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Listed by Grail Nitsch • Legacy Real Estate & Associates, DRE#01304120
$ 2,000,000
Est. payment /mo
Active
0 Rucker AVE Gilroy, CA 95020
5 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Agriculture/Ranch Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82018888
Lot Size 5.000 Acres
Property Sub-Type Agriculture/Ranch Land
Property Description
STOP SCROLLING. THIS IS THE DEAL YOUVE BEEN WAITING FOR. BUILD WORKFORCE HOUSING FOR FARM WORKERS ON THIS AGRICULTURAL LAND. 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.
Location
State CA
County Santa Clara
Area Morgan Hill / Gilroy / San Martin
Zoning A20AC
Exterior
Fence Fenced
Utilities Available Electricity - On Site, Public Utilities
View Hills
Present Use Agricultural,Farm,Farm/Ranch
Building
Lot Description Agricultural Use, Farm Animals (Permitted), Grade - Level, Possible Lot Split, Views, Vineyard
Sewer Other
Water Well
Others
Tax ID 835-07-018
Horse Property Yes
Horse Feature Fenced, Pasture
Special Listing Condition Not Applicable
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