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- LoopNet Team
N Goldsmith St
Quitman, TX 75783
Land For Sale
·
8.66 AC
INVESTMENT HIGHLIGHTS
- The 8.66+/- acre Site is ideally located within the city center of Quitman, walking distance to Brookshire’s Grocery, UT Health Quitman, and more.
- The future Kiwanis Hike and Bike Trail is planned adjacent to the Site which will connect to city parks and loop around the City of Quitman.
- Upon the issuance of the CO, the Developer shall receive a one-time Incentive Payment of $2,400 per rentable unit, for the first 140 units.
- Quitman is approximately 85 miles east of Dallas, 35 miles north of Tyler, and 50 miles west of Longview.
- The Site is zoned General Business which allows multifamily development by right for up to 207 units.
- During the term of the Agreement, the City shall reimburse for the following Ad Valorem Taxes: Year 1 & 2 – 80%; Year 3 & 4 – 50%; Year 5 - 20%.
PROPERTY FACTS
DESCRIPTION
Vanguard Real Estate Advisors has been exclusively retained by Ownership to offer investors and developers the opportunity to purchase an entitled 8.66+/- acre multifamily site which allows for up to 207 units out of a larger 10.88+/- acre parcel in Quitman, TX. The City of Quitman is strategically located in East Texas approximately 85 miles east of Dallas and approximately 35 miles north of Tyler. The Site is ideally located within the city center of Quitman and is zoned General Business which allows for multifamily development by right and has an executed Chapter 380 Agreement in-place providing a developer an incentive payment as well as tax reimbursements. At a price point of only $1.75 per square foot, the Site offers a unique opportunity to purchase a zoned site at a price well below market in an area primed for additional residential units. Ownership also has 2.155+/- acres adjacent to the Site, which is slated for hospitality development that they would potentially consider selling in conjunction with the 8.66+/- acre tract; call for details on this additional tract. ?A 3% co-broker fee is available to a Broker that sources a Principal that VREA has not previously contacted or sent information to regarding this opportunity.
