Property Description

Three contiguous residential parcels on Rollins Avenue are being offered together as a development assemblage, creating an unusual infill opportunity minutes from recently completed townhouse development. The combined Rollins Avenue property contains approximately 1.9 acres and appears well suited for investigation as a townhouse development site. Based on preliminary site analysis, a working concept of approximately 16–18 townhouse residences appears reasonable, subject to engineering, subdivision, zoning, utility, environmental and governmental approvals. Higher-density configurations may be possible and should be independently investigated by prospective developers. The assemblage combines 315, 401 and 403 Rollins Avenue, three contiguous parcels with substantial frontage along Rollins Avenue. Taken together, the properties provide considerably greater development flexibility than the parcels would provide individually. The surrounding market already demonstrates demand for housing approximately the size contemplated here. Recent nearby townhouse sales identified in our preliminary market work include approximately $410,000 for 1,520 SF, $421,000 for 1,536 SF, $449,999 for 1,520 SF, and $450,000 for 1,672 SF. Against those comparables, a working assumption of approximately $435,000 for a newly constructed 1,600-SF residence provides a reasonable starting point for developer underwriting rather than relying upon an unusually aggressive retail price. At an illustrative 18 units: 18 × $435,000 = $7,830,000 potential gross sellout An indicative $950,000 acquisition price represents approximately 11.5% of projected gross sellout, or approximately $50,000 in land acquisition cost per potential dwelling unit. Our working concept assumes approximately 16–18 townhouse residences of approximately 1,600 SF each, configured as multi-level homes with an estimated 800–900 SF ground-level building footprint per residence. At 18 residences, the estimated combined residential building footprint would therefore be approximately: 18 × 800–900 SF = 14,400–16,200 SF Against approximately 1.9 acres, or roughly 83,000 SF of land, that represents only approximately 17–20% preliminary building coverage. The remaining land would be available for the considerably larger site-planning requirements associated with development: internal circulation, approximately 2.3 parking spaces per dwelling, visitor parking, sidewalks, setbacks, stormwater management, utilities, landscaping and common/open areas. This is deliberately a moderate-density working concept rather than an attempt to maximize theoretical unit count. A developer's civil engineer and land planner may identify a more efficient configuration. $950,000 — Three Rollins Avenue Parcels Sold as One Assemblage The owner's objective is straightforward: offer a developer control of three contiguous Rollins Avenue properties in a single transaction, rather than marketing the properties independently. The opportunity is the combination of contiguous ownership, substantial Rollins Avenue frontage, RSF-A zoning, nearby evidence of $400,000+ townhouse values, and sufficient acreage to investigate a meaningful infill residential development. Offered as an assemblage. Developer due diligence required. All proposed unit counts, layouts, values, building footprints and development concepts are preliminary and subject to independent verification and applicable zoning, subdivision, engineering, environmental, utility and governmental approvals.

Property Features

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