Land for sale

Overview

Fabulous upside in this.58-acre lot with mountain views in the up and coming SW area of Pueblo! City planners will allow rezoning to R4 or R5 - or 4 or 5 rental units (Document tab for details). Commercial or B4 zoning is another alternative, although the highest and best use at this time is Multifamily in the city's opinion. It is located in the Mixed Neighborhood Future Land use category which allows commercial rezonings or multifamily. The adjacent property on the Lake Ave side is the only real neighbor and is the same sized lot containing 4 small units currently producing a gross revenue of more than $6, 000 monthly. The original parcel was 1.16 acres, split into 23 narrow lots (running north/south see Document tab), and formerly a horse ranch so the current zoning is A-4. The newly-divided parcel is 11 lots (legal description and parcel number in Documents tab) and the address(es) is TBD based on the development use. The sellers original plan was to hold and develop in a few years, hoping to convince the city to allow 6-8 units given that its already split into 11 lots, and is congruent with housing in the area. Taxes will also be determined based on the development. According to recent correspondence with city planners (Documents tab has contact information to verify info), rezoning is only a few hundred dollars and shouldnt take more than 90 days. They also stressed that the new City of Pueblo regime will be focusing on making development much easier in Pueblo moving forward. Ideal location with 2-mintue access to I25 and high-walkability with a bus stop steps away yet, far enough from Lake Ave that its quieter and less congested. Located on the NE Corner of Berkeley and Maryland (GPS 2825 Lake Ave to get close). Great deal to take advantage of the rapidly increasing rental rates in the area!