120 Cielo Ave Ridgecrest, CA 93555

Exceptional 9.22-acre residential land parcel in Ridgecrest, California, is available for $1,600,000. This fee-simple property, located at 120 W Cielo Ave (APN 510-020-03), boasts a projected net operating income (NOI) of $870,800 and a pro-forma cap rate of 54.43%. Zoned Estate 3, the land presents significant development potential. Conceptual plans include a 20-lot single-family home subdivision (1600 sq ft homes with 800 sq ft casitas, projected $1.50/sq ft monthly rent), or a higher-density townhome development of up to 80 units (1000 sq ft units, projected $1.65/sq ft monthly rent). The property's location in the College Heights neighborhood offers convenient access to asphalt roads and perimeter utilities. Comparable new homes in the area sell for $350,000 to $550,000. Ridgecrest's robust development pipeline, including proposed apartment complexes, a new hotel, and a casino, further enhances the investment potential. This leveled lot presents a rare opportunity for significant returns in a growing California market.