Lot in North Denver Approved for 3 Duplexes "next to light rail"

[Dustin Frank]

Could I get your opinions on this property:

"Developers- here is your next project in Denver's new hot spot area! Are you tired of the crazy land costs in the Highlands and Sloan's Lake areas? Here are 3 DUPLEX lots! Each averaging 14,000 sq ft! ILC completed. Proposed Lot split completed! Approval from Adams county is also completed. Density approved. Water/sewer line already completed for center lot and tap fees paid. 300 Linear feet of FRONTAGE! Zoning requires 45 feet of frontage per unit. Pro Forma indicates well over $1m in Net Profit by building SIX 3 bedrooms/3 bath units with massive yards for each unit. This is LOWEST LAND cost you will find at ~$14 per foot....MASSIVE PRICE REDUCTION!! Bring all offers"

This is in my neighborhood so I am somewhat familiar with the area. With that being said here are my personal observations: 1. The light rail is new to the area and close by , property would be just a few minutes walk to the station. 2. The neighborhood is currently lower income property that could use some updating. 3. Apartments and businesses in the immediate area are just starting to get bought out and fixed up....or dozed. 4. I've asked a few people if they'd be interested in selling, they said no and mentioned the light rail as the main reason.

Price is $499,000

.96 acres

zoned R-2 "approved for 3 duplexes"

2016 taxes $387