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Gwinnett Investment Property - MillCreek Estates at the Mall of Georgia
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MillCreek Estates at the Mall of GeorgiaPaul & Debbie Martin originally purchased 8 acre horse farm for $300,000. They re-zoned to high density (up to 6 houses per acre) and sold 27 lots to developers. They still own almost 3 acres and wish to maximize on its profit potential. Out of a possible 5 seperate properties, they've already developed and sold one at a great return. The remaining properties are in various stages of development.
Property 1 (Main house) requires minimal work at an approximate cost of $10,000. Work can be done in less than one month and property can be rented and generate positive cash flow until right buyer comes along. House is luxurious, premium level home with 3 bedrooms, 2.5 baths, pool and many other ammenities.
Property 2 has two execute style one bedroom apartments on first floor and second floor has already been added with archetectural shingled roof. Second story is open layout with many possibilities. Will be originally built out with open floor plan, bedroom suite and large open home office area. Potential for 3 bedrooms & 3 baths upstairs & much more. $30k in windows have already been purchased and are ready for install. Approximately $40,000 will finish this house within 2-3 months. Property 2 also has very modern barn that can be easily converted to office/workshop space.
Property 3 is simple lot ready for sale for $60k to developer or can be built upon for maximum return. Generally, homes in this area require $100k building costs and sell for $250,000 including lot. Another viable lot exists near front of property. It should be last to be considered as premature development might hamper other projects' viability. The Martin's currently owe approximately $300,000 in total on all of this land. With an approximate $200,000 investment - Property 1 can easily sell for nearly $300,000, Property 2 for nearly $500,000 and Property 3 should sell for nearly $300,000 once fully developed. That's more than one million dollars in real property value for less than half the investment. Current value on the property as-is exceeds $600,000 and less than $300k is presently owed. Plus there is much more potential here.
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The Mall of Georgia is currently the largest and busiest shopping mall on the East Coast. It is second largest in the U.S. only to the Mall of America in Minnesota.
It is extremly conveniently located within a mile of two different interstates, I-85 and I-985, and enjoys a high level of commerce from those living throughout the SouthEastern U.S.
The Mall of Georgia area is among the most desirable of areas to build executive style homes for resale. At present, 1/8 acre lots sell for up to $80,000 each. Homes that cost around $100,000 to build are selling for between $250,000 and $450,000.
MillCreek Estates is a highly exclusive area nestled behind the Park at Copper Trail subdivision and is framed by beautiful Ivy Creek. The land used to be a horse farm and a beautiful barn still exists on its pasture. The property opens to tens of beautiful acres of forrest that can never be built upon. Wildlife exists in great abundance and the area is very peaceful and quiet.
At present, the main property consists of a luxurious ranch style house with pool and rose garden. The secondary property is a two story house whose second story is just now being added, and the third property is perfect to accomodate a two story home as well.
Originally, there was a fourth property that they spent approximately $90 building and they sold for well over $200,000.
Below are pictures of the main house and secondary property under construction.