Prime development site! 2.27 acres on Route 313 with 360 feet of frontage. This is a corner property with a proposed traffic light. Currently, the location has two (2) 3 bedroom homes and one outbuilding - all currently rented – with a net operating income of $82,000. New owner can continue its current use as a rental property or take it through the entitlement process, while using the rent income towards any development costs.
The property located at 1014 Quarry Road consists of two parcels, each measuring 1.134 acres, totaling 2.268 acres. It is situated on a corner, with 360 square feet of frontage along Route 313. The property is in a growth market with excellent demographics and high traffic counts, making it an attractive investment opportunity.
Currently, the property generates a net operating income (NOI) of $82,000. This income is derived from the rental of two 3-bedroom homes and one outbuilding on the site, all of which are currently occupied by tenants. The property offers the option to either continue its current use as an income-producing rental property or embark on a redevelopment project.
Notably, the property's value could potentially increase with the installation of a traffic light at the intersection. The prospect of improved traffic flow and accessibility would likely make the location even more desirable, thereby impacting pricing positively.
For potential investors, the property presents multiple possibilities. They can choose to maintain the current rental setup, benefiting from the existing income while exploring development options. Alternatively, they can pursue a redevelopment project by going through the entitlement process, leveraging the rental income to offset some of the development costs.
Overall, the property is considered a prime development site due to its size, frontage, location on a corner, and the expected installation of a traffic light. It offers opportunities for both immediate income generation and long-term development potential.
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.