3.5ac NW First Street

Description

This 3.5-acre tract sits inside the Town of Teachey city limits but still has that small-town country feel. The property has two points of road access and power, municipal water, and sewer available at the site. Sewer taps are $2,000, and water taps range from $1,850 to $2,450. The property is zoned R-10 Residential with a 10,000 square foot minimum lot size and standard setbacks of 25' in the front, 12' on the sides, and 30' in the rear. Permitted uses include single-family homes, duplexes, modular homes, manufactured homes, and multi-family dwellings. A Planned Residential Development is allowed on tracts of this size with density up to seven units per acre, subject to Town approval. The Future Land Use Map designates the property as Residential with general density up to four units per acre currently. The tract is also located in a federally designated Opportunity Zone. Investors who structure their purchase properly may be able to defer capital gains taxes and potentially eliminate capital gains on appreciation if the property is held for ten years or more, subject to IRS guidelines, talk to your accountant or tax professional for more info. Teachey offers a slower pace while still being less than an hour from downtown Wilmington or I-95. New homes are being built and sold in the area, making this a practical opportunity for a builder or investor looking for a manageable development site with utilities in place and room to grow.