Listed by Newmark - Sacramento
$1,200,000
Luther Gardens
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 30,466
Units 24
Stories 3
Acreage 0.790
Zoning R-3 (Multi-Unit Dwelling Zone)
Parking Spaces 24 spaces
Parking Per SqFt 0.79
Entitled Senior Apartment Development Opportunity
Marketing description
Newmark, as the exclusive advisor, is pleased to present the opportunity to acquire Luther Gardens, an approved and entitled site for a three-story, 24-unit senior apartment building. Located at 7273 Luther Drive, Sacramento, this vacant parcel is rectangular, level and measuring approximately 34,560 SF or .79/acre. Zoned R-3 and located in a designated Federal Opportunity Zone, this development is ideal for an infill developer or investor looking to build and capitalize on the ever-growing demand for senior housing in Sacramento.
The proposed Luther Gardens senior apartment building is of modern style and elevator served. The unit mix is a blend of 3 - 1 bedroom/1 bath units and 21 - 2 bedroom/1 bath units, and range in size from 861 SF to 959 SF. All units have a 100 SF patio or balcony (not included in gross SF), plus an assigned carport parking spot. The building will have attractive drought-tolerant landscaping and offers large windows, centralized skylights, community lounge, common area, rooftop, carport solar collectors, and rooftop gardens for social gatherings.
The location at 7273 Luther Drive in Sacramento, CA, offers a prime setting for both residential and commercial ventures. Situated in a rapidly growing area, it benefits from proximity to key amenities, including essential services such as healthcare facilities, schools, and multiple retail centers, ensuring convenience for residents and businesses alike. The neighborhood is also well-served by major transportation routes, providing easy access to SR-99, I-80 and I-5 freeways, and public transit options (city bus and light rail), making commuting throughout Sacramento and neighboring regions seamless. As Sacramento continues to experience growth, the area is poised for future developments, with new housing projects, business hubs, and infrastructure enhancements underway. This presents a unique opportunity for investors and developers to capitalize on an emerging area with promising long-term value and access to a dynamic, evolving market.
Investment highlights
- Strategic Location in Opportunity Zone The 24-unit, 3-story senior apartment development is situated at 7273 Luther Drive, Sacramento, CA, within a federally designated Opportunity Zone, offering significant tax incentives for investors and developers
- Tax Incentives and Investment Benefits As part of an Opportunity Zone, the project qualifies for federal tax benefits, including capital gains tax deferrals and potential exclusions, making it an attractive investment opportunity.
- Prime Location with Accessibility located near major transportation routes, including SR99, I-80, and I-5, and well-connected by public transit, providing easy access for residents and caregivers.
- Essential Services in Close Proximity The area offers access to healthcare services, grocery stores, retail centers, and recreational facilities, supporting the daily needs of senior residents.
- Growing Area with Development Potential The surrounding neighborhood is experiencing growth, with new residential, commercial, and infrastructure developments underway, increasing the long-term value and desirability of the location.
- Senior Housing Demand The project will address the increasing need for affordable senior housing in Sacramento, providing much-needed living options in a community with a growing senior population.
- Enhanced Mobility for Seniors Close proximity to parks, healthcare facilities, and essential services promotes active and independent living for seniors while maintaining ease of access to transportation.
- Community and Economic Impact The development will contribute to the revitalization of the Opportunity Zone, providing affordable housing while boosting local employment and economic growth.
- Sustainability and Long-Term Value The area’s future growth, combined with Opportunity Zone incentives, ensures the project’s sustainability and long term return on investment.
Listing Contacts
Listed by Newmark - Sacramento
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