Updated about 1 year ago on .
North Texas, Collin County, McKinney, TX area: approx 14 acres
Investment Info:
Other other investment.
Sale price: $2,300,000
Two separate contiguous parcels of land of approx 14 acres in Collin County, McKinney ETJ (Prosper ISD), North of DFW area, Texas. North of Highway 380, on Wilmeth Road, in between Custer Rd and Ridge Rd.
Best uses:
Large estate with mother in law home
Small development with 1/2 acre luxury homes
Tiny home community
Office spaces made up of tiny home offices
Small retirement community
Restaurants
Flex warehouse
Commercial
The property has approx 40' of Wilmeth Rd frontage.
Rectangular shaped property from North to South.
Southern border of the land is Wilson Creek (a large, well established, full time creek with old growth trees)
Approx 1 acre of non-recoverable flood zone along length of creek
Two small ponds on the property, which can be filled in to utilize
Small neighborhood to East of property line with utilities ready and available for project
Currently a couple of older homes and barn structures on property (100% liveable and well maintained)
Wilmeth Rd is currently expanding down the block to a 4 lane road which connects to Highway 75 in McKinney
Large developments are underway within a 1/2 mile to 3 miles out radius
<4 miles to Costco, ChickFilA, WholeFoods, Cinemark, major hospital
AT&T Fiber and Atmos Gas at front of property
A water well can be run, if desired, or tap into the city's water (currently on city water and has large main at front of property)
A CE firm has drawn up plans for a small, 12 home, 3/4 acres development. Infrastructure costs of $900k for the development were estimated (late 2022). They believe that all but about 1 acre of land can be remediated with a LOMA for flood zone.
I will either sell outright or consider partnering.
What made you interested in investing in this type of deal?
I purchased the property 10 years ago with the idea of it being a long term investment.
How did you find this deal and how did you negotiate it?
I purchased it to live on and to be a long term investment. I purchased it via a RE agent.
How did you finance this deal?
Traditional 30 years fixed deal.
How did you add value to the deal?
Lived on property for 10 years. Maintained and cleared land for usage.