2542 S Elm Ave, Fresno, CA 93706 For Sale

Prime semi-custom SFR development land totaling ±10.18 Acres (±443,441 SF) off Elm Ave in Fresno, CA. The parcel is located at the Intersection of Elm Ave and Jensen Ave, leading to easy access into all major retail hubs in both Fresno and Clovis within a 20-minute drive time. Existing paved roadways including Grove Ave and Church Ave leading to the property from neighboring developments are in place and the land is a blank and clean canvas for flexible concepts. Less than .5 miles of CA-41 on/off ramps providing easy access to Friant, Madera, Clovis, Millerton, Sanger, Fowler & many others! SFR development is consistent with the land use (adjacent parcel & across the street), is within the holding capacity, conforms to all policies, avoids traffic congestion, and is ready for flexible concepts. 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.