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Westport: Preston's Picks #3

Saugatuck / Riverside Avenue marketing area.   Close proximity to Main Street.  Easy driving distance to Saugatuck Train Station & Exit 17. 

RORD #1 Zone.  Non-conforming, mostly level site.  Approx. 50’ frontage, approx. 14,375sf.  No apparent wetlands or ledge.  Does not appear to be within a designated flood zone but is within CAM. 

Public connections noted for water, sewer, & gas.

Existing improvements include a 2 ¾ frame structure with full basement.  I’ve not inspected dwelling interior.  Dwelling is presently assessed as a 2 family residence (status of legal c/o unknown).

Highest & Best Use considerations include development of residential apartments or condominium.  Unit’s could comprise some combination of studio, one bedroom, and perhaps two bedroom however I’m inclined to believe four to five one bedroom units would be within the range of reasonableness.  Rental income available while working through entitlements.  Target acquisition estimated to be within the upper 5’s to low 6’s.  Resale of 1BR condo units commensurate in size, quality, & design/appeal for location/market expectation projected to be in the low to mid 4’s – project value post completion projected north of 2M.  I’ve not completed a rental survey of like units.  Total # of units approved could potentially be increased by the inclusion of affordable housing units however I’ve not vetted this scenario out to any meaningful degree. 

Broker Disclosure:

The opportunity / subject property described is presently noted to be OFF MARKET – THE PROPERTY DEPICTED IS NOT LISTED FOR SALE OR RENT BY RNEI.

Information provided is to be used for the sole purpose of evaluating the potential acquisition of the subject property.