There is a relatively flat 42 acre lot on Rampart Road at the headwaters of Chatfield Reservoir for sale.
A guy could build 200 patio/townhomes for @ $250,000 each and sell them for @ $360,000 each all day long in this location. This Land Owner is asking $1,100,000 and will carry with only $25,000.00 down! We could offer him $2,000,000…… $900,000.00 over his asking price, if he will carry it over…7 years. We pay him when we close each unit that happens to have a $10,000 lot fee. Follow me? Here is a project I brokered in the past to do just that.
I know I can cram 7 units an acre into a development but let’s be conservative and go with 5. 5 units times 40 acres is 200 units.
“homeowners report the average cost to build a new house comes in at $289,775, which would put a 2,000 square foot home costing about $150 per square foot. This will obviously vary greatly with all the costly variables involved, so the cost could range between $150,219 and $429,331.”
–https://www.homeadvisor.com/cost/architects-and-engineers/build-a-house/
Build cost 200 units x $250,000 = $50,000,000
Sale projection 200 units x $360,000 = $72,000,000
$22,000,000 in 7 years are pretty good margins in my eyes. I would shoot for a 5 year sell out and I think it’s attainable, given the current lack of inventory.
Average home price in Denver just hit $425k! There would be people lined up to buy these. I have in place, a great title company, great real estate company and great lenders, however, the engineers, architects, start up funding and a builder with mojo would be key.
If anyone out there would like to step up LET ME KNOW! I would be completely on board. This is an actual active listing call me for more info.
303-476-8454 Nick
The property is 41.9 acres, an ALTA survey was completed in 2017. The property is roughly square, with 1/4 mile of frontage on the Highline Canal on the west side and 1/4 mile of frontage on Rampart Range Road on the east side. The topography is generally flat with a southern facing slope on the southern side of the property. The property has been used historically for grazing and has an agricultural exemption so the property taxes are under $50.00 annually. There is an existing well permit, expired which could be renewed. Roxborough Water and Sanitation District has agreed to serve water to the property north of us and if we participate in 1/4 mile of construction of an 8” water line they would serve us also. The property is currently zoned in unincorporated Douglas County as Rural Residential.
