607 Carthage
Category: Develop & Lease
Status: Planning
Timeline: Build Complete Late 2024
Stabilized Rental Yield: 12% (est.)
Phase One ROI: 50% (est.)
Phase Two ROI: ???
Accepting Investors: Yes
Project size: Approx $4M
Equity Raise: $1.6-2M
Description: Former elementary school built in the early 1930’s. Was recently put on the national register of historic places, making it eligible for both state and federal historic tax credits. Additionally, the school is located in an opportunity zone providing addtional significant tax leverage. Phase 1 will consist of rebuilding the school into 14-18 Class A units. If deemed appropriate, phase 2 will consist of new construction. The second phase will likely be at least double the size of the phase 1 project. We are very early in the feasibility studies and all is speculative at this time. However, we believe phase 1 ROI to be very conservative and phase 2 could prove to be magnitudes larger. Tax credit execution will be critical.
Investing in Real Estate has risks. Past Performance is not indicative of future results and investing in this or any partnership could result in the loss of capital.