Property Description

Rare fully-entitled multifamily development opportunity. 2,500 SF corner lot with approved plans and permits for a 10-unit apartment building. Project proposes a four-story plus cellar building totaling approximately 8,955 SF with a 50 ft height and 34.3 ft rear yard. Lot measures 25’ x 100’ and is located on the corner of Minnesota Avenue and White Place SE, and adjacent to a public alley. Existing 2.5-story detached home (approx. 1,330 SF) would be razed. Sale includes land and approved development plans and permits. Unit 001 = 875 SF (2BR 1BTH) Unit 002 = 875 SF (1BR 1DEN 1BTH) Unit 101 = 671 SF (2BR 1BTH) Unit 102 = 634 SF (2BR 1BTH) Unit 201 = 744 SF (3BR 1BTH) Unit 202 = 730 SF (3BR 1BTH) Unit 301 = 746 SF (3BR 1BTH) Unit 302 = 732 SF (3BR 1BTH) Unit 401 = 748 SF (3BR 1BTH) Unit 402 = 726 SF (3BR 1BTH) Estimated Voucher rental rates in the area: 1BR = $1,496 + about $300 to $400 if utilities are included in the rents 2BR = $2,017 + about $300 to $400 if utilities are included in the rents 3BR = $2,443 + about $350 to $450 if utilities are included in the rents Elevations shown are from the approved Permit Set. The artist's rendering shown is a conceptual representation of the proposed development. Final construction, finishes, materials, amenities, and landscaping may vary from image shown. Prospective buyers should review architectural plans and conduct independent due diligence before purchase.

Property Features

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