This residential Triplex with a large garden was very interesting to us on behalf of specific requirements it possessed that were in conformity to the requirements of a particular purchaser anxious to invest in a revenue property in the area. Due to its excellent proximity to the Metro and Public transportation depot, as well as being very conveniently located near to many green spaces, conveniences and other very desirable amenities in the area, we knew that this was the ideal property for our client.
When we originally located the property, we immediately realized due to the spacious garden area that the possibility of expansion of the original structure was not only possible but that it was also entirely feasible with the proper approval from the proper authorities and with the required building permits, and so we urged our purchaser to conclude the transaction for the property’s purchase. We negotiated for a final purchase price of $565,000,00, and proceeded to assist our client to further make all the necessary arrangements to fully transform this property into a lucrative concern.
With the proper permits in place, and at our suggestion, our client proceeded to create a bachelor apartment in the basement of the original property with a separate entrance and exit in order to maximize returns during the second phase of our plans. The original structure was now considered a Quadruplex and had already by being used as so, maximized the potential of the original investment. The second phase of the plan was to possibly construct an additional Quadruplex on the area that had once been considered only “waste land” or a “decorative garden”, and with the proper permits and construction plans approved by the city, this new structure would indeed become a reality.
However, when the proper permits were in place, our client requested that we assist them in the sale of the property due to familial concerns, so we proceeded to find a purchaser of the property who was also interested in the possible expansion of the property and was very impressed with the fact that the initial “leg-work” had already been done for them due to our assistance, understanding that this is a very complex task and one not usually completed by a real estate broker on behalf of a client that has already concluded a transaction!
The purchaser agreed to the selling price established by our client of $535,000,00 for the Quadruplex and an additional $160,000,00 for the adjoining piece of land and the plans and permits, leading to a final profit of $105,000,00 for our client and a 92% return on their investments over the course of only nine months.