1510 Hiawatha before
Redevelopment Example: 1510 W Hiawatha St Tampa, FL 33604
- This property was brought to us by a flipper who purchased this property with an existing home. It turned out the home needed too much work to be profitable.
- We look at the property and quickly realized it was a lot that could be subdivided into two lots. It was also a desirable area to build and sell bungalow homes in West Tampa.
- We purchased the property for $51,500, tore down the house and subdivided the lot into two lots. This added $30,000 conservatively in immediate land value.
- Our construction company built two homes on these lots (1510 and 1514 W Hiawatha and presold both of them before construction was completed.
- 1510 W Hiawatha sold for $210,000 and 1514 W Hiawatha for $215,000
- Our construction budget on each home was $115,000. Leaving a healthy profit of $50,000 net on each sale.
- This is the type of smaller redevelopment opportunity that banks typically ignore, but by using private investors, we were able to quickly and easily put this deal together.
1510 HIawatha After