Just quoted a 4plex fee-for-service deal for a long-standing client.
The headline numbers are:
- All-in for ~$1.45MM, inclusive of all renovation expenses and an acceptable fee to Adaptive
- 10.7x GRM
- 7% cap
- $291 / sq ft
When it’s done, I think the owner would be able to refi the property at 75% LTV, pull out a big chunk of the money invested, and earn 8-10% cash-on-cash on the funds remaining in the deal.
That seems to me like a worthwhile project, right?