575-579 Racquet Way 4.51 Acres of Residential Land Offered at $3,799,999 in Diamond Springs, CA 95619

575-579 Racquet Way presents a multifamily investment and development opportunity in Diamond Springs, California. The property consists of 12 residential units situated on approximately 4.51 acres, with existing income from the current apartment community and additional land positioned for future residential expansion. Built around 2021, the community features modern residential finishes including granite countertops, wood cabinetry, vinyl plank flooring, stainless steel appliances, dual-pane windows, and pitched-roof construction.
A significant component of the offering is the property's phased development potential. Existing entitlements and permits reportedly support a second phase of development that would add 24 additional two-bedroom units, while future phases may allow for a total of approximately 54 to 64 additional units, subject to buyer verification, governmental approvals, and applicable development requirements. This creates an opportunity for investors and developers to combine current cash flow with future value creation through additional residential construction.
The property benefits from its location in Diamond Springs within El Dorado County, providing access to nearby employment, retail, healthcare, and recreational destinations. The community is positioned near Placerville, El Dorado Hills, Cameron Park, and Folsom, with convenient access to regional amenities including Dignity Health facilities, Red Hawk Resort & Casino, educational institutions, shopping destinations, and Folsom Lake recreation. These regional demand drivers support ongoing housing demand throughout the area.
Current residents benefit from onsite parking, laundry facilities, landscaped open areas, and patios or balconies. The combination of existing stabilized improvements and future development capacity creates a multifaceted investment opportunity within a growing residential corridor of El Dorado County.