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About This Property

Price is for entire parcel, which was recently approved for a variance to subdivide and build TWO new duplexes. This land has recently been approved for a variance allowing the 100' wide lot to be subdivided into two 50' wide lots that can then be each developed into it's own luxury duplex - 4 units total allowed to be constructed under variance. Located just West of Washington Park, this lot is elevated from the street and west-facing for unbelievable front-range views and walkability to the park. Sitting in the middle of an established, tree-lined block with minimal traffic, this is sure to be a great project.

Most recent duplex land comps have sold for $1M - $1.2M for just ONE lot - the basis for each lot when purchasing this parcel is only $850k! ARV for each unit ranges from $1.6M - $1.8M, making this a worthwhile venture. Not to mention how exceedingly rare this opportunity is, seeing as though the entire neighborhood is zoned U-SU-B otherwise. The major BONUS is there is currently a fully-occupied, very well-maintained 4-plex sitting on the parcel to offset holding costs while finalizing plans.

One might also explore another route of development by renovating and splitting the current 4-unit building to sell individually. The building is comprised of three 2/1 units, and one very large 3/2 unit with it's own finished basement as well. One of the 2/1 units also has full, unfinished basement underneath it that is currently common space.

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