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5 Acre Prime Development Site - Rezoning Potential for Multifamily or Commercial. Rare opportunity to acquire 5 acres in a high-growth corridor with strong residential and commercial adjacency. The property is located directly adjacent to an established townhouse community and single-family homes to the north with commercial properties nearby—making it an ideal candidate for rezoning and redevelopment.
Located just 2, 600 feet north of Hillsborough Avenue, the site benefits from excellent accessibility and connectivity to major thoroughfares and surrounding demand drivers. The property features approximately 167 feet of frontage on Orient Road, providing strong visibility and access for future development. Currently zoned ASC-1, the site presents a compelling value-add opportunity through a potential rezoning to multifamily or general commercial. Based on surrounding uses and growth patterns, the property is well-suited for: Townhome development, Garden-style or mid-rise apartment project,
Self-storage facility, or
Neighborhood-serving commercial.
The surrounding mix of residential density and nearby commercial activity supports a wide range of development scenarios.
The site is mostly fenced and includes mature trees and a small pond offering flexibility in site planning and design. Existing improvements include multiple structures (two residential buildings, storage building, and a four-car garage), which contribute minimal value and are considered redevelopment-ready.
Parcel 6211 is included in the offering.
This is a strong infill development play with rezoning upside in a rapidly expanding submarket, ideal for developers seeking to capitalize on residential growth and increasing demand for housing and commercial services.
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Our Executive Mortgage Banker:
Our Insurance Division:
$2,000,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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| Loan Amount | $1,600,000 | $1,600,000 | $1,600,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 6.000% | 6.250% | 6.000% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.362% | 6.349% | 6.183% |
| Monthly Tax Payment | N/A | N/A | N/A |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $9,593 | $9,851 | $13,502 |
| Total Monthly Payment | $9,718 | $9,976 | $13,627 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.