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Combination of 2 lots (1016-1022 Chancellor Ave & 12 44th St )This property offers a unique opportunity for visionary developers, with several strategic options to maximize its potential. One immediate possibility is to rent the existing house while awaiting township approvals. This approach provides an interim income stream, ensuring the property generates value even during the planning phase. Renting the house also enables developers to maintain flexibility as they navigate the approval processes. Another compelling option is to demolish the existing structure and build townhouses, aligning with the character of the neighborhood, as evidenced by similar developments nearby. Developers can secure approvals to construct townhouses while renting the house during the waiting period to offset holding costs. This dual strategy supports a seamless transition from demolition to construction, leveraging both short-term and long-term revenue opportunities. Alternatively, developers may leave the house as is or convert it into a two-family residence, focusing construction efforts on Lot 17. For this option, merging the lots is essential to apply for a variance, an important step to unlock the full potential of the project. This flexible approach caters to developers interested in both immediate and phased development, making this property a versatile investment opportunity.
| DAYS ON MARKET | 1 | LAST UPDATED | 1/15/2025 |
|---|---|---|---|
| YEAR BUILT | 0 | COMMUNITY | Maplewood |
| COUNTY | Essex | STATUS | Active |
| PROPERTY TYPE(S) | Lot/Land/Acreage |
| ADDITIONAL DETAILS | |
| AREA | Maplewood |
|---|---|
| LOT | 0.35 acre(s) |
| LOT DESCRIPTION | Corner Lot, Irregular Lot, Level |
| SEWER | Public Sewer |
| TAXES | 16092 |
| UTILITIES | Cable Available |
| WATER | Public |
| ZONING | Residential 2 Family, Residential Condominium/Townhouse, Residential Multi-Family |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with COLDWELL BANKER REALTY
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