Following our 423 NE 27th ST analysis, we delve into comparable properties within the Edgewater area. By examining the overlapping characteristics of these properties, we can assess whether any offer is a better deal than the $25 million asking price of the subject property.
Identifying Comparable Properties
We identified 13 properties within approximately half a mile of 423 NE 27th ST that share similar characteristics:
- 4,300 properties are located within a one-mile radius
- 490 properties also have a median income above $60k per year
- 433 properties also have less than 12k SF of existing building space
- 38 properties also allow for between 80 and 120 units
- 13 properties also have lot sizes between 20k and 30k SF
Evaluating Potential Value
These 13 properties are comparable based on their size, potential development, and target market. The crucial question is whether any of these properties can be negotiated for a price below $25 million, offering a more attractive investment opportunity.