737 Arbor Lake Drive

Vacant Land for Sale
Catylist Listing ID: 30835034
Property Subtypes: Multi-Family
Gross Land Area: 12.84 Acres
Sale Price: $2,650,000
Unit Price: $206,386 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/4/2024

Overview / Comments

Arbor Lake Townhomes in Crestview, FL, is a 12.84-acre Subdivision being offered FOR SALE in Two (2) Phase;
PHASE I includes thirty-six (36) publicly recorded pad sites on 3.31 acres of 'improved' property, including all horizontal improvements: underground infrastructure, road, curbing, street lighting, HOA pool & pool house, and entrance sign completed in 2012. Each recorded pad site comes shovel-ready to receive vertical improvements for thirty-six (36) 1,250 square foot, two-bedroom, two-and-a-half bathroom townhome units.
PHASE II offers 91 (formerly entitled) units of townhome density with single-car garages planned on 9.53 majestic acres, offering panoramic views of Arbor Lake from a multi-tiered topography reminiscent of the hill country of North Georgia. . Phase II of Arbor Lake comes with engineered drawings and the lift station for both phases of development under City management, a pristine, filtered lake, and 50% of underground and horizontal improvements.

SELLER FINANCING FOR PHASE II:
Seller financing terms for Phase II are conditioned on the buyer purchasing thirty-six (36) fully entitled, publicly recorded unit plats (pad sites) for 50% of the agreed purchase price for the remaining 127 units of planned density as conveyed in the Sales Package. Seller agrees to carry a note for 91 townhome units of formerly approved and planned density at a negotiable interest rate on a 20-year amortization schedule and an 18 to 24-month balloon payment on the balance due. Call broker for more info.

Additional Details

Nearest MSA: Crestview-Fort Walton Beach-Destin
County: Okaloosa
Tax ID/APN: 07-3N-23-1101-0000-0CA0

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,300 24,358 38,482
Median Age: 32.47 36 35.28
Households: 924 9,027 14,167

Contact

Photograph of Listing Agent

Craig Barrett

NBI Properties, Inc. Gulf Coast CMLS Member
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