The seller is open to creative financing to help make the development profitable. She would accept cash but would also finance for 10% down, interest only loan for 15 years with interest compounding from the date of closing, but no monthly payments for 2 years. She would only need enough in released to her option funds to cover the property tax bill for 2024.
It is currently rented for $2500/month with a month to month tenant. With a small capital improvement, there is a long term tenant that has requested a multi year lease for $4800.
The property is .224 acres, zoned SF3.
SF3 is a more dense residential zoning term. SF3 means that a 3rd can be built, as long as it still meets the lot size/imperious cover limits.
The lot is large enough to be subdivided, so that 4 or up to 6 units can be built.
The house has been a rental and can continue to be while permits are being pulled.
It is listed on the tax records as 3305 King St.
This property details are as follows. Tax records show SFR as the zoning, but TCAD shows SF-3-NP
There is currently one home situated facing MLK with one driveway off of MLK and one off of Tillery. I am attaching the street view Google earth videos below.
3300 MLK- across the street is a good use case for 3305. One of the properties sold in 2022 for 815K and the other either never sold or sold off market, and there isn't any data about its sale price. The builder over there had .4 acres, so each townhouse set also has a set of 2 car garages behind (so there are 4 total townhouses, and 4 x 2 car garages.)
View DescriptionSingle Family Home, currently leased month to month. Available to live in, rent out or demo and develop
TypeLand
StatusSold
Exterior
Stories1
Air conditioningcentral
Heat typeCental
SewerCity
Water FeaturesCity
Finance
Price Upon Request
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