Aggressively price and perfectly located, we’re pleased to offer for sale a 1.224 acre parcel of land on Tall Cedars Pkwy in South Riding Virginia. With an asking price of $750,000 per acre the property is priced well below market comps and presents a rare opportunity to acquire an affordable and strategically located development site.
The FAR for the parcel allows for over 21,000 SF of development, but if coupled with the adjacent parcel’s additional 2.176 acres the new owner can develop as large a building as parking requirements will allow. With height restrictions set at 3 stories, developers can maximize square footage by building up; utilizing a smaller building footprint in order to increase the number of parking spaces. With existing infrastructure and utilities already at the site, the new owner will benefit from significant cost savings resulting in increased profit margins from future development.
The property is zoned CLI (Commercial Light Industrial) which permits a wide variety of uses from office and industrial to commercial retail and services uses. With limited zoning for medical use in the surrounding area and Inova Medical Center being located less than 3 miles down the road, the property’s CLI zoning also presents a rare opportunity for supportive health and medical services development. The property is located between East Gate Montessori school and the Goddard School, which combined serve nearly 200 families. As such the site lends itself to a variety of supportive uses such as martial arts studios, pediatricians, dentists, nail salons, coffee shops, dry cleaners, or other uses that would benefit from proximity to a daily family destination.
The property also benefits from its location across the street from the East Gate Metro Park & Ride Lot and is less than a half mile from Route 50 and East Gate Marketplace where similar pad sites have sold for over $1.5M per acre.
South Riding is one of Loudoun County’s wealthiest and fastest growing areas with over 8,300 households and 27,000+ residents) and a median household income of over $140,000/year. With population growth projected at nearly 18% over the next 5 years a new owner will likely see the property’s value appreciate over that time; making this a potential buy and hold play in addition to a development opportunity.