108-Unit Multifamily Development Site
108-Unit Multifamily Development Site
Marketing description
CBRE Inc. is pleased to offer for sale a 108-unit multifamily-entitled development site strategically located within a HUD Qualified Census Tract. This site offers a unique opportunity to develop affordable housing in an underserved area, with the potential to increase density to 300 units and construct buildings up to 90 feet high. The property is entitled for the development of three three-story buildings, each with 36 units, along with 108 surface parking spaces. (Site consists of ±2.37 acres within a larger ±8.12-acre parcel, to be split at closing.)
Current zoning allows for apartments, providing an excellent opportunity for buyers to customize the design during Phase Three, following submission to the City. The Seller has completed Phases One and Two of the entitlement process, with essential reports such as Geotechnical, Environmental, and Survey available for review. This flexibility allows the buyer/developer to determine unit sizes and layouts. Numerous federal and state tax credits are also available for qualified developers.
The site is ideally situated north of the 81,247 square-foot Evergreen Plaza Shopping Center and west of the newly constructed 288-unit Parq Crossing luxury apartments. It is part of the Oddie District, which features the 62,000 sq. ft. Generator Maker Space, along with various tenants like Cartwheel Robotics, CoffeeBar, Fifty Fifty Brewing Company, Mythic Gymnastics, Nevada Works, and The Innovation Collective. A new Starbucks is under construction nearby, and El Super Mexican grocer has recently opened.
The submarket has recently benefited from a $55 million Reno Transportation Commission road improvement project, enhancing over 2 miles of roadway with bike lanes and pedestrian safety features.
Additionally, the retail portion of the center may be available for separate acquisition. Please contact the broker for more information. Note that the current site plan is a representation, and cross easement parking is anticipated at the property.
Investment highlights
A 108-unit multifamily development opportunity in Sparks, ideal for an affordable housing development.
The property comes with nearly completed entitlements, allowing the buyer to submit building plans and break ground.
Site is the beneficiary of a recent, $55 million Reno Transportation Project known as the “Oddie-Wells Corridor multi-modal Improvement project.”
Located adjacent to The Oddie District, an Urban Infill Redevelopment project Submarket features new tenants like El Super Market and Starbucks, as well as existing national retailers like Walgreen’s, Dollar Tree, Community Health Alliance, and numerous restaurants.
Proximity to major employers as Amazon, Chewy, Exxel Outdoors, GM, Marmot, Mary Kay, Petco, Urban Outfitters, and more.
Multifamily-entitled land in HUD Qualified Census Tract zone. Numerous federal and state tax credits available for a qualified developer.
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