Catylist ID: #30357944
Multi-Family Development Property
Vacant Land for Sale
|Catylist Listing ID:||30357944|
|Gross Land Area:||11.85 Acres|
|Unit Price:||$151,898 Per Acre|
|Sale Terms:||Cash to Seller|
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.
|Taxing Authority:||Memphis, Shelby County|
|Tax ID/APN:||031009 A00001C|
|Property Located Between:||S.Parkway E and Willett|
|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|
|Available Utilities:||Electric, Water, Gas, Sewer|
|Proximity:||1 mile||3 miles||5 miles|
|The information presented herein is provided as is, without warranty of any kind. Neither Catylist nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|