Tx-56 Sherman, TX 75090

Property Details for 0 Tx-56

Property type

Land

Description

Exceptional opportunity to acquire 400+ residential lots totaling approximately 7 acres (excluding 7 acres of flood plain designated as green space) in Sherman, Grayson County, Texas. This land is situated in an R-5 Single Family Residential District within the city's extraterritorial jurisdiction (ETJ), offering convenient access to US Hwy 75 and Texoma Pkwy. The property boasts multiple access points, including Hwy 56 frontage, Mitchell Road, and Bode Road, with the option to purchase additional private access for approximately $400,000-$600,000. City water and sewer are available (sewer solution is a combination of onsite and offsite, with a completed study and introduction to the implementing company provided). The land is fully cleared, graded, and mowed. Lot sizes range from 5,000 to 5,200 square feet, suitable for building homes estimated to sell for $400,000-$500,000 based on comparable market sales. The asking price is $8,000,000 ($20,000 per lot), with seller financing available for qualified buyers up to 35% of the purchase price at the Federal Prime Rate. The property is currently zoned residential but requires buyer-funded permitting and entitlement. Note that the number of lots may be subject to adjustment during the civil engineering phase, which can be accommodated through the seller financing. This development presents a significant opportunity in a rapidly growing area, close to the Texas Instruments tech corridor and other major employers. The property's location and potential for affordable housing or build-to-rent projects make it a highly attractive investment.

Location Insight

City

Sherman

County

Grayson

State

Texas

Longitude

-96.5459

Latitude

33.6369