FOR SALE - $400,000 - Contractor’s special with huge upside potential. The property was part of a multi-unit assemblage that was fully approved and rezoned to PDH-30 (30 dwellings per acre).

FOR SALE - $400,000 - Contractor’s special with huge upside potential. Built in 1954, this 1,008 square foot, 3-bedroom, 1 full bath, brick rambler sits on nearly a half-acre fenced in lot with a large backyard. The property is strategically located in the middle of a multi-unit assemblage that was fully approved and rezoned to PDH-30 (30 dwellings per acre) with an approved Final Development Plan by Fairfax County.

FOR SALE - $400,000 - Contractor’s special with huge upside potential. Built in 1954, this 1,008 square foot, 3-bedroom, 1 full bath, brick rambler sits on nearly a half-acre fenced in lot with a large backyard. The building façade is brick with hardwood flooring on the interior. The home has a fireplace and walkout basement along with a small open porch in the front of the house and a screened porch in the rear. The property would benefit from renovations; providing a new owner with the opportunity to increase the value for resale or hold the property for longer term appreciation. The property is located in Mt. Vernon right off of Route-1 and Zillow predicts 22309 home values will rise 0.3% next year. The property is priced just below the median price for homes in the area but is valued at nearly 20% more per square foot. Perhaps the greatest value of the home is in its zoning. In 2006 the property was part of a multi-unit assemblage that was fully approved and rezoned to PDH-30 (30 dwellings per acre) with an approved Final Development Plan by Fairfax County. Due to circumstances in the real estate market at the time, the purchaser chose to exercise their right not to go to closing. Recent developments have created conditions that will make an assemblage easier from a logistical standpoint. The approved widening of Route 1 will begin in approximately 2 years; resulting in a number of homes and commercial buildings along the highway to be condemned. Fewer owners will increase the likelihood of bringing together a majority of the remaining property owners to create an assemblage and increase the value of the properties significantly. Our property is strategically located in the middle of the potential assemblage and will back up to the newly expanded Route-1 but with a buffer created by the remaining portion of the condemned properties along the highway. The highest and best use for the property and ultimate development plan is for a townhouse community. This property provides a unique opportunity for both a homeowner and/or investor. The home can be used as a personal dwelling, rental property, or land bank with the potential appreciation resulting from both renovations and time.
 

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