Buy land and plans for development of home/office town houses. This assemblage of lots can be bought either as 7 parcels or 5 parcels. Access to South Alston Avenue, C View Street, and Catalina Street, Durham, NC 27713. You would need to apply for rezoning.

View from Alston Avenue of one lot. Driveway leading toward Alston Avenue.

View of the interior of one of the lots. View of the interior of one of the lots.

Plans

7 parcel configuration includes 27 townhome units with office space on the first floor and residential space on the second and third floors. This project is excellent for a builder which seeks to tap into the growing market of people who have their own home businesses, since each unit can be an office and a home. Site plan is all set for you to submit to the Planning Department for rezoning approval. However, you can revise the site plan to meet your needs. The 5 parcel configuration could yield up to 21 townhomes.

Location! Location! Location!
Just north of the intersection of Cornwallis and Alston. Conveniently located near downtown Durham, NCC, 70, and 40. .

Driving Distances:
1 minutes: 55

5 minutes: NCC, 40, 147, 70,

10 minutes: Duke, Downtown

Community: Lowes Grove

For map click here.

Lot ID, Address, and Acres

157013, 3421 Alston Ave., 1.1

157012, 3421 Alston Ave., 0.1

157007, 1816 Catalina St., 0.6

157018, 3614 C View St., 0.27

157019, 3612 C View St., 0.27

157001, 3452 C View St., 0.36*

157021, 3604 C View St., 0.51*

*The 5 parcel configuration would not have these last two lots.

Zoning

Some lots are zoned CM and IL. Most are R-20. The Planning Department says it is possible to rezone the assemblage for a mixed use development.

Surface: There are 4 houses. Mixed of wooded and cleared land. Mostly flat, slope in some areas.

Road Frontage: Alston Ave., Catalina St., and C View St., all of which are paved.

Traffic Count: 3600 on Alston Ave.

Units: 16 ft x 40 ft, 1920 square feet. There will be office space on the first floor and residential space on the 2nd and 3rd floors.

Estimate of Revenue from Sale of 27 Units: $4,320,000

Estimate of Revenue from each unit: $160,000

Estimate Major Development and Construction Expenses

Impact Fee: $62,000.

If the office space is replaced by residence space, then the impact fee would be $17,000

Street Paving and Curb: $53,000

Street Lights: $12,000

Other Lights: $14,000

Sewer: $40,000

Water: $32,000

Sewer and Water Tap Fee $85,000

Landscape Buffer Planting: $33,000

Foundation Planting: $26,000

Boundary Buffer Wall: $24,000

Walkway: $10,000

Irrigation: $14,000

Drainage: $15,000

Demolition $40,000

Tree Replacement: $ 7,000

Government Approvals: $10,000

Construction,

$110,000 x 27 units $2,970,000

Sales (No Realtor): $15,000

Total: $3,465

Estimated Profit: $855,000

Schools:

Elementary School: Bethesda
Middle School: Lowes Grove
High School: Hillside

Brokers: 3% Commission to buyer's broker

Contact:

Summit Connection, LLC
(703) 404-8429, bruce@mcbarnette.com
248 Willow Terrace
Sterling, VA 20164

Summit Connection, LLC

$489,990 for 5 totaling 2.3 acres

or

$659,990 for 7 lots totaling 3.1 acres.

Buy land and plans for development of home/office town houses. This assemblage of lots can be bought either as 7 parcels or 5 parcels. Access to South Alston Avenue, C View Street, and Catalina Street, Durham, NC 27713. You would need to apply for rezoning.

Schools:

Contact:

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