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Additional details
$ 2,330,000
Est. payment /mo
Active
1163 Chestnut ST Pontiac, MI 48342
5.58 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type UnimprovedLand
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20251035265
Lot Size 5.580 Acres
Acres 5.58
Property Sub-Type UnimprovedLand
Property Description
Attention investors and developers: this is the opportunity you've been waiting for! Located just 5 minutes from Oakland University, this shovel-ready site requires no variances or rezoning. Zoned for multi-family residential, the approved site plan allows for up to eight 11-unit, 3-story apartment buildings—each with its own garage. Concept drawing is available! With a growing demand for student housing in the area, this is an ideal location to capitalize on a high-demand rental market. Alternatively, take advantage of the flexibility to build and sell the units individually for a more immediate return on investment. Third option, is to sell each unit individually at/around $249,000.00. Price per unit based on maximum density/occupancy of 87/88 units, is approximately $27,100/unit. Price per unit based on minimum density/occupancy is $32,250/unit. Don't miss your chance to develop a highly desirable income-generating property in a thriving area. Reach out today to schedule a tour and explore the full potential of this exceptional site!
Location
State MI
County Oakland
Area Area02142Pontiac
Interior
Fireplace No
Exterior
Community Features Sidewalks
View Y/N No
Garage false
Building
Sewer PublicSewer, SewerAtStreet
Water Public, WateratStreet
New Construction No
Schools
High Schools Pontiac
School District Pontiac
Others
Senior Community false
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition ShortSaleNo, Standard
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Listed by Nahed Yousif of Brookstone, Realtors LLC