Orchard St Greenfield, CA 93927

Property Details for 0 Orchard St

Property type

Land

Description

Exceptional opportunity to acquire a shovel-ready 47-unit townhome development site in Greenfield, CA. Located in the Salinas Valley, this property boasts completed public and private site improvements, ensuring a swift start to construction with anticipated home deliveries in 2024. The development plan includes 14 buildings with a mix of two-story and three-story configurations, and a total of 107 parking spaces, encompassing single-car and two-car garages, assigned surface spaces, and 13 guest parking spaces. A recent market study projects an average home price of $493,410, supported by a significant lack of competition and strong market growth potential due to affordability. The site's strategic location provides easy access to Highway 101, placing it conveniently between King City and Soledad, and offering simple commutes to the South Bay and northern San Luis Obispo County. Proximity to major employers, including Azcona Harvesting and Valley Harvesting (employing 1,500 to 6,000 people), along with numerous other businesses in the Salinas Valley (employing 4,000 to 14,000 people), further enhances the investment appeal. The property's entitlements offer flexibility for either for-sale or for-rent units, making it an ideal 1031 exchange opportunity. This development presents a unique chance to capitalize on the high demand for affordable housing in Monterey County, offering a superior product compared to existing resale homes. The asking price is $2,350,000.

Location Insight

City

Greenfield

County

Monterey

State

California

Longitude

-121.25

Latitude

36.3321