The Waller Group is proud to present the 8,250 SF multifamily development opportunity located in an opportunity zone in the Fair Park neighborhood of Dallas, TX. The land is located within Planned Development District 363 (subarea 2), which is zoned for Multifamily development. There is the potential for the developer to achieve highest and best use with the land and optimize the site with 2 stories of residential units, totaling 16 units. The city would also likely grant parking variances, as well, to allow for ground-level parking to be built.
Recent sales on adjacent property zoned exclusively for duplex construction was priced at $50,000 (7,500 SF lots), which equates to $25,000 per constructed unit. At $200,000, the subject land is priced at $12,500 per constructed unit, assuming 16 units are built. The adjoining property is also for sale, which would result in a combined 31,310 SF in land, providing a great opportunity for a covered land play.