1351 Peach Grove - 5.4ac | R-5 High Density Res. | Near JMU 5.44 Acres of Residential Land Offered at $4,500,000 in Harrisonburg, VA 22801

Prime Student Housing Development Opportunity near James Madison University Property Overview We are pleased to offer a 5.438-acre parcel of land, rezoned to high-density residential (R-5), ideal for a student housing development. This prime property is strategically located adjacent to James Madison University’s Sentara Park and less than a mile (9/10) from JMU’s main entrance, making it an attractive choice for student accommodations. Project Concepts Two previously submitted and city-approved project highlights the development potential: Original Concept - City-approved plans, owned by the landowner, highlight the property's exceptional development potential and provide a streamlined path for future projects. - 460 Beds: 24 two-bedroom units and 103 four-bedroom units. - Building Design: Single Building six-story structure fronting Peach Grove Avenue and the property’s access road. - Parking: 410 on-site spaces. Latest Concept - The project, submitted and approved by the city, features plans owned by a separate party, showcasing the property’s significant development potential. - 341 Beds: Two Buildings - 95 one-bedroom, 14 two-bedroom and 58 four-bedroom units. - Building Design: Two Buildings five-story structures. - Parking: 364 on-site spaces. Approvals & Documents - Zoning: R-5 (Residential). Two special use permits were approved to allow buildings exceeding 4 stories and 12 units per building; however, the current status of these permits needs confirmation. - Site Plans: Original Concept approved by the city on August 17, 2020. Updated but requires resubmission. - Architectural Drawings: Original Concept city-approved on September 9, 2020, needing updates and resubmission. - Topographical Survey: Completed October 27, 2019. - Alta/NSPS Land Title Survey: Conducted February 11, 2021 & December 2024. - Phase I Environmental Site Assessment: Clean report dated October 22, 2020. - Geotechnical Exploration Report: Completed November 8, 2019. Investment Highlights - Prime Location: Adjacent to JMU’s Sentara Park, ensuring high visibility and accessibility for students. - Flexible Development Potential: Leverage existing plans or bring your own high-density residential concept to life. - Turnkey Opportunity: Extensive groundwork with zoning, surveys, and environmental clearances in place. Offering Price: $4,500,000 This exceptional property represents a rare opportunity to deliver high-demand housing for one of Virginia’s premier universities. Investment Highlights Prime Location - Adjacent to James Madison University’s Sentara Park. - Less than 1 mile (9/10) from JMU’s main entrance. 22,758 students - High visibility and accessibility, ideal for student housing. Proven Development Potential - City-approved project for 460 beds, including 24 two-bedroom and 103 four-bedroom units. - Six-story design with 410 on-site parking spaces. - Existing plans ready for updates or customization. Extensive Preparatory Work Completed - Zoning approved for high-density residential (R-5). - Two special use permits were approved to allow buildings exceeding 4 stories and 12 units per building; however, the current status of these permits needs confirmation. - Full set of architectural drawings, site plans, and surveys provided for Original Concept. - Environmental and geotechnical reports confirm clean and buildable land. High Demand for Student Housing - JMU’s growing enrollment creates consistent demand. - Convenient location ensures appeal for students and parents alike. Turnkey Opportunity - Ready-to-develop property with planning completed. - Ideal for developers seeking a fast-track student housing project.