Solo on 4th | 16.76m | 5s | Indevelopments | Indevelopments

This building is now for sale

Interesting - any idea of the ask price?

I'd back of envelope valuation at around 20,000 sf of unfinished residential at $450 psf and $1m x 6 retail bays. So that's like $15m +/- 20%?

Disclaimer - I know nothing about valuing real estate
 
Interesting - any idea of the ask price?

I'd back of envelope valuation at around 20,000 sf of unfinished residential at $450 psf and $1m x 6 retail bays. So that's like $15m +/- 20%?

Disclaimer - I know nothing about valuing real estate
Look to be asking 22.5 million
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I hope they can at least finish the building while trying to sell, but at least it’s at a point where the building is finished on the outside and the sidewalk is back to normal.
There is a lot of interior work left to do. It looks to me like Indevelopments have run out of cash and perhaps there are suppliers/trades that have not been paid.
 
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"The building is being offered for sale on an “as is” basis, with the buyer to take over and complete construction. Alternatively, the Seller would consider completing construction for a buyer with a forward sale contract in place."
Sale Link
Big reduction in price, and a name change. Must be having a hard time selling it.
 
Big reduction in price, and a name change. Must be having a hard time selling it.
Interest rates. If it was finished the price would be a cap rate of around 6%.

The old finished price of $22.5 had a cap rate of 4.8%.

Residential seems to be trading hands below financing prices right now, with people assuming further appreciation/near term interest rates cuts, but I would expect instead expect it to sell for a 7% cap, especially given the completion risk. So $12 million if completion is another $3 million?

Really sucks for the financiers and the developer. In a 4% cap environment, they could expect to flip the completed building for $26 million.
 

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