Multi-Family Development Property

Vacant Land for Sale
Catylist Listing ID: 30357944
Property Subtypes: Multi-Family
Gross Land Area: 11.85 Acres
Sale Price: $1,800,000
Unit Price: $151,898 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/9/2019

Overview / Comments

Description: The property is an 11.85-acre multi-family property. All improvements are on site. This parcel is ripe for development of a conventional apartment complex.

Zoning: The property is zoned RU-3, which allows for a variety of uses. There was an apartment complex located on the property in the past, but it was razed by the city for ongoing failure by the owners to comply with municipal taxes and other codes. The density is limited only by the setback and maximum height requirements. Depending on design, the property could comfortably sustain up to 400 units. We believe this is the highest and best use for the parcel.

Uses allowed under the current zoning guidelines include (code allows for other uses besides those listed, some under exemption or other special considerations):

Detached Housing: conventional, cottage, side-yard, manufactured, modular
Attached Housing: two-family, townhouse, semi-attached
Multi-Family: apartments, large home, stacked townhouse
Group Living: nursing home, full-time convalescent, assisted living, independent living, hospice, personal care home, supportive living facility.
All places of worship.

Neighborhood: The area is a residential neighborhood with limited commercial properties. Immediately adjacent the properties include a local church, an apartment complex that is currently undergoing extensive renovations (Parkway Commons), and single family residences.

Additional Details

Nearest MSA: Memphis
County: Shelby
Taxing Authority: Memphis, Shelby County
Tax ID/APN: 031009 A00001C
Zoning: RU-3
Property Located Between: S.Parkway E and Willett
Property Visibility: Good
Legal Description: Parcel ID: 031009 A00001C Property Address: 1221 WILLETT ST STE 540 Municipal Jurisdiction: MEMPHIS Neighborhood Number: 00714B79 Tax Map Page: 156B Land Square Footage: Acres: 11.8500
Largest Nearby Street: S. Parkway E.
Feet of Frontage: 812
Site Description: Utilities, parking and drives are all present. Buildings have been removed. Property is ready for development.
Area Description: Residential neighborhood. Near major roads and public transportation.
Zoning Description: RU-3 Multi-Family
Topography: Level
Available Utilities: Electric, Water, Gas, Sewer
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,825 116,223 255,467
Median Age: 38.19 36.27 34.89
Households: 5,167 48,450 103,063

Contact

Photograph of Listing Agent

Susan Hines

Crye-Leike
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