2825 Lake Ave Pueblo CO 81004

Description

Fabulous upside in this .58-acre lot with mountain views in the up & coming southwest corridor! City planners will allow rezoning to R4 or R5 - see Document tab for details. Commercial or B4 zoning is another alternative, although the highest & best use at this time is Multifamily. It is located in the Mixed Neighborhood Future Land use category which allows commercial rezonings or multifamily. The adjacent property on the Lake Ave side is the only "real" neighbor and is the same sized lot containing 4 small, nicely updated & maintained units currently producing a gross revenue of $6,000 monthly. The original parcel was 1.16 acres, split into 23 narrow lots (running north/south), and originally a horse ranch so the current zoning is A-4. The newly-divided parcel is 11 lots (legal description & parcel number in Documents tab) and the address(es) is TBD based on the development use. The seller's original plan was to hold & develop in a few years, hoping to convince the city to allow 6-8 units, given that it's already split into 11 lots, and is congruent with housing in the area. Taxes will also be determined based on the development. According to recent correspondence with city planners, rezoning is only a few hundred dollars and shouldn't take more than 90 days. They also stressed that the city is focusing on making development much easier in Pueblo moving forward due to the residential housing shortage. Ideal location with 2-mintue access to I25; super close to Pueblo Blvd development and high-walkability with a bus stop steps away - yet, far enough from Lake Ave that it's quieter and less congested. Located on the NE Corner of Berkeley & Maryland (GPS 2825 Lake Ave to get close). Great deal to take advantage of the rapidly increasing rental rates in the area. Feel free to contact Cassie - agent/owner with any questions at 303.726.6533.