10.16+/- Acre Multifamily Development Site Sherman, TX
Land | 10.16 acres
Marketing description
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to offer developers and investors the opportunity to purchase a 10.16+/- acre zoned multifamily development site located along West Travis Street in Sherman, TX (the “Site”). The zoning allows for 30 units per acre density for up to 304 units.
The Site is accessible via West Travis Street and less than half a mile west of US-75. This intersection boasts multiple national retailers such as Starbucks, McDonald’s, Whataburger, as well as a recently announced future HEB store which will be directly across the street. This offering is exceptionally well-located and is a great opportunity to acquire a zoned multifamily parcel at an attractive reduced price of only $14,803 per developable unit, decreased from $16,118 per developable unit.
To gain access to the Due Diligence Vault click on the link below:
Due Diligence Vault - 10.16+/- Acres Sherman
A 2% co-broker fee is available to a Broker that sources a Principal that VREA has not previously contacted in any format or sent information to regarding this opportunity; a third party broker must register their client upon initial contact with VREA.
Investment highlights
Strategic Location
The 10.16+/- acre Site is well located along West Travis Street less than half a mile west of US-75 and 4.5 miles south of US-82.
The Site is a quarter mile from the future expansion of GlobiTech that is currently under construction and totals $5 billion in anticipated investments. The Site is also less than 3 miles northwest of the Texas Instruments expansion which total $30 billion in anticipated investments. Both facilities will create up to approximately 4,500 new jobs in the area.
Retailers nearby along US 75 include McDonalds, QT, Taco Bell, Whataburger, Chick-fil-a, Dominos, and Panda Express, as well as a recently announced national grocery chain.
The Site is located within Sherman ISD and only a mile east of Sherman High School.
Zoning
The Site is zoned MF-30 which allows for a density of 30 units per acre for up to 304 developable units.
According to Ownership, the City of Sherman is actively working towards bringing sewer to the Site.
Purchaser to do their own due diligence related to the zoning and unit count.
Population and Demographics
According to the 2022 U.S. Census Bureau, the City of Sherman has a population of approximately 45,264, which was in increase of 17.5 percent in the last 10 years.
The Sherman-Denison MSA is the 23rd largest MSA in Texas with an estimated population of over 143,000 in 2022 per the Federal Reserve Economic Data.
According to CoStar, multifamily properties in Sherman are achieving average effective rents up to $1.80 psf.
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