Development Opportunity in Prime Lakefront Property Multifamily Development
Excellent development opportunity in the thriving city of Orlando, Florida. Located at 643 W Oak Ridge Rd, Orlando, FL 32809, this buildable lakefront land offers immense development potential for a small multifamily or mixed-use project.
Project Overview:
• Land Size: Approximately 3. 27 acres, considering the presence of lakefront and small wetland areas. Buildable area 1. 6 acres.
• Potential Use: Multifamily Residential project, Single Family Residential project, Mixed-Use Project
• Location: Lakefront property with road frontage on Oak Ridge Rd.
• Utilities: Both sewer and water connections available at land border
• Completed Surveys and Due diligence: A survey and CONSERVATION AREA DETERMINATION have already been completed. High and normal water line marked. Utilities availability map obtained.
• Preconstruction Meeting: Previous entitlement project make the county interested in developing this land.
• Entitlements Status: in 2004 entitled for single family development (6 Single family houses)
• Development Opportunity: The county is in the final stages of adopting new development plan and building code this year. This lot is currently residential R3 zoning, per new code it will get T4. 3 High Intensity Neighborhood designation with wide range of further potential designations and uses: low, medium and high intensity mixed use.
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Our Executive Mortgage Banker:
Our Insurance Division:
$750,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $600,000 | $600,000 | $600,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.000% | 6.990% | 6.250% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.477% | 7.159% | 6.498% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $3,992 | $3,988 | $5,145 |
Total Monthly Payment | $4,084 | $4,080 | $5,237 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.