2542 S Elm Avenue

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Address: 2542 S Elm Ave, Fresno, CA 93706, USA

California & West + Apartment Buildings

Created date: January 19, 2024

Date last updated: November 26, 2024

±10.18 Acres (±443,441 SF) of Vacant Land Zoned Residential
Approved Tract 5786 Development For Sale
Tentative Map - 96 Multifamily Apartment Units
Complete Building Plans & Recorded Maps
Located In a High Rental Demand Market
Allows Reduction in Minimum Setbacks & Street Improvements
Shovel-Ready w/ Utilities @ Site & Within Opportunity Zone
Convenient and Close Access to Highway 99 & 41
Regional Retail Developments Just Minutes Away
Near Major Corridors servicing College, Airport, Downtown, & Schools

Property Description

Tract 5786 consists of two parcels totaling ±10.18 Acres (±443,441 SF) with tentative map & complete building plans. The development features (24) two-story, 96-unit multifamily buildings planning to be constructed in 2024 on a ±10 acre lot, with a total building size of ±131,376 square feet. Parcels are located in a fantastic area for residential and multi-family housing due to the close proximity to many surrounding schools. Offers many nearby commercial amenities as well as multiple newly developed apartment complexes such as Legacy Commons, Martin Luther King Square Apartments, Summercrest Apartment Homes, Geneva Village, Westgate Gardens & many others! Project consists of (24) freestanding buildings with two different building types to produce (48) 3-bedroom units, and (48) 4-bedroom units. The project provides ample parking with 1 1/2 cars per unit (188 spaces), 146,892 SF of open space, of which 49,329 SF has active open space, 20' setbacks, and plans for a quality rod iron fence. The property offers an investor the opportunity to acquire an attractive turnkey asset in a healthy and centrally located submarket within the San Joaquin Valley. The Fresno Housing market has a median rent of $1,395 which is 31% lower than the national median.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$995,000
No. of Units:	96
Lot Size:	10.18 Sq ft
Opportunity Zone:	No
Price per unit:	$10,365
Property Website	Click Here