444 W 5th Street

0
697

PROJECT FOR SALE

Price$6,500,000Property TypeLand
Sale TypeInvestmentProperty SubtypeResidential
Sale ConditionsRedevelopment ProjectTotal Lot Size0.60 AC
No. Lots1Opportunity ZoneYes

Shovel ready for 99 residential units + 1 retail and 1 office space at ground floor. Located in IRS Opportunity Zone. Flat rectangular lot, no subterranean work required. Building Height: 85 feet, 8 stories. Type III-A construction. Planning Dept. approval received in April 2020 (fully entitled). Fully permit approved (RTI). Buyer can pull building and grading permits immediately. See attached Offering Memorandum for more details.

Unit Mix

  • 24 – Studio Apartments
  • 47 – One-Bedroom Units
  • 21 – Two-Bedroom Units
  • 7 – Three-Bedroom Units

Of the Low Income Units, plans include 2 studios, 3 – One-Bedrooms, 2 – Two-Bedrooms and 1 – Three-Bedroom apartment.

In this 8 story building, the first 3 floors will provide 132 parking spaces and 2,000 square feet of ground floor retail. Almost three-quarters of the units will be studios and one bedroom apartments. This means at least one spot per single unit and 2 spots for the two and three bedroom units plus spaces left over for guest and retail parking.

The developer with present a detailed look to the neighborhood council in September.

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