters – 5″ gutters with downspouts
  • Shingles – 25 Year Architectural Shingle
Interior
Ceiling Height: 8′ Main level, 8′ Upper level
Flooring
Site Finished Hardwood Main Floor(Living, Kitchen, Dining, Bedroom/Offices, Closets)
Carpet All Bedrooms and Closets
Ceramic Tile All Bathrooms and Terrace Suite
Trim
Base All finished areas on main and upper
Crown All finished areas on Main and Upper, except Closets and Laundry
Trim All Windows, Doors, and Openings
Fireplaces
Family Room Ventless Gas Log
Cabinets
Kitchen Paint Grade
Master Bath Stain Grade
Secondary Baths Paint Grade
Tops
Kitchen Granite
Master Bath Granite
Secondary Baths Granite
Kitchen Backsplash Granite
Appliances
  • Appliances – Stainless Steel
  • Gas Burner Cooktop and Oven Range
  • Dishwasher
  • Microwave
  • Beverage Refrigerator
  • Garbage Disposal
Lighting Recessed 6″ Cans Throughout Upper and Main, Pendants and Globes as needed
Interior Doors 6 panel 3070
Door Hardware Brushed Nickel
Mechanical
Main Level 2 Ton – Gas Programmable Zones
Upper Level 2 Ton – Gas Programmable Zones
Plumbing
Sink Faucets/Shower Brushed Nickel
Sinks Stainless Double Bowl Kitchen, Porcelain Single Bowl Baths
Water Heater 50 Gallon Gas
Master Bath Walk In Ceramic Tile Shower and Soaking Tub
Secondary Baths Composite Tubs with Ceramic Tile Surround
Toilets Easy Height Toilets
Hose Bibs Exterior, Minimum 2 Each
Insulation
Attic R-33 blown
2 x 4 Exterior Walls R-13
Caulking per state code
Shelving Metal Shelving in Closets and Pantry
Allowances (Pre-sale) Carpet, Ceramic Tile, Hardwood, Plumbing Fixtures, Lighting, Appliances, Mirror, Shelving, Bath Accessories, Landscaping, Irrigation

Photo Gallery:

The higher resolution version of the plans can be downloaded from the documents section.

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