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Listed by Jennifer Li • Universal Network Group
$ 1,680,000
Est. payment | /mo
15,107 SqFt
$ 1,680,000
Est. payment | /mo
15,107 SqFt
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
Square Footage 15,107 sqft
Price per Sqft $111
MLS Listing ID ML81927870
HOA Y/N No
Originating Board Datashare MLSListings
Lot Size 0.347 Acres
Property Description
Subject to city planner approval, the lot is good for 5-9 units but conservatively will likely be subdivided into 4-5 mixed-use units due to clearance limitations, with a frontage of 281.42 ft. Buildable area is one story (4435 SF per old building plan in 90'), now w building floor ratio almost 3x, subject to meeting all requirements for setbacks, parking, open space, and building codes. Current R3B zoning allows for a 3-story, 4+ units, with a maximum of 11,330 SF. Single-family homes have sold for $828/SF, and condos for $667-1,000/SF, with sellers leaving lots of profit on the table. The property offers a mixed-use opportunity for potential buyers, with the option to use the 1st floor as a versatile commercial space adaptable to various needs such as medical clinics, retail stores, showrooms, classrooms, restaurants, offices, OEMs/branches/sales offices. The 2nd and 3rd floors are for residential use, offering the potential to create either a large family home or another 3-4 separate condos, at the buyer's preference. The flexible layout of the building presents multiple opportunities, such as a Michelin Stars restaurant with the 1st and 2nd floors for the restaurant and kitchen, and the 3rd floor for the chef's residence, also with an herb or vegetable garden in one place.
Location
State CA
County Santa Clara
Interior
Fireplace No
Building
Lot Description Level
Water Public
Schools
School District Milpitas, Milpitas
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Paul LeJoy
Broker-Owner | Lic# 01467744