RE/MAX Select

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listing
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LandFor Sale
$10,000,000
5370 W Ina Road
Tucson, AZ 85743
Listed by: Long Realty Company, 520-633-1541
MLS: MLS of Southern Arizona
564,973Sq Ft
Est. Mortgage
$51,718/mo

Land value = $6,480,000. The land value does not reflect all of the money we have spent on site work - the appraisal states we have spent $1,390,000 which was the number in our second to last pay application from the contractor, while the last pay application that was submitted to the appraiser showed that we have spent $1,625,000. It also does not reflect the $1,000,000 we have spent on architectural and engineering plans for the infrastructure and Phase I buildings - which are currently, approved by the Town of Marana, and ready to pull permits. The value would be higher to a buyer purchasing our site for the same purpose.Value at completion of construction or as a pure Landlord = $43,500,000. This value does not include value for the empty pads or the infrastructure we will complete for the empty pads, and it also does not include $1,871,000 of cultivation equipment that is part of our budget. It assumes that equipment is not yet in the building, so again, it would be worth more to someone buying it for the same purpose if the equipment was in place, or would command higher rent if rented with the equipment in place. It also does not include value for cultivation revenues. Business Enterprise Value = $66MM to $77MM. This analysis is only the valuation for the cultivation revenues plus some value for the surplus land we will develop for later phases. It does not include value as a Landlord i.e. it does not factor in the value of the income from the Dispensary lease and does not account for rent being paid from the cultivator to the landlord. If the landlord and cultivator are the same ownership group, as we are proposing, either the EBITDA would be higher and the corresponding enterprise value would be higher, or you would have to add the Landlord value and the Enterprise value. In either case, the combined value of the land ownership and cultivation operation would be in excess of $100MM.

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