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575 Racquet Way 4.51 Acres of Residential Land Offered at $4,600,000 in Diamond Springs, CA 95619
INVESTMENT HIGHLIGHTS
- 4.51 Acres with complete buildout would total 66 residential units
- Phase 2 - Shovel Ready development for 24 new units
- Existing units are 100% 2-bedroom/2-bathroom units
- 12 existing apartment units constructed in 2021
- County indicated a developer could add an additional 30-40 units
- Garden Style Apartments
PROPERTY FACTS
| Price | $4,600,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Total Lot Size | 4.51 AC |
| Zoning | MFR | ||
| Price | $4,600,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 4.51 AC |
| Zoning | MFR |
1 LOT AVAILABLE
Lot
| Price | $4,600,000 | Lot Size | 4.51 AC |
| Price Per AC | $1,019,955.65 |
| Price | $4,600,000 |
| Price Per AC | $1,019,955.65 |
| Lot Size | 4.51 AC |
4.51 Acres with complete buildout would total 66 residential units
DESCRIPTION
Colliers is seeking a qualified buyer or developer to purchase 12 existing apartment units constructed in 2021 along with entitled land to build up to an additional 76 units on this 4.51 Acre site. Phase 2 is shovel ready to develop 24 two-bedroom units with grading permits already in hand and ready to go. Phase 3 the county has indicated could include an additional 30 to 40 units. The existing buildings are two-story newly constructed garden-style apartments. Each unit is almost identical with granite counter tops, beautiful brand-new wood cabinets, vinyl plank flooring and stainless steel appliances. Amenities include parking, onsite laundry facilities, large open landscape and patios / balconies for all the residents to enjoy. Each building is constructed with a pitched roof, stucco exterior and dual pane windows. The unit mix is 100% 2-bedroom/2-bathroom units. A new owner will benefit from completing the remaining developable units while increasing the max potential for the existing complex. This development opportunity has a “modest income” affordable housing component with El Dorado County so please ask listing agent for the rent structure. There is high demand for luxury living in El Dorado County since working professionals are desperately seeking a more modern way of living in a marketplace that has limited new housing available to purchase or rent. This demand, combined with ongoing population and job growth in Sacramento and its outlying areas, will benefit the new owner in the long- and short-term ownership of this amazing investment property.
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575 Racquet Way
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