$4,500,000
Rare 4.47-acre, level and flat development site in a supply-constrained submarket with very little remaining undeveloped land in Grand Terrace. The parcel is rectangular in shape, with the exception of a small lot at the southwest corner that is not part of this offering.
The site is currently zoned R-1, and the City has already taken the first step toward approving a zoning increase to R3-40. A second reading of the ordinance and a waiting period remain before the change becomes law, but the process is underway, positioning this as one of the few opportunities in Grand Terrace for a future multi-family project of meaningful scale.
In addition to the raw land, the offering includes a leasehold interest in an approximately 4,100 SF masonry church building, built in 1967, that runs with the land. Public water and sewer, plus electricity, gas, cable, telephone, and irrigation, are already available at the site.
Grand Terrace is a charming, low-rise bedroom community known for low crime and good schools, with easy freeway access and close proximity to Loma Linda, home to a major medical center and university.
With upzoning to R3-40 in process, all utilities in place, and a leased improvement already on site, this parcel is a rare find for a developer, investor, or owner/user seeking to build multi-family housing. Buyer and buyer's agent to independently verify zoning, entitlement status, lot size, square footage, and all other facts material to this listing. Information is deemed reliable but not guaranteed.
IG26153709
MLS
12667 Michigan Street, Grand Terrace
Listing courtesy of Listing Agent: Joseph Catanzarite (joseph@aegishomes.com) from Listing Office: AEGIS PROPERTIES INC.
