10 vacant lots totaling 67500 SF to develop an approved project by the City of Homestead consisting of 24 Affordable Housing Units and 17 Retail Units for rent. This development will comply with the requirements of the Southwest Neighborhood Master Plan. The proposed project will consist of +-14,500SF of retail on the first floor, and 39651 SF of twenty 4bed/2bath and four 3bed/2bath units on the second and third floors. The New Historic Downtown and Business Center within walking distance. Site Market Value per BPO $2,910,000.00 Prospective Market Value at Completion $12,689,716, Value at Stabilization (after18 months) $18,596,500.00, stabilization value based on a 5% cap rate of a projected NOI of $929,825.00 in year one.
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