This is a a shovel-ready 4plex project in Orem specifically for seniors. Entitlements are in place and building plans have been approved by the city. Seller has even paid the permit fee--you get the permit as part of the purchase. It's literally shovel-ready because you can immediately start digging. Property has entitlements and building for a senior housing fourplex with rent limits for 3 bed units are $1336 but more likely to rent in $1100-1200 range. Seller has had the entitlements for a couple of years and permit ready for 8 months. He moved to Hawaii and just too hard to build from there. It's an awesome project targeting an ideal demographic. You have to rent to seniors who make up to $48k per year. Basically, middle class seniors--can you think of more stable and low-impact tenants? You have a little bit of hassle with with rent limits and income limits but should be easy enough to find great tenants who will stay long-term. Buyer/broker verify everything.
|--||New Value: $248,500|
|10/21/2020 4:31:52 AM||New Value: Under Contract|
|10/14/2020 2:33:00 AM||New Value: $248,500|