Perfect Development/Investment Property

Nearly 70 acres- High Visibility, Commercial or Multi-Unit Residential Potential, Cortez City Utilities.
Can be purchased separately: $950,000 for 64.08 acres & $495,000 for 5.7 acres.
$950,000 Property (64.08 Acres): MLS #763480
$495,000 Property (5.7 Acres): MLS #763481
Combined Properties: MLS #763483

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Perfect development/investment property located adjacent to Walmart, the new high school, Walgreens, and a small strip shopping center. Approximately 64 acres in several contiguous pieces, although one piece of 5.7 acres located on Cactus is non-contiguous to the others. The Cactus property would be available to be purchased separately for $495,000. It faces Walmart and the high school and is just south of the Bureau of Reclamation office building offering very nice views to the east of the La Plata Mountains. The larger parcel has frontage on Sligo Street, East 7th Street, as well as frontage on Highway 160 (Main Avenue). The city and county recently announced that east 7th Street will be extended approximately 1/3 mile which will generate even more traffic going by this property. With all of the development in the area, a lot of the off-site infrastructure has already been completed when Walmart and the high school were built. This is definitely an A+ property location.

There are numerous possibilities with these properties. You could consider mixed-use with apartments, condos/townhomes, restaurant, tire store, medical complex, or other commercial along Main Avenue and along Sligo. A small professional office building would be appropriate as well. With over 400 in town residential sales during the last three years, this could be an excellent spot to develop detached single-family homes. The latest annual average daily traffic (AADT) count was taken in 2016. One study was just east of Sligo and the other was a little bit further west on Main. Those counts range between 17,000-20,000 vehicles per day. Although the owners would sell off the 5.7-acre piece fronting on Cactus separately, their preference is to sell everything to one purchaser. This would also be a very good parcel of land to acquire and develop part of it and perhaps have your IRA own part of it. Call me and I can go over some of the details in that regard! Click this link for more information on using IRA money for investing in real estate.