REO Residential/Commercial Acreage Priced 68% Below Appraisal

Highlights

• REO Property Priced Under 68% of Appraised Value
• Recent Lender Foreclosure requires Immediate Sale
• Prime Development Land in "Village Core" District
• Suitable for Multi-residential or Commercial Development
• Possible Seller Financing
• Almost 2000' of Highway 20 Frontage

Description

LENDER FORECLOSURE. Lender wants this recent REO property off their books as soon as possible and has therefore discounted the price to under 40% of appraised value. Best all-cash, quick-close offer will take it. A strategically positioned multi-residential, commercial or mixed use property with almost 2000 feet of frontage on Highway 20 in the recently approved Village Core district of Penn Valley. Current zoning allows for up to 91 residential units, but other uses also acceptable. Aggressive pricing accounts for the need to perfect access to property. Seller may consider financing with 50% down.

Penn Valley is nestled in the Sierra Nevada foothills at an elevation of 1500', roughly one hour from both beautiful Lake Tahoe and the State Capital in Sacramento. Penn Valley boasts strong agriculture, ranching, winemaking and vibrant high-tech industries. Beautiful Grass Valley and historic Nevada City are a pleasant 15 minute commute away. Cultural and artistic endeavors are plentiful from music festivals to rodeos. With exceptional schools, this area attracts residents and businesses from nearby Sacramento and San Francisco Bay areas. Lake Wildwood, a gated lakefront & golf course community with well over 5,000 residents with large disposable incomes and minimal retail services is situated less than 4 miles from the property.

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