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Good luck! At least it’s not demolished…yet.
27 units is maybe 3 units per floor. That $400K plus per unit. Could that be a typo?
They must be huge units in if they’re only going to be three per floor that building has quite a footprint as far as depth.
Less tax credits to the owner of what appears to be about 15-20% per year for some number of years. And that per unit is the present value of the cost of renovation for a unit that is likely expected to have a functional life span of 20 years for amortization purposes. Special rate financing will be used. I suspect the accounting has progressed well beyond the back of an envelop/scrawled on a paper napkin and everyone involved has aproved.