120 Acre Portfolio on Section 3

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30297843
Property Subtypes: Hospitality, Multi-Family, Residential (Single Family), Retail, Other
Status: Pending
Gross Land Area: 120 Acres
Sale Price: $3,240,000
Unit Price: $27,000 Per Acre
Sale Terms: Cash to Seller, Owner Financing, Build-to-Suit, Sale/Leaseback, Other
Cap Rate: Undisclosed
Last Updated: 10/19/2018

Overview / Comments

This is a 120 acre portfolio with 15 parcels (will not sell separately) part of the portfolio is the first two 5 acre parcels for the continuation of Montwood Drive. Montwood Drive is one of the most important streets in El Paso. It runs parallel to Montana Ave and I-10.
Today, Montwood Drive ends at the western portion of Section 3 and continues at the north-eastern portion of Section 3, which is the corner of Rich Beam and Montwood Drive.
In the 1970's Section 3 was sold in 5 acre tracts and it was very difficult to acquire all the different parcels to continue the street. The same thing goes for Tierra Este Drive that currently ends on the northern portion of Section 3.
If this land is developed it will greatly benefit the East side of El Paso with the traffic flow and it will create numerous commercial and apartment opportunities as well as residential neighborhood with great access that will skip some of the traffic problem areas. This would be a very desirable residential development because of the proximity to I-10.
We also have a second portfolio of properties with 100 acres that is being offered for the same price of $27,000.00 per acre or $0.62 per square foot.
Please see attachment for parcels and appraisal report.

Additional Details

Nearest MSA: El Paso
County: El Paso
Legal Description: See attachment for parcels and appraisal.
Site Description: Property Video: https://youtu.be/4mIIcQ6LoGs
Area Description: Enjoy the benefits of the traffic flow created by building the continuation of Montwood. Create several commercial parcel opportunities - Development opportunity ! Great location for residential development. We have a total of 185 acres for sale. Second portfolio of 100 acres also available for $27,000 per acre.
Available Utilities: Electric, Other

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,589 12,220 34,694
Median Age: 23.43 23.72 25.99
Households: 618 3,081 9,043

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