1163 Chestnut Street
Pontiac, MI 48342

Tools & Resources:

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!

Features

• Property Type: Residential Lots & Land
• Sub Type: Residential Lots & Land
• Listing Status: Active
• County/Area: Oakland County
• Zip Code: 48342
• Subdivision/Neighborhood: Pontiac
• School District: Pontiac
• Lot Size: 5.58 acres
• Directions: N or S on MLK Jr Blvd, NE on University Dr, S on Palmer Dr, W on Chestnut St, Lot is on the Left
• List Price Acre: 417562.72
• Lot Size Area: 5.58
• Lot Size Square Feet: 243064.8
• Lot Size Units: Acres
• MLS Area Major: Oakland County - 70
• MLS Area Minor: Oakland County - 70
• Main Type: Land
• Parcel Number: 1422253009
• Street Type: Paved, Public
• Tax Annual Amount: 745
• Tax Legal Description: T3N, R10E, SEC 22 PART OF NE 1/4 BEG AT PT DIST N 88-38-00 E 150 FT FROM CENTER OF SEC, TH N 01-26-00 W 41.77 FT, TH N 50-23-00 E 460.56 FT, TH S 39-37-00 E 140 FT, TH N 50-22-57 E 292.92 FT, TH N 88-29-24 E 80.11 FT, TH S 01-30-36 E 26.29 FT, TH N 8 8-29-24 E 134.50 FT, TH S 01-30-36 E 372.54 FT, TH S 88-38-00 W 893.95 FT TO BEG 5.58 A 2-26-09 FR 008, ALSO 256-076 TO 081 INCL
• Township: Pontiac