The appraised value was over the purchase price. Remember the property has 2 parcels that can and will be devloped by Phoenix, you could easily see the fully developed complex gross (if they sold all the units after build out + $30 million +. Basically once the purchase units have been renovated their market price will more than cover the current purchase price, then the boat slips and undeveloped parcels would be all PROFIT.
Great investment property. Keep in mind these are my own opinions and analysis of the properties potential, based upon current market conditions.
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