Current Use: Multi-Family

Deed Restrictions: None

Development Status: Proposed; Recorded Plat

Documents Available: Aerial; Building Plan; Plans; Plat Map; Survey

Environmental Audit: None

Fencing: Wood

Possession: Negotiable

Possible Use: Multi-Family

Sewer: Public Sewer

Special Listing Conditions: Standard

Utilities: Cable Connected; Electricity Connected; Phone Connected; Sewer Connected; Water Connected

Listing Terms: 1031 Exchange; Cash; Conventional; Cryptocurrency; Owner Will Carry; Private Financing Available; Trade

Road Frontage Type: City Street

Road Responsibility: Public Maintained Road

Road Surface Type: Asphalt; Paved

Tax Information: City/County

Water Source: Public

Showing Requirements: 24 Hour Notice; Appointment Only; Call Listing Agent; Listing Agent Must Accompany; Schedule Online

Elevation Description: 0-5 Feet Above Sea Level

Acreage Description: Less Than 1/4 Acre Lot; Less Than 1 Acre Lot

Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting with the city has been held; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(fully renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1 bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ instant equity upon completion. Potential ~10% cap rate. Seller will finance. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.