key lot

Definition

A lot that has added value because of its strategic location, especially when it is needed for the highest and best use of contiguous property. A key lot is also a lot that adjoins the rear property line of a corner lot and fronts on a secondary street.

Use key lot in a sentence

You should always have your eye on any key lot and be ready to make an offer if it is put on the market.

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The key lot was located in the newly developing suburban region of the town so we felt we had a great location for the future as well.

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When they first owned the property they didn't really consider their location to be an asset. But now, with all the development, they knew they ha a key lot on their hands.

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