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This is a great opportunity for an investor or builder to purchase this property at the ground floor price level. This land is located in Opportunity Zone, which has huge potential tax savings.
LOCATION Subject property is located in the city of Avenal. Avenal is located 35 miles southwest from the city of Hanford, CA.
INGRESS/EGRESS Subject property is easily accessible via Highway 269 West also known as Skyline Blvd. The subject property is located at the corner of S. Union Ave and E Kern Street. (See attached map.)
DEMOGRAPHICS Avenal has a population of 13,000 and is mainly a rural community. The majority of the residents are farmworkers and employed by the surrounding farms.
SOILS See attached soils map.
ZONING AND PURPOSED USED The subject property is zoned R1 for low-density residential. The land is flat and has two big developments adjacent to it. There is a two-story affordable housing project to the north, The Arroyo Del Camino, that currently consists of 41 two-, three-, and four-bedroom units and is adding an additional 39 units. There is also a 120-home project in the works adjacent to the property. Houses range from 3 bedrooms/2 bathrooms to 4-5 bedrooms/2 bathrooms. The sizes range from 1,249 to 2,308 square feet. This is an affordable housing project. From talks with city officials, they are very receptive to looking at multi-use projects on the property.
LEGAL/PARCEL SIZE There are four legal parcels: 25.49 acres, 37.84 acres, 5.38 acres, and another 5.38 acres for a total of 74.09 acres. APN# 040-291-006, 007, 008, 009.
COMMENTS For more information, visit opportunityzones.hud.gov/resources/map (search "Avenal") and www.urbancatalyst.com.
SALE PRICE $2,250,000
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