Feb 8 • General discussion
Charleston, SC Land Development Deal
I bought 711 Bear Swamp Rd Johns Island, SC 29455 (USA) as an initial deal to fix & flip the house and carve off 3 additional quarter-acre lots to build spec homes.
Tied up the adjacent 2 parcels 717-719 for a total of about 6 acres.
Just got an LOI for $3.36M-$4.62M.
That's $210k each for finished lots; zoned R4 with public sewer & water. Conservative storm ponding should yield about 22 lots.
I'm ALL IN on the three properties for $810k.
Putting together estimates now for engineering/entitlements ~$120k
And horizontal development ~$1.5M
Total expenses $2.5M
NET = $860k-$2.12M
Once I iron out the exact lot yield from the project (should be about 22) -- I'll get 15% EMD released from the end builder/buyer (a public homebuilding company) to help with the Capital Stack.
Anyone interested in a land development deal like this with a low cost basis and clear exit from a committed/reputable buyer?
Eric Bakey
Call/Text (843) 834-8321
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Charleston, SC Land Development Deal
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