Residential/Mixed Use Development Land NHC

Vacant Land for Sale
Catylist Listing ID: 30517697
Property Subtypes: Multi-Family, Residential (Single Family), Self Storage, Other
Gross Land Area: 91.72 - 110 Acres
Sale Price: $2,751,600
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/11/2020

Overview / Comments

MAJOR PRICE DROP! MAKE AN OFFER! MOTIVATED SELLER!

Stunning 91-acre land aggregation in New Hanover County with 16-acre +/- lake. Opportunity to add another 20+/- acres with 1000' road frontage - see agent for details.

75%+ uplands (other than lake).

Access to property off Dairy Farm, Blue Clay and Woodhaven Dr.

Ideal for single family, townhome, multifamily, mixed use. Currently zoned R-15, property can accommodate approximately 220 lots. NHC has been open to substantially higher density/mixed use options.

Asking $30,000/acre which equates to approx $12,000 per undeveloped lot using existing zoning. Supports single family homes from high $100K-low/mid $200K sale prices, potentially higher prices for homes with lake view.

Hydrants are at the site, but additional capacity will be required depending upon the scope of the project.

Sewer cost will be updated later in 2020 as DR Horton is in the process of running water/sewer to another site on Sidbury. This will alleviate the need for a developer to run lines all the way to N College Rd, thus a substantial savings.

Total of 5 contiguous parcels, with potential to add one additional 20+/- acre parcel at the same price/acre. This additional parcel would provide 1000' +/- frontage on Dairy Farm/Blue Clay Rd under separate listing. This acreage would likely add 50+/- additional home sites under current zoning.

Easy access to Blue Clay, N College, Sidbury, I-40, I-140, and future Hampstead Bypass.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: New Hanover County
Tax ID/APN: Multiple
Zoning: R-15
Property Visibility: Excellent

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 9,272 35,240
Median Age: 37.3 36.49
Households: 3,570 14,022
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