Assisted Living | Residential Development Site @ Piney Z

Vacant Land for Sale
Assisted Living | Residential Development Site @ Piney Z
Catylist Listing ID: 30425159
Property Subtypes: Hospitality, Multi-Family, Residential (Single Family), Other
Gross Land Area: 14.90 Acres
Sale Price: $1,725,000
Unit Price: $115,771 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/14/2019

Overview / Comments

Vacant Future Assisted Living Facility site consisting of 14.9 acres in Tallahassee. The site neighbors Piney Z Plantation, a large residential neighboorhood. The site is under 5 miles from both Tallahassee Memorial Hospital and Capital Regional Medical Center and is convenient to major retailers and multiple city parks and state offices.

This vacant parcel of land, previously entitled as a 78- unit townhouse community, but more recently re-zoned and permitted to accommodate future healthcare uses such as Assisted living, independent living and memory care facilities. The property underwent substantial development (up to road paving), but was not finished. There is substantial infrastructure in place.

The existing zoning allows for the following entitlements of: 56-unit (70 bed) assisted living facility, a 38-unit (54 bed) memory care facility and a 14-unit/7-duplex (14 bed) independent living facility. In sum, the property is entitled for: 108 total units and 138 total beds, all being 55+ age-restricted.

Additional Details

Nearest MSA: Tallahassee
County: Leon
Tax ID/APN: 3102200010000
Property Visibility: Good
Legal Description: 2 1S 1E IN NE 1/4 OF NE 1/4 OR 193/376 1977/1682W 97-57PR OR 2294/1880 #00-417PR 2373/1261W OR 2373/2268
Zoning Description: PUD - Superior Residence Pud
Part of Planned Development?: Yes
Development Name: PIney Z

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 35,054 85,412
Median Age: 35.51 36.67
Households: 15,256 37,542


Photograph of Listing Agent

Carlton Dean, SIOR, CCIM

SVN | SouthLand Commercial Member
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