0 Elm StTehachapi, CA 93561

This exceptional 1.92-acre land parcel in Tehachapi, CA (APN: 416-433-04, 05, 06), presents a prime multi-family development opportunity. Zoned R-2 (Medium Density Residential), the property boasts fully approved plans for a 32-unit townhome complex, consisting of ten triplexes and one duplex. Located in a desirable residential neighborhood, this shovel-ready project offers immediate construction potential. The design caters to both build-to-sell and build-to-rent models, addressing the high demand for housing in the area. Situated within an Opportunity Zone, this investment benefits from significant tax advantages, including potential for 45L Federal Tax Credits, Federal and California Solar Incentives, and Opportunity Zone tax-free gain on sale after a 10-year hold. All necessary utilities are available on-site. Projected monthly rents range from $2,600 to $2,800, contributing to a pro-forma NOI of $323,944 and a 9.40% pro-forma cap rate. The lack of comparable Class A rental properties in the area ensures strong demand and premium rental rates. Seller financing is available. This is a unique opportunity to capitalize on the robust Tehachapi real estate market. The asking price is $1,100,000.