FUTURE CHICO SUBDIVISION
5-ACRES IN CITY OF CHICO
SALE OR TRADE ALL OR JV

 

PRICE: $850,000
EXISTING LOAN: Private 6% not assumable $255,000

 
ZONING: R-1 (single family residential) allows duplexes on corner lots with a max density of 6 units/acre. A planned development (small lot subdivision) if approved will allow 7 units/acre max.  The city allows developers to use acreage to middle of street in determining density (units/acre). Chico Planning Dept. 879-6800. AP# 016-060-020.
 
LOCATION:End of Mariposa Ave. North of East Ave.  Sign posted. See map.
 
 
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  COMMENTS:There are subdivision maps on three sides of this property. The same size parcel across the street from subject property has a city approved tentative map for 26 lots two of which are for duplexes (28 units). The subdivision on the east side is completely built out connecting sewer, utilities, street, etc. to subject property where first phase begins. No Mariposa Avenue improvements are required until final phase (west side). David Hector will consider JV the 5 acres with someone having experience building homes or developing single family home subdivisions. The only holding costs are property taxes and $400 annual grass cutting to minimize fire hazards as required by city of Chico.  The PG&E substation eye sore will be dramatically reduced after constructing block wall and planting two rows of trees.

EXCHANGE: All west coast property considered in exchange for all or portions only at net cash value.

APPRAISAL: Subject property has a 9/20/07 $1.2 mil ($240,000/acre) appraisal by California Appraisals. One of the comparable sales used in this appraisal is the 4.8 acres nearly across the street from subject property (Glenshire Park sub) the appraiser represented as selling for $1,640,000 on 6/16/06. A one-acre parcel in the same area sold on 12/1/06 for $540,000. Several smaller parcels (.75 – 3 acres) in this area and around that time sold for mid $300,000 and mid $400,000 per acre. Yes, values have dropped since then.

OWNER:David Hector, California Real Estate Broker.

Principals only please

 
 



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David M. Hector
Real Estate Brokerage
DRE # 00796981
Office: (530) 893-5533
Fax: (530) 893-5575
Toll Free: (800) 898-5568
Email: dh@davidhector.com



© 2003-2004 David M. Hector