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Chapel Development, LLC. Private Placement Memorandum. Market Conditions. Surrounding area comprised of 5 city blocks of LEED certified townhouses 8 blocks from downtown Alexandria 5 blocks to Braddock Road metro 7 blocks to Alexandria waterfront Access to I-495 & I-395
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Chapel Development, LLC Private Placement Memorandum
Market Conditions • Surrounding area comprised of 5 city blocks of LEED certified townhouses • 8 blocks from downtown Alexandria • 5 blocks to Braddock Road metro • 7 blocks to Alexandria waterfront • Access to I-495 & I-395 • 1-2 Bedroom median sales prices of 430k-630k • YoY median sales price increase of 3.1% • $335 avg. price per sq.ft. sale • $35/sq.ft. retail lease • 14% growth in population in last 10 years • Avg. age of resident is 35 years old
The Property • Property: 901 N Alfred Street , Alexandria, VAPurchase Price: $1,700,000Size: 4,000 sq.ft. 2 Levels, 3 bathroomsYear Built: 1960Zoning: Residential/BusinessEasements:Alley in rear of church used for right of way • Condition: Structurally sound; in need of cosmetics
Chapel Lofts • Value Addition • Renovate property to include retail on 1st floor and basement, construct additional two levels for apartmentdevelopment • 4,000 sq.ft. retail (daycare) • 6,000 sq.ft. residential (5 apartments) • Retail Space • Renovate bathrooms and install new fixtures • Paint and drywall touch-up • Install new furniture and carpet • Develop playground/outside area at rear of building • Additional windows for natural lighting • Condominiums • Frame two additional levels of green space to existing structure • Reinforce structure with steel beams • Complete renovation to include (3) 1 bedroom apts.and (2) 2 bedroom apts. • Install all new electrical, plumbing, and mechanical work on new addition • Appliances, paint, hardwood, tile, cabinetry, etc.