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$ 7,500,000
Est. payment | /mo
385,941 SqFt
$ 7,500,000
Est. payment | /mo
385,941 SqFt
Key Details
Property Type Vacant Land
Sub Type Res Multi-Unit
Listing Status Active
Purchase Type For Sale
Square Footage 385,941 sqft
Price per Sqft $19
MLS Listing ID 26-2325
Lot Size 8.860 Acres
Acres 8.86
Lot Dimensions 385941.6
Property Sub-Type Res Multi-Unit
Source Santa Barbara Multiple Listing Service
Property Description
Fully Entitled Multifamily Development Opportunity in Supply Constrained, High-Growth Nipomo. Mesa Trails Apartment Community presents a rare opportunity to acquire a fully entitled, 240-unit market-rate multifamily development in Nipomo, California, one of the Central Coast's most attractive and supply constrained housing markets. Situated on approximately 8.86 acres with direct access to U.S. Highway 101, the project combines entitlement certainty, strategic regional connectivity, and exposure to a market where demand for quality housing continues to exceed available inventory. The project received full approval from the San Luis Obispo County Planning Comm. in February 2024, including Conditional Use Permit approval and CEQA clearance through an adopted Mitigated Negative... Declaration. With all major discretionary approvals secured, a new owner can advance directly toward construction permitting, eliminating a significant portion of the entitlement risk, cost, and timeline typically associated with multifamily development in California.
Nipomo occupies a strategic position between Santa Maria and San Luis Obispo and benefits from access to the Central Coast's primary employment centers, educational institutions, healthcare providers, and regional economic drivers. Supported by a diverse economy and an increasingly affluent population base, the area continues to experience sustained housing demand while maintaining significant barriers to new supply.
As one of the few large scale multifamily development opportunities on California's Central Coast offering both entitlement certainty and market rate positioning, Mesa Trails represents a compelling opportunity to deliver new housing in a market defined by strong fundamentals, limited inventory and long-term growth potential.
Nipomo occupies a strategic position between Santa Maria and San Luis Obispo and benefits from access to the Central Coast's primary employment centers, educational institutions, healthcare providers, and regional economic drivers. Supported by a diverse economy and an increasingly affluent population base, the area continues to experience sustained housing demand while maintaining significant barriers to new supply.
As one of the few large scale multifamily development opportunities on California's Central Coast offering both entitlement certainty and market rate positioning, Mesa Trails represents a compelling opportunity to deliver new housing in a market defined by strong fundamentals, limited inventory and long-term growth potential.
Location
State CA
County San Luis Obispo
Others
Tax ID 092-579-014
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
Listed by Radius Group Commercial R.E.
Schools and Properties Nearby
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