The fully approved 46-unit apartment complex is located in an Extremely Desirable Uptown Kingsong location. Approval is for (32) 2-bedroom apartments and (14) 1-bedroom apartments. This AAA property is surrounded by higher-end homes, it's less than 1 mile from booming Historic Uptown Kingston, the Bus Station, and walking distance to the Elementary/Middle school, Dietz Stadium Sports Complex and the Park. The seller has full Building and Site Plans, the property is Approved and Shovel Ready. At an estimated cost to construct of $10M (with fair market rents and expenses) the property would produce a solid 8% Cap rate of return. The parcel has two access points, one from Lucas Ave (this would serve as the Utility Access and Emergency Exit) and the other from Bluestone Court which would serve as the Main Access point. The architects and Engineers are willing to stay on and see this project through if the buyer desires. New zoning in Kingston (SD-MF zone) wood allow for a max buildable flootprit of 30,000 square feet and you can go up to 3 stories, in theory this could potentialy mean a 90,0000 square foot apartment buidlnig or a hight desity neighborhood of single-family homes.
More Info
Basic Information
Acreage2.7
List Price$1,380,000
MLS Number20232966
MlsStatusACTIVE
Property TypeResidential
SewerMUNICIPAL
Other
ElectricityON-SITE, SINGLE PHASE, THREE PHASE, WITHIN 1/4 MILE
