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$ 2,330,000
Est. payment /mo
Active
1163 Chestnut Street Pontiac, MI 48342 1891
5.58 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Mi
MLS Listing ID 60936859
Style Vacant Land
Annual Tax Amount $745
Lot Size 5.580 Acres
Acres 5.58
Lot Dimensions Irregular
Property Sub-Type Vacant Land
Property Description
Attention investors and developers: this is the opportunity you've been waiting for! Located just 5 minutes from Oakland University, this shovel-ready site requires no variances or rezoning. Zoned for multi-family residential, the approved site plan allows for up to eight 11-unit, 3-story apartment buildings - each with its own garage. Concept drawing is available! With a growing demand for student housing in the area, this is an ideal location to capitalize on a high-demand rental market. Alternatively, take advantage of the flexibility to build and sell the units individually for a more immediate return on investment. Third option, is to sell each unit individually at/around $249,000.00. Price per unit based on maximum density/occupancy of 87/88 units, is approximately $27,100/unit. Price per unit based on minimum density/occupancy is $32,250/unit. Don't miss your chance to develop a highly desirable income-generating property in a thriving area. Reach out today to schedule a tour and explore the full potential of this exceptional site!
Location
State MI
County Oakland
Area Pontiac (63142)
Zoning Multi-Family
Building
Lot Description Sidewalks
Water Public Water, Public Water at Street
Schools
School District Pontiac City School District
Others
Ownership Private
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Brookstone, Realtors LLC
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