$300.56 Per Sq Foot $40,798 est/mo Sourced by Back At You

6414 Jefferson Mill Rd,Scottsville, VA 24590

Scottsville VA, 24590

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Description

Introducing a unique opportunity to purchase a community of nine single-family homes and five finished lots in Albemarle County with an additional eleven lots permitted by-right. The property is included within the 5,000 acres comprising Mount Ida Reserve. Each home and lot are located within minutes of the Tasting Room & Tap House at Mount Ida Reserve and downtown Charlottesville, the Farms at Jefferson Mill is a beautiful neighborhood of colonial homes situated on over 250 acres of rolling hills with extensive road and river frontage. The homes are thoughtfully constructed with similar footprints for easy management. Each home lot boasts hardi-plank siding, 2,100 -3,000 square feet of living space, 4-5 bedrooms, 3.5-2.5 baths, attached 2 car garage, 20 x 12 deck and an 1,100 square foot unfinished walk-out basement roughed in for an additional bedroom and bathroom. In addition to the nine existing homes, the assemblage offers five additional buildable lots plus another eleven development rights on the remainder of the acreage for a total of 25 potential homes that can be constructed by-right. Existing infrastructure (underground electric and fiber) are in place. The Farms at Jefferson Mill can be operated as a single-family home community or managed as a short- or long-term rental community to serve the more than 50,000 annual guests of Mount Ida Reserve. Historically, long-term rentals generate an annual income of $228,000, while short-term rentals have proven to be more profitable, with recent annual earnings of $288,000. The demand for short-term rentals is remarkably consistent, with weekends generating $3,000 per stay. Coupled with this income, the additional by-right development offers extensive upside for a rarified investment opportunity.

Details

MLS#VAAB2000598
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year2014
Days On Site82
Listing Provided ByTTR Sotheby's International Realty | Daniel M Heider
Buying Commision3% Of Gross

Features

SQ Feet25,286
ZoningRA
Acreage289.40

Market Activity 24590

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Listings Checked: 9 minutes ago
StateVA
CountyAlbemarle
CityScottsville
Zip Code24590
School DistrictAlbemarle County Public Schools
Listing VS Median (in 24590)
Price:
$7,600,000
low | high
Med:
$468,927
100% of Average
SqFt:
25,286
low | high
Med:
2,174
100% of Average
$ / SqFt:
$301
low | high
Med:
$216
78.274759462376% of Average
On Site:
82
low | high
Med:
56.500000
100% of Average
Sourced by Back At You
Listing Updated: July 10, 2024 at 10:03:14 PM PDT