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0 Rucker AvenueGilroy, CA 95020

Santa Clara County

$2,000,000List price
5.00Acre lot
13 months agoOn market

Description

BUILD 150 WORK FORCE HOUSING UNITS. 5 prime flat acres in Silicon Valley with direct frontage on US-101. Approximately 400,000 +/- cars pass this site every day. Most people see agricultural land. This is an income-producing asset. CA Governor signed new laws for work force housing on agriculture land. Here is the math: THE FINANCING: 1.0% fixed interest through USDA Section 514/516. This program provides low-cost capital for workforce housing development. THE SPEED: Under the California Employee Housing Act (AB 3035), this qualifies for by-right approval. Timeline is approximately 30-60 days to place modular units on-site. THE CASH FLOW:12 units at projected 2026 fair market rents generates $48,000 per month for 2 bedroom units, or nearly $300,000 annually in net cash flow. Immediate income: Develop 12 to 150 units of farmworker housing using subsidized 1% financing. The project is on schedule for a 100W three-phase power connection. The property is fully fenced. A new 300-foot agricultural well has been installed, producing approximately 200 gallons per minute & nursery license. Buyers should conduct full due diligence with new state laws and county. Buyer can farm it too. Buyer to verify new state and local laws and number of units.

Property Information

Property type
Land
Sub-type
Unimproved Land
Lot size
5.00 acres
Zoning
A20A
Days on market
419
MLS® Listing#
ML82018888

Property Features

Fencing
Fenced
Lot features
Agricultural · Level
Utilities
Electricity Connected

Financial Details

HOA
None
Parcel number
83507018

Directions

Rucker Ave

Bridge MLS logo

Listing Courtesy: Legacy Real Estate & Associates

Presented by: Grail Nitsch

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