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23 Highland Parkway Pky - YoGraci Tract - Multi-family Development Pote
5.59 Acres of Residential Land Offered at $2,400,000 in Toms River, NJ 08753
Investment Highlights
- Very well located multi-family development site to nearby major transportation infrastructure.
- Favorable zoning for MF development.
Executive Summary
There are complete utilities in street or at tract. The flood hazard zones per the Panel Maps indicate Zones X and AE. This is within the CAFRA zone. The seller does not have a survey.
The Downtown Toms River Core Rehabilitation Area Amendment #2: December 14, 2012 (Redevelopment Plan) overrides the VB permitted uses and density restrictions. Refer to the Development Plan page 22, Article VII. A. thru D. Note that 1.D.1. allows up to 40 units per acre.with a 60 foot building height restriction. above garage and retail. There is no first floor retail requirement for this tract as it fronts on Highland Parkway. This tract is listed on Page 44, Appendix A Exhibit "B" by block and lot as "Downtown Core Properties".
Property Facts
| Price | $2,400,000 | Property Subtype | Residential |
| Sale Type | Investment | Total Lot Size | 5.59 AC |
| No. Lots | 1 | Cross Streets | Main Street (Route 9) |
| Property Type | Land |
| Price | $2,400,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 5.59 AC |
| Cross Streets | Main Street (Route 9) |
1 Lot Available
Lot 5,21,23.01
| Price | $2,400,000 | Lot Size | 5.59 AC |
| Price Per AC | $429,338.10 |
| Price | $2,400,000 |
| Price Per AC | $429,338.10 |
| Lot Size | 5.59 AC |
Vacant land zoned Village Business ('VB") which permits the highest and best use as a multi-family development. Potential for approximately 120 units requires Toms River Township Planning Board approval. Lots 5,21,23.01,33-36,107&109..
Description
Raw, vacant land. There are no site plan approvals, nor has any plans been presented to the Township, formally or conceptually. Requires purchaser to obtain its own survey, engineering, submissions, and approvals. Estimated 2024 Taxes at $16,080. Excellent multi-family site between two full, Garden State Parkway Exits #81 & 82. One-half mile from the NJ Bus Transit station and 1/4 mile from Route 37 and 1,000 feet west of Route 9. The tract is situated within the Village Business ('VB') Zone.. The tract has 1,410 front feet along Highland Parkway and 29 front feet on Colfax Street (measurement are per the Municipal Tax Map. The site is sloped mostly toward the south. Mostly wooded, however there is a cleared area. Available mapping (NJ-GeoWeb) indicates no impact of freshwater wetlands; however, concept plans do show a small of undesignated and isolated wetland.
zoning
| Zoning Code | Village Business ('VB" Village Business Zone (Chapter 348-10.22). Refer to the Downtown Toms River Core Rehabilitation Area Amendment #2: December 14, 2021.) |
| Village Business ('VB" Village Business Zone (Chapter 348-10.22). Refer to the Downtown Toms River Core Rehabilitation Area Amendment #2: December 14, 2021.) |
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23 Highland Parkway Pky - YoGraci Tract - Multi-family Development Pote
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