Combination of 2 lots (1016-1022 Chancellor Ave & 12 44th St )This property offers a unique opportunity for visionary developers, with several strategic options to maximize its potential. One immediate possibility is to rent the existing house while awaiting township approvals. This approach provides an interim income stream, ensuring the… Read More property generates value even during the planning phase. Renting the house also enables developers to maintain flexibility as they navigate the approval processes. Another compelling option is to demolish the existing structure and build townhouses, aligning with the character of the neighborhood, as evidenced by similar developments nearby. Developers can secure approvals to construct townhouses while renting the house during the waiting period to offset holding costs. This dual strategy supports a seamless transition from demolition to construction, leveraging both short-term and long-term revenue opportunities. Alternatively, developers may leave the house as is or convert it into a two-family residence, focusing construction efforts on Lot 17. For this option, merging the lots is essential to apply for a variance, an important step to unlock the full potential of the project. This flexible approach caters to developers interested in both immediate and phased development, making this property a versatile investment opportunity. Read Less
Courtesy of COLDWELL BANKER REALTY.
Listing Snapshot
Days Online
20
Last Updated
Property Type
Other
Lot Size
0.35 Acres
MLS Number
3941536
30 Days Snapshot Of 07040
$847k
-13%
(avg) sold price
13
-7%
homes sold
85
+54%
(avg) days on market
Snapshot
Area Map
Additional Details
Lot
Approximate Lot Size: 100x100, 0.35 acres, Backs to Park Land, Corner, Irregular Lot, Level Lot
Property
Buildings included: Residence, See Remarks, FHA Age Restricted: No
Sewer
Public Sewer on Property
Taxes
Annual Tax Amount: $16,092, Tax Rate: 2.313
Trees
No Trees, See Remarks
Utilities
Cable TV Available, Fiber Optic Available
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All information contained herein deemed reliable but not guaranteed. Buyers should personally verify all information. GSMLS Data provided via Home Junction, Inc.
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