Any lot of record created prior to January 1, 1995, which does not comply with the area, density, or dimensional requirements of this chapter shall be deemed to comply with such requirements, and no variance shall be required for its development, provided that:
(1) The following minimum area and dimensions are maintained for residential uses, unless smaller dimensions are permitted in the district:
(a) Lot area: 5,000 square feet.
(c) Front yard: 15% of lot depth but not less than 25 feet.
(d) Side yard: Each 20% of lot width but not less than eight feet.
(e) Rear yard: 15% of lot depth but not less than 25 feet.
(2) All other dimensional requirements are satisfied.
(3) Any residential use of a nonconforming lot shall be limited to one single-family dwelling.