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Listed by Legacy Real Estate & Associates
$ 2,000,000
Est. payment | /mo
217,800 SqFt
$ 2,000,000
Est. payment | /mo
217,800 SqFt
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
Square Footage 217,800 sqft
Price per Sqft $9
MLS Listing ID ML82018888
HOA Y/N No
Lot Size 5.000 Acres
Property Sub-Type Unimproved Land
Source Datashare MLSListings
Property Description
STOP SCROLLING. THIS IS THE DEAL YOUVE BEEN WAITING FOR. BUILD WORKFORCE HOUSING FOR FARM WORKERS ON THIS AGRICULTURAL LAND. 5 prime flat acres in Silicon Valley with direct frontage on US-101. Approximately 400,000 +/- cars pass this site every day. Most people see agricultural land. This is an income-producing asset. CA Governor signed new laws for work force housing on agriculture land. Here is the math: THE FINANCING: 1.0% fixed interest through USDA Section 514/516. This program provides low-cost capital for workforce housing development. THE SPEED: Under the California Employee Housing Act (AB 3035), this qualifies for by-right approval. Timeline is approximately 30-60 days to place modular units on-site. THE CASH FLOW:12 units at projected 2026 fair market rents generates $48,000 per month for 2 bedroom units, or nearly $300,000 annually in net cash flow. Immediate income: Develop 12 to 150 units of farmworker housing using subsidized 1% financing. The project is on schedule for a 100W three-phase power connection. The property is fully fenced. A new 300-foot agricultural well has been installed, producing approximately 200 gallons per minute & nursery license. Buyers should conduct full due diligence with new state laws and county. Buyer can farm it too.
Location
State CA
County Santa Clara
Interior
Fireplace No
Exterior
View Hills
Building
Lot Description Agricultural, Level, Vineyard
Schools
School District Gilroy Unified, Gilroy Unified
"We would love to put our experience and successful track record to work for you. Top 1% in California" Kevin & Naomi Kieffer Compass Homes@EastBayPro.com or M. 925-300-8000"