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Sep 24, 2015 7:03 EST

178-180 Wainwright Fix and Flip: 178-180 Wainwright St, Newark, New Jersey

iCrowdNewswire - Sep 24, 2015

178-180 Wainwright Fix and Flip

View the Property
Investment Summary

This is a prefunded purchase & rehab opportunity for a Multi-Family Residential property in New Jersey. The subject property address is 178-180 Wainwright St, Newark, New Jersey.

The developer is requesting a loan of $157,000 in order to purchase the underlying property. The property was purchased for a total of $195,000 in August of 2015. There is moderate renovation needed for the underlying property, totaling $37,000. The borrower will pay for the renovation with his own funds. The borrower will receive 1 draw(s) totaling $157,000 at closing of the underlying loan. The initial draw in the amount of $157,000 occurs when at closing. The borrower plans to refinance in one year or under.

178-180 Wainwright St

  • Purchase Price: $195,000
  • Renovation: $37,000
  • After-Rehab Value: $225,000

An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $225,000 for 178-180 Wainwright St. The ARV ratio is 69.78% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Newark is stable and supply and demand are in balance.

Property Overview

178-180 Wainwright St was built in 1925, located in the metropolitan neighborhood of Newark, New Jersey. This property is a 4 unit building. The property has 22 rooms including 9 bedrooms and 4 bathrooms, with a gross living area of 4,776 sq. ft. on a 5,000 sq. ft. lot. The property will remain 4,776 sq. ft. after renovations. The property is near public amenities, shopping and recreation.

Renovation

178-180 Wainwright St

Property renovations are awaiting loan to start renovation and there is moderate renovation needed for the property. The following renovations are planned to be completed:

  • New doors
  • Remodel bathrooms
  • Remodel kitchens
  • Exterior repairs
Contact Information:

Lakay Spice LLC

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