Multifamily zoned lot for development. Just 1 block from popular Nova Road. Close to Beach, colleges, airport and more. Income potential for investor/developer. Seller will include architectural design to build 11 TOWNHOMES with 24 parking spaces. Each unit has 2 bedrooms and 1 1/2 bathrooms Estimated cost to build the project it's around $1.9 million (land included), and the property value after construction and rented over $4 Million. There is huge upside potential here. Since apartments would be new, it will have a very low expenses/ maintenance and the cap rate could be very high (8.98%) Values are estimated will change according to market conditions. General description of potential project, buyer must verify all zoning and construction expenses.
