| Charles Hamilton 2005-06-16, 2:04 pm |
| Mertz Condominium Overview
Total Project Cost: ~$585,000 (includes sales fees & closing costs)
Investor Participation: $252,400 (secured by lien on building)
Property Location: 934 W. Washington, Sandusky, Ohio
Project Type: Condominium conversion - 6 units
Description: Five 3br / 2˝ bath and one 2br / 1˝ bath units
Estimated Completion: May 2005
Project Overview: www.northcoastholdings.com
Summary
Our objective is to obtain a $252,400,00 private investment loan on our
Mertz Condominium project. The funds from the loan will be used to complete
the condominium conversion. The loan will be secured by a lien on the
building in the amount of the loan. The investor will share 30% of the net
profits on the project (reference Sales Projections sheet). This equates to
a 31.4 % - 46.5% return on investment (ROI). The highest ROI probability is
in the 36.5% - 40.5% range.
Located in Sandusky, Ohio, The Mertz Condominiums are just five blocks from
the central business district (CBD) and two blocks from the Paper District,
a waterfront resort development. A detailed location map can be viewed on
our web site at www.northcoastholdings.com.
The Mertz Condominium project is fully permitted. All municipal requirements
have been met. A multi-family zoning variance has been granted for the
property. There are no obstacles to completion of the project. We are
anticipating substantial completion of construction toward the end of May
2005.
We have great pricing flexibility of the Mertz units. Presently the units
are listed at the market median price of ~$115 / sq. ft., or ~$976,500. This
represents the median sales price of comparable condominiums in the Sandusky
market. The low end of the pricing model of comparable condominium sales in
the Sandusky market is ~$100 / sq. ft., or ~$849,400. The Mertz units are
listed with a Realtor® and are featured on several Internet sites including
realtor.com. With the proximity to the CBD and the Paper District, we should
readily achieve the middle to upper end of our pricing model.
Interested investors are encouraged to call or email for further
information. All inquiries are strictly confidential. We reserve the right
to change the details of this offering without notice.
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North Coast Holdings LLC
440-331-2019
info@northcoastholdings.com
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