two adjacent lots. Both lots are 7,496 square feet and zoned R4-1VL. The owners have obtained some very preliminary plansfrom an architect for a project of 39 units as a four-story-type V structure with one level of parking. The architect feels that one level of parking could be utilized as the property is in a transit oriented location and bicycle parking will be provided. The property is unentitled, and there are still existing tenants at the property to be relocated. The proposed unit mix, per the unapproved and preliminary plans, is for 24 one-bedroom apartments and 15 two-bedroom apartments. The existing structures consists of a duplex at 5432 Virginia Avenue as well as a house and a duplex at 5436 Virginia Avenue. Some of the units will be delivered vacant. If a developer is successful in constructing a 39-unit apartment building per the unapproved plans, our hypothetical analysis shows a highly attractive potential 6.35% yield to the developer's costs. Buyer to verify.
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