IMH/Next Level Homes - New Home Construction Investment

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Frontier Investment Summary

St. George – Utah

21 SINGLE FAMILY RESIDENTIAL HOMES

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SINGLE-FAMILY RESIDENTIAL LOTS

21
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Reserved Lots

Lots 8, 9 10, 11, 13 and 14 are currently reserved.

Remaining lots ranging from 12,000 to 32,000 sq ft. are available.

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Frontier Subdivision

21 Single-Family Residential Lots

Next Level Homes is pleased to present the Frontier Subdivision located at approximately 2053 E Washington Dam Road in Washington, Utah (the “Project”). Large flat lots ranging from 1/3 to 3/4 acres with nice open views. Near the new route to Sand Hollow Reservoir, which is fast becoming a major getaway location for southern Utah. All entitlements are complete and all lots are ready for building plan submission. The Project will be completed in multiple phases. Vertical construction is expected to begin on the first 6 lots in August 2023 with a scheduled completion date of January 2024.

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Current Conditions

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Frontier Subdivision Property Information/Project Schedule

Property Information

Property Name – Frontier Subdivision

Purchase Date – May 2022

County – Washington County

State - Utah

Number of Lots – 21 single-family lots

Lot/Home Sizes – Lots range from 12,000 to 32,000 square feet. Homes will be approximately 3,200 square feet on the main level with a 3rd car RV garage.

Status of Entitlements – Complete

Projected Home Prices – Projected $900,000-$1,000,000

Land Cost –$6,218,438.00

Project Schedule

Vertical Construction Start – August 2023

Vertical Construction Completion –

First Deliveries – January 2024

Final Delivery – Q1 2025

St. George Information

https://ksltv.com/488701/census-st-george-is-fastest-growing-in-u-s-again/ https://greaterzion.com/articles/history-st-george-utah/

Phase 1
Q1 2024; Phase 2 – Q3 2024; Phase 3 – Q4 2024.
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Frontier Subdivision Budget

7 New Builds 21 Per Unit Total Sq Ft 67200 3200 Debt $ 11,485,113.25 $ 546,910.15 Equity $ 4,000,000.00 $ 190,476.19 Total Cash $ 15,485,113.25 $ 737,386.35 Land $ 6,218,438.00 $ 296,116.10 Soft Cost $ 822,617.25 $ 39,172.25 Hard Cost $ 8,444,058.00 $ 402,098.00 Total Cost $ 15,485,113.25 $ 737,386.35 Sales Revenue $ 19,950,000.00 $ 950,000.00 Sales and Marketing $ (924,000.00) $ 44,000.00 Debt Payoff $ (11,485,113.25) Equity Payoff $ (4,000,000.00) Gross Income $ 3,540,886.75 $ 168,613.65 Projected Investor Return $ 1,770,443.38 50% Projected Investor ROI 44.26% Projected Investor IRR 29.51% 18 Months
8 For more information: Next Level Homes Utah 11616 South State Street Suite 1504 Draper, UT 84020 (801) 833-3501 Tommy Hinson (760) 715-9998 thinson@nlhbuilders.com 8

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