8 Unit Potential Land for Multi-Family Development

Vacant Land for Sale
Sale Pending/Contingent
Also listed as Multi-Family
Catylist Listing ID: 30477195
Property Subtypes: Multi-Family, Other
Status: Pending/Contingent
Gross Land Area: 0.89 Acres
Sale Price: $149,000
Unit Price: $167,415 Per Acre
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 2/18/2021

Overview / Comments

Welcome to 959 W Elmwood Dr, a 2 bedroom, 1 bathroom home sold with the adjacent vacant lot at 958 Beason Dr. ​Z​oned R-2 with 0.89 acres and road frontage on both Beason Dr and W Elmwood Dr, this property offers great potential to subdivide the lots​ ​for either single-family homes or multi-family buildings. The 2 lots are approximately 39,000​ ​​SF​ combined, allow​ing​ for ​four 75’ x 130’ lots (9,750 SF), which would exceed the 9,500​ SF​ minimum​ ​needed for a duplex. Across the ​road are 4 examples of the type of duplexes that would work on this site​; each​ of those duplexes sold for $348,000 each​ ($174,000 per unit). Located just minutes from NorthShore, downtown Chattanooga, and interstate access. If not interested in subdividing, the house currently on the property could be revitalized with plenty of room for an expansion and potential for an incredible spacious yard. Call today to schedule your private showing!

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 126o D 012 And 126o D 012.01
Zoning: R-2
Property Visibility: Good
Legal Description: Lt 19-A Woodland Heights Pb7 Pg37 Rev 57-268 1960C 03 08 & Lt 19-B Woodland Heights Pb57 Pg268 Out Of 126O-D-12 For 1997
Lot Frontage: 151 Feet
Lot Depth: 170 Feet
Zoning Description: R-2
Topography: Steep
Available Utilities: Electric, Water, Gas, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,213 41,560 112,057
Median Age: 32.79 35.31 36.83
Households: 1,025 17,697 46,969


Photograph of Listing Agent

Grace Frank

Real Estate Partners Chatt LLC Greater Chattanooga REALTORS® Member
Photograph of Listing Agent

Brian D Tucker

Real Estate Partners Chatt LLC Greater Chattanooga REALTORS® Member
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