Legacy Oaks Dr, Ooltewah

$1,300,000

0 Bed
0 Bath
15.52 Acres
0 Garage

Attention Builders! Don't miss this opportunity to purchase both ready-to-build homesites (7) plus additional acreage for development of 5 or more homesites within Legacy Oaks, an established, stately neighborhood in Ooltewah within the city limits of Collegedale. The total acreage is approximately 15.52 acres - zoned residential and R-3. Just one mile south of the ''four corners'' intersection of Apison Pike and Ooltewah-Ringgold Road, this single street with cul-de-sac has many benefits in addition to its convenient location. The surrounding area is picturesque and unlike many communities along this stretch of Ooltewah-Ringgold Road, Legacy Oaks boasts SCENIC VIEWS over the Ooltewah Valley. Legacy Oaks Drive ascends White Oak Mountain providing western views over nearby neighborhoods -Mulberry Park, Wellesley, Chestnut Cove, Greenbriar Cove and Barnsley Park. || The developer's vision for Legacy Oaks was centered on generous homesites, timeless architectural design and quality craftsmanship. Homes are a minimum of 3,000 square feet per covenants and the remaining homesites average one-half acre providing ample width and depth, which is difficult to find in today's market. Home exteriors are predominantly brick and stone and most homes have been custom built by the area's most reputable builders. The original developer is seeking one reputable builder to bring his vision for Legacy Oaks to fruition in the offering of the remaining property. || New home inventory in the Greater Chattanooga market is at an all-time low while interest rates are also at an all-time low. As the population of the area continues to increase as new businesses emerge and current businesses expand, the forecast for housing is quite secure. Legacy Oaks has a unique value proposition in that it is a partially complete neighborhood with 13 completed, stately homes. Homesites average one-half acre providing ample width and depth, which is difficult to find in today's market and is one of the most common prerequisites for today's homebuyers. The topography in most of the remaining Legacy Oaks homesites also provides for basement homes, which is a plus considering our market does not have readily available basement homesites. Basements are popular as they provide homeowners with much needed storage, economically-finished space and "storm/safe" rooms. Projections based on market research support a minimum yield of 12 homesites plus remaining acreage for a conservation easement or land donation to a land trust. || This 11-acre parcel at the top of White Oak Mountain sits adjacent to undeveloped land owned by Southern University including the nearby, popular Biology Trails that span 25 miles stretching from the lowest point of the valley to the top of the ridge overlooking the university. The singletrack trails offer hikers and mountain bikers a well-rounded experience which features a good mix of smooth, machine-built singletrack for beginner and intermediate riders with some technical features and a dedicated downhill trail for advanced riders. The views from Legacy Oaks and the Southern Adventist University's Biology Trails at White Oak Mountain provide incredible views of the Ooltewah valley, including views to the east and west overlooking (to the west) Ooltewah Valley, Veterans Park, The Commons, Wolftever Creek Greenway; and (to the east) Southern University, Big Frog Mountain, Childhowie Mountain, Sugarloaf Mountain, the Ocoee Region and Cherokee National Forest. || Current zoning for undeveloped property is R-3, however, this use does not optimize the current market. Down-zoning should not be an issue and generous homesites with scenic views + access to protected woodland and nature trails are at a premium. With ready-to-build homesites, a builder could have inventory ready for sale within 10-12 months and would likely pre-sale homes. Our sales team has the data and is ready to assist you with this opportunity.

Essential Information
MLS® #1335864
Price$1,300,000
Acres15.52
TypeLand
Sub-TypeResidential
StatusActive
Community Information
AddressLegacy Oaks Dr
SubdivisionLegacy Oaks
CityOoltewah
CountyHamilton
StateTN
Zip Code37363
Utilities

Cable, Electric, Gas, Sewer, Water

Features

Curb/Gutters, Electric, Public Water, Gas

Lot Description

Scenic View, Sloping, Subdivision, Wooded

School Information
ElementaryWolftever Elementary
MiddleOoltewah Middle
HighOoltewah
Zoning

E-3 Residential Apartment/Townhouse District

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This site was last updated on October 26th, 2021 at 8:13am