|Looking west at the 2000 block of North Burling from Oz Park.|
An original three-flat building on a standard lot of 25'x125' 2044 N Burling sold back in 2011 for $835,000. Four years later in 2015 another multi-unit building on a standard 25'x125' lot next door at 2040 N Burling sold for almost double at $1,425,000.
2044 N Burling (sold for $835K) was developed into a three unit condo building in 2012 with the top floor unit selling at almost $950,000. Unit 1, a duplex down, $851,000 and Unit 2 about $562,000.
2040 N Burling (sold for $1.4 million) was quickly developed into a three unit condo building with the top floor selling for a whopping $1,480,000. Unit 1, a duplex-down, sold for over $1.3 million and Unit 2 selling for $785,000.
|Oz park across the street.|
In each case the top floor unit sold for more than the purchase price of the entire multi-unit building. Typically one other unit will cover the cost of developer construction. The last unit sold is typically profit. In this case probably in the range of $1 million conservatively.