Lot Area Per Family. Every "R-3" multifamily dwelling hereafter erected, moved or altered shall provide a lot area of not less than four thousand (4,000) square feet per family with a minimum lot area of twelve thousand (12,000) square feet, provided that where a pre-existing "R-3" lot has less area than herein required and met pre-existing square footage regulations, this regulation shall not prohibit the erection of a multifamily dwelling. In determining the lot area, no part thereof within the limits of the street right-of-way shall be included.