111 Sw Fort King Street, Ocala, FL 34471

$2,200,000
List Price
$2,200,000
Status
Active
Days on Market
110
Price Change
▼ $200,000 1670282288
MLS#
S5075688
Lot Size
22,651
Acres
0.52
Total Acreage
1/2 to less than 1
Legal Subdivision Name
Old Surv/Ocala
MLS Area Major
Ocala

Property Description

**** This property is in a qualified Federal Opportunity Zone AND New Market Tax Credit Qualified **** Development Opportunity in Historic Downtown Ocala of 24 Micro Townhomes. Townhomes vary in size from 1,196 sf (20 Qty) to 1,246 sf (4 Qty). Each unit has 2 Bedrooms and 2.5 Bathrooms and a Private Garage. Residents in this future project will be able to walk to the numerous restaurants, shops, bars, movies and more. Shovel Ready Site: Sale Includes Land, Construction Drawings and Building Permit. Nearby Active Comps (Condo and Towmhome) vary from $351/sf - $391/sf with Units in the nearby 302 Broadway project Pending at $371/sf and $391/sf. Site/Project is located in an established Opportunity Zone as well as in the Downtown Community Redevelopment Agency (CRA) District. The Downtown CRA was been established/funded by the City of Ocala to provide financial incentives to owners to redevelop underutilized properties. Developers can receive CRA funds to use toward various project related expenses. Potential contributions to the Project include but are not limited to Public ROW Improvements, Public and Private Walkways, Hardscape, Landscape & Courtyards, Site Lighting, and more. Ideal as a For Sale project or even a For Rent Project. Advent Health Ocala is less than a mile from the site. Seller has Interest List with over 60 Potential Buyers that will be transferred with Sale. Seller Proforma estimates this project could result in a Net profit exceeding $3 million. Seller can provide contact information for General Contractor as well. Don’t miss out on this incredible opportunity. This opportunity will go very quickly. The adjacent building will begin tenant finish next month for Mellow Mushroom, Shuckin' Shack and Mooyah. These new additions will add to the downtown vitality and valuations. In addition, a block away District Bar & Kitchen is under construction and progressing nicely. The Overview always included a few design options for the redevelopment of the site. NOTE: The Marketing Materials in this Listing identify the property address as 103 SW Fort King St. The actual address per the city of Ocala is 110 SW Fort King St. The address per Google Earth should you wish to view is 110 W Fort King St. The site is existing vacant land that shall soon have all city approvals and permits to be redeveloped into 24 townhomes. **** This property is in a qualified Federal Opportunity Zone AND New Market Tax Credit Qualified ****

Additional Information

Taxes
$4953
Location
Corner Lot
Community Features
No Deed Restriction
Zoning
FBC
Utilities
Other
Pool
No Pool
Flood Zone Code
X
Parcel ID
2853-034-001
Legal Description
SEC 18 TWP 15 RGE 22 PLAT BOOK E PAGE 002 OLD SURVEY OCALA BEG AT SE COR OF BLK 34 BEING INTERSECTION OF N ROW OF SW 2ND ST & W ROW OF SW 1ST AVE TH N 89-18-30 W 100.47 FT TH N 00-38-10 E 110.55 FT TH N 00-30-29 E 24.95 FT TH N 00-21-22 E 99.96 FT TH S 89-33-38 E 100.47FT TH S 00-32-52 W 101.10 FT TH S 00-32-52 W 11.83 FT TH S 00-26-56 W 112.96 FT TO POB.

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Listing courtesy of REMAX PREMIER PROPERTIES.

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