Residential Zone. Any parcel of land in a residence zone with an area or width less than that prescribed for a lot in the zone in which such lot is located, which parcel was under one ownership on the date of adoption of this chapter, and the owner thereof owns no adjoining land, may be used as a lot for any purpose permitted in the zone, provided that the minimum area requirements for such lot shall be 5,000 square feet of lot size and 50 feet of lot width, or 50% of the area and width requirements for the zone in which located, whichever is the greater requirement, and further provided that all other regulations prescribed for the zone by this chapter are complied with.