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110 Fort King - One Fort King Townhomes 0.52 Acres of Commercial Land Offered at $3,960,000 in Ocala, FL 34471
EXECUTIVE SUMMARY
Located in an Opportunity Zone in a rapidly evolving downtown. 4 new restaurants less than a block away are currently under construction.
City just approved Golf Cart usage in downtown. Nearby project with similar size units (302 Broadway) sold numerous units in 2022 with an average sale price at $355/sf. Recent Listing in 302 Broadway project was listed for $378/sf and went pending in only 4 days and closed. Current Listings for similar product vary from $380 - $446/sf. Develop the townhomes and sell for a profit margin exceeding other major cities including Orlando. City also allows short term rentals. Advent Health Ocala with 2,400 employees is located only one half mile away. Excellent Opportunity as either a For Sale or For Rent project.
Commission - 1.5% per Side (3% Total)
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $3,960,000 | Lot Size | 0.52 AC |
| Price Per AC | $7,615,384.62 |
| Price | $3,960,000 |
| Price Per AC | $7,615,384.62 |
| Lot Size | 0.52 AC |
Vacant Land in Downtown Ocala Entitled for 24 Unit Townhome Project. Traditional Sale or JV to co-develop - 12 units each Also own 94 SW Fort King (44 Space Pay Parking Lot) with $9,000-$14,000/month gross revenue - Available for an additional fee
DESCRIPTION
24 Unit Fee Simple Fully Entitled Shovel Ready Site that includes Land, Construction Documents, and Building Permit. Purchase the property, hire your contractor, and start construction immediately. Located in an Opportunity Zone in a rapidly evolving downtown. 4 new restaurants less than a block away are currently under construction. City just approved Golf Cart usage in downtown. Nearby project with similar size units (302 Broadway) sold numerous units in 2022 with an average sale price at $355/sf. Most Recent Listing in 302 Broadway project was listed for $378/sf and went pending in only 4 days. Develop the townhomes and sell for a profit margin exceeding other major cities including Orlando. City also allows short term rentals. Advent Health Ocala with 3,000 employees is located only one half mile away. Excellent Opportunity as either a For Sale or For Rent project. Note 1: The Seller also owns 94 SW Fort King St (44 Space Parking Lot) which is located directly across the Street from this site. It is listed for $2.2 million. This site generate $9,000 - $14,000 gross per month in parking income and that will continue to increase. Also please know the Seller has a concept design for the redevelopment of this site which could yield up to 24 apartments. Seller can provide copy of design concept upon request. Note 2: Please know the Seller has an ALTERNATE Concept Design for this Site that would have 2 levels of structured parking with 4 levels of apartments with 101 Total Units. The concept has not been submitted to the city for review but it's worth noting alternate development options do exist for this property. Seller can forward concept design for 101 unit apartment concept upon request.
Presented by
Ray Design Development
110 Fort King - One Fort King Townhomes
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