539 Acres Ooltewah, TN
Raw Land/Pre-Entitlement Investment Opportunity
Hamilton County, Tennessee
Frank Basadre
(423) 488-1924
Frank@basainc.com
Brokers Welcome
Location: White Oak Mountain, undeveloped tract as part of existing Mountain Lake Estates, Ooltewah, Tn
Closest City: Chattanooga, TN (3-5 minutes, 6 miles. New VW plant is 6 miles. Hamilton Place Mall is 9 miles.
County: Hamilton
Acres: 539
Purchase Prices: $9,700,000 / $17, 996 per acre
Zoning: A-1 / R-1
Approximate Yield: Ph2 (72 Single Family and 53 garden home sites). Future development Ph3 (332 plotted with excess acres for additional home sites).
Utilities to site: Water, sewer, electric, phone, cable (high speed internet)
Feasibility Requirements: Concept plan for excess acres, confirm utility provider capacity, pre-engineering cost estimates.
Entitlement Completed: Utility provider approvals, survey of subdivision of lots, engineering plans for roads, utilities and home sites. Hamilton County Planning Commission Approval (preliminary and final) for next phase of 115 lots.
Current Development (Phase One)
115 Estate Homesites - 100% SOLD OUT.
40+ homes completed. Values ranging from $500,000 to $8,000,000.
Complete gated community with clubhouse, sales office, pool and recreation area.
Property Description: Undeveloped tract with many ridge tops for views of the Unicoi Mountains. Several creeks are on the property as well as a location for a small lake. Other locations for small lakes are possible. The property is predominantly covered with mature hardwood trees over gently rolling terrain. There are very few sections where excessive slope would be an issue.
Highest and Best Use: Mixed residential with single family detached home sites and zero lot line garden homes. Incorporation of substantial design where feasible with a focus on Green Home Building properties.
Post-Entitlement Estimated Value:
1. Retail value $60k-$100k per lot as if completed
Exit Strategy:
1. Develop in phases and sell pre-construction lots in bulk to builders.
2. Sell balance of available site to retail market.
Gross Land Sales (Retail) $47,500,000
Land Acquisition Price $9,700,000
Development Cost $9,000,000-$10,800,000
Gross Profit $28,800,000
Frank Basadre
(423) 488-1924
Frank@basainc.com |
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