2322 & 2242 Oakland Dr
Abilene, TX 79603
Land For Sale · 17.22 AC

An incredible opportunity to own developable residential land (zoned MF) in a city that, per CoStar has historic demand for premium units, is building new roads and zoning new multifamily, and encouraging new development and growth. Per CoStar, asking rents have risen 6.7-9.5% in the last 12 months overall, and 13.0% in the premium segment. Our offering is priced to allow for a low-basis entry into a rapidly heating premium apartment market. 17.22 AC of developable land, within Multi-Family Zoning, adjacent to a power sub- station and local residential and governmental rooftops. Per CoStar, there are no apartment construction deliveries planned in the next 2+ years, equating to opportunity to fill demand with new units. Extraordinarily well-located on I-20, and subject to a forthcoming TXDOT expansion that will further benefit the property, and traffic flow. The property is situated at the North-West of the City of Abilene, within the highway loop of Abilene Proper. The property is located right off of the Hwy 277/I-20 interchange to the West of the city, and sees high 5-digit traffic daily. There is a planned expansion of I-20, that will further improve access to the property and encourage traffic at the location. With residential, nursing care, and governmental properties nearby, there is already infrastructure in place and neighbors appurtenant. The Market outlook is very strong, with rents in the premium and new section growing 13% over the last 12 months, far outpacing existing C class product. The Abilene Market is ready for new apartments. Also appurtenant are local multifamily, residential dwellings, two schools, the highway, and nearby, local retail and services. The property is ready for the right developer to develop. The city has zoned the property for Multifamily or other Residential use, and they are open to a wide range of uses issued by CUP or SUP. Current ownership has no projects planned or discussed with the city, providing an open slate for your vision. Utilities are immediately available appurtenant, but not developed on-site. The property lies on the fringe of a floodway, so research is required. However, many appurtenant dwellings and commercial, and even government buildings have been built within the same area, so development is not needlessly restricted here. Developers have oft turned away from Abilene due to uncertainty in Rents. With rent growth of 13% in the premium sector, and 6.7% in the existing C class sector, rents in Abilene are growing strongly enough to support new development, especially with a low basis of entry. Centrally and extraordinarily well-located in the City of Abilene, sitting just off the intersection of Interstate 20 and Hwy 277 in West Abilene, the property lies just to the South of the center of 2 major arteries that move millions of vehicles per month around the regional hub of Abilene. Per CoStar, Interstate 20 sees 37,538VPD, and Hwy 277 sees 25,869 VPD. While land typically appreciates, Texas is known for its strong appreciation, mostly driven by business development and business-friendly practices that lead to steady population growth that outpaces the nation. Further, Abilene is to be a core of the new AI projects spearheaded by OpenAI and their many partners.