Apartment Re-Purpose Project for Sale 3000 Cleveland Ave

3000 Cleveland Avenue represents an opportunity to develop a 14-unit apartment building through the re-purpose of an existing office building. Plans call for a unit mix of 13 one bedroom units and 1 studio unit. The office building currently has several tenants on short term and month to month leases. Plans exist for the conversion and the seller has applied for initial review by the City Planning department. Conversion construction bids are available for review. The financial opportunity is to ultimately own a newly re-purposed apartment project for less than $200,000 per unit. The acquisition cost of $1,786,000 plus the conversion cost estimates of approximately $1,000,000 is a total investment of $2,786,000. This would be equal to $192,857 per unit. Newer and refurbished apartments in Santa Rosa have sold for well over $300,000 per unit and the highest, reaching $466,000 per unit. After the conversion the potential value should be in the range of $4,200,000 to $4,900,000 and after the purchase price and conversion costs estimates of $2,786,000 would provide the ownership with a minimum of $1,500,000 in equity build up for doing the construction conversion. This attractive opportunity has existing income from the office tenants until the conversion is started. There is already existing plans in process for the construction. The City of Santa Rosa is very accommodating toward the development of apartments and the existing zoning provides for multi-family use.