Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
3000 & 3001 Chatsworth Dr
The 43-acre property at 3000 & 3001 Chatsworth Dr, adjacent to I-90 near the Beloit exit, presents a significant opportunity for residential development despite its commercial zoning. With a total frontage of 3,907' along the interstate, the property offers excellent visibility and access, supported by a high volume of daily traffic (57,000 on I-90 and 12,700 on Milwaukee Rd). Its proximity to major retailers like Walmart and Menards, along with other t commercial services and entertainment options, enhances its potential appeal to residential developers.
Strengths: - High visibility from I-90 and substantial traffic volumes enhance the property's appeal - Close access to I-90 and I-43 ensures connectivity - Nearby commercial amenities support residential lifestyle needs
Weaknesses: - Access via residential streets, particularly Chatsworth and Deerpath, may limit commercial development possibilities - The Pilot property blocks access for further commercial expansion Opportunities: - The local shortage of housing and a trend towards renting could drive demand for new residential projects - Potential for support through Beloit's TIF allocations for housing developments - High visibility location that could attract multifamily developers
Threats: - Rising construction costs and fluctuating interest rates could impact development feasibility
This property is optimally positioned for a residential project, leveraging its location, visibility, and surrounding amenities, despite the initial zoning and access challenges.
BROKER OPINION OF VALUE The BOV was calculated by analyzing the median average of five comparable sales in Beloit and Janesville. Given the proximity to I-90 and nearby commercial amenities, these comparable are well-matched to the subject properties. Although zoned for commercial use, access to the sites is through a residential neighborhood, which negitively impacts their value. Additional factors keeping the value moderated include the high costs of development, construction, and fluctuating interest rates.
Broker opinion of value: $2,781,136 / median average $64,904 Per acre
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
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