1400 1St StGilroy, CA 95020

Property Details for 1400 1St St

Lot size

11.28 AC

Property type

Residential income properties

Property subtype

Other land

Description

This exceptional 11.28-acre parcel in Gilroy, California, presents a remarkable opportunity for residential development. Located at 1400 1st Street, this property is zoned R4, High Density Residential District, and boasts a pre-approved tentative map for a 202-townhome project. The tentative map, approved April 16, 2016, has been extended to June 5, 2027, with a phase map submitted and fees paid on June 5, 2023. Final maps are prepared for presentation to the Gilroy City Council for consent and recordation, pending posting of final map fees and improvement bonds. The seller is diligently updating all architectural, mechanical, structural, plumbing, and electrical plans to meet 2024 building codes. Landscaping plans are complete. Furthermore, PG&E fees for underground overhead lines on Hecker Pass, electricity, and gas for new businesses have been prepaid by the seller. The property's APN is 808-01-021, 808-01-022, 808-01-023, and is owned by Eagle LLC. This prime location at the corner of First Street and Santa Teresa offers unparalleled potential for a high-density residential development in the thriving city of Gilroy. The asking price is $29,800,000, translating to approximately $2,619,893.43 per acre. This represents a significant investment opportunity with substantial upside potential.

Location Insight

City

Gilroy

County

Santa Clara

State

California

Latitude

37.0135

Longitude

-121.597

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