Fernwood Dr Fernley, NV 89408

This exceptional 7.08-acre parcel in Fernley, Nevada, presents a prime opportunity for a 52-unit townhome development. The property is fully entitled for a build-to-rent community or for-sale units, offering flexible exit strategies. Each unit will have individual water, electricity, and gas metering, enhancing investment potential. Located in an Opportunity Zone, this development benefits from significant tax advantages. The site enjoys convenient access to major transportation corridors, including Interstate 80, US Highway 50, and US Highway 95 Alt, placing it near key employment centers like the Tahoe Reno Industrial Center and Victory Logistics Center. The tentative subdivision map has been approved, and the Civil Improvement Permit (CIP) is under review, with a Final Map expected soon. The property's location near existing residential developments and major retailers like Raley's, Walmart, and Lowe's further enhances its appeal. Fernley's strategic position as a growing distribution and manufacturing hub, coupled with high demand for rental units and rising home prices (July 2024 median sales price for existing single-family residences in Lyon County was $414,995), makes this a compelling investment. The property is situated less than a mile from Interstate 80, off Fremont Street, directly west of Fernley's main commercial corridor, and adjacent to a proposed 316-unit apartment community. This location offers proximity to Fernley's 50-acre Out of Town Park. The APN is 020-516-06, and the permitted zoning is MDR14. Seller financing may be available.