$99,900 Greenville, Jersey City Development Opportunity (241 MLK Drive, Jersey City)

[Andrew Elkins]

<p><b><u>Contact info:</u></b><br><b>Andrew Elkins | Keller Williams City Life Realty - 201-659-8600 | 973-449-6180 </b></p><h1 >Greenville, Jersey City, NJ Development Opportunity</h1><h2>241 Martin Luther King Dr, Jersey City, NJ 07305</h2><h2>$99,900 </h2><p><b><big><u>KEY FEATURES</u></big></b><br><b>Lot Size: </b> 4186 Square Feet<br><b>Property Type: </b> Land<br><br><b><u>DESCRIPTION</u></b><hr>46' x 91' vacant land on MLK Drive, right in the midst of a huge development boom in Greenville. This lot is in the MLK Drive Redevelopment Zone and thus qualifies for bonus zoning.<br />

<br />

This information is from a conversation with the zoning office and is not a substitute for buyer's own due diligence. All information is represented as accurate as best possible, but not guaranteed. Broker is not a zoning attorney.<br />

<br />

4,186 sq. ft = .096 acres. With zoning density of 65 residential units per acre, that gives developer 6 units residential allowance plus storefronts on ground floor. Height allowance = 45', which gives you 4 floors. 15' rear set back required, no side set backs required. Floor area to lot ratio = 4. Thus, developer has right to 13,984 sq. ft. gross living area (GLA). Plus basement for utilities. That will give you huge apartments with 1,748 sq. ft/ea GLA each. Great for large families, right? <br />

<br />

There is a community with large families which is moving into this area of Greenville. This lot is going fast to the developer who is ready with Proof of Funds and best price. Contact broker TODAY!<br />

<br />

This is not a substitute for legal or tax advice. Anyone contemplating the purchase of a real estate investment should seek the services of competent legal and tax advisers.<br><br><br><br><b><u>Contact info: </u></b><br><b>Andrew Elkins <br>Keller Williams City Life Realty - 201-659-8600 <br>973-449-6180 <br></b>