7400 W Orell Rd is aland property for lease in Louisville, KY.
For sale is 35 acres of flat, buildable land zoned R-5A on the corner of Lower River Road and Orell Road in Louisville, KY. Acquired in 2007, the Seller has $50,000 per acre ($1,750,000) invested in this devolvement. He would like to sell at least 35 acres for a heavily discounted price of $30,000 an acre ($1,050,000).
The highest and best use of the 35 acres is of a dense multi-family or senior living development. With R-5A zoning, a developer may build as many as 12.5 units of housing per acre. This would yield approximately 430 multi-family residences. At an industry accepted value of $4,000 per door for a lower-priced, newly constructed community, a valuation of $1,400,000 would be most developerís target price for this land.
The sellerís $2,442 per door price of $1,050,000 to purchase this property represents a 40% discount in value from the market rate and reduction in my clientís basis on the land.
Adjacent to this property is Orell Station, a 30 acre subdivision which is also currently under development. Only 11 lots are available in Phase One and 55 lots are available in Phase Two. The sales activity of the adjacent home values in Orell Station range from $180,000 to $240,000 (Listings are attached).
This is a wonderful opportunity to make an investment in the underserved South Louisville community.
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