RARE OPPORTUNITY! Multifamily development potential with fully approved entitlements in affluent university neighborhood. Grand Avenue duplex on .23-acre lot (50 X 200). City approvals allow for a new construction 5-story, 12-unit (47-bed) multifamily building. Existing duplex is 2,486 SF with 4-bedrooms, 2-bathrooms, attic expansion space, and huge unfinished basement with 9’+ ceiling height. Multiple value-add opportunities: (1) redevelop to multi-family; (2) renovate and lease to students w/ existing student rental license; or (3) renovate for an owner/occupant. Environmental Phase 1 completed August 2020. Survey completed February 2020. Site plan approved June 2020. Transferable variances allowing for increased building height (50’) and reduced side yard setbacks (6’). Renderings for approved development attached. Only two blocks from Macalester College, walking distance to University of St. Thomas. Adjacent to Grand Avenue retail. Renderings and floor plans attached.
Listing courtesy of Keller Williams Integrity RE.
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