For Sale
$1,600,000

120 Cielo AveRidgecrest, CA 93555

9.22 Acres, Prime Development Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • $1,600,000 asking price for 9.22 acres of residential land in Ridgecrest, CA.
  • 54.43% pro-forma cap rate with a $870,800 pro-forma NOI.
  • Estate 3 zoning.
  • Lot located at 120 W Cielo Ave, Ridgecrest, CA 93555 (APN: 510-020-03).
  • Fee simple ownership with broker co-op available.

Property Details for 120 Cielo Ave

Property type
Land
Lot Size (sq. ft)
401,623 SF

Location Insight

City
Ridgecrest
County
Kern
State
California
Latitude
35.584405879134
Longitude
-117.67031631225
120 Cielo Ave, Ridgecrest, California

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120 Cielo Ave
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