1700 FAIRGROUNDS DR | VALLEJO, CA 94589
Fully Entitled
42-Unit Multifamily
Development Opportunity
Ideally located between Napa Valley and the greater Bay Area, with convenient regional access to Oakland and San Francisco, the site offers an entitled 42-unit multifamily development opportunity supported by strong accessibility and surrounding residential demand.
INTERESTED? SUBMIT AN INQUIRY
1700 Fairgrounds Drive is fully entitled and approved for the construction of a 42-unit apartment or condominium development, with underwriting indicating the potential for a 20%+ internal rate of return.
The offering represents a rare shovel-ready multifamily opportunity in a market where entitled residential development sites remain limited, with approvals secured for a Class A multifamily concept featuring architectural designs by Humphreys & Partners Architects, illustrating a modern three-story residential development with a clear and executable profile.
Fairgrounds Dr & Taper Ave
0.94
Acre Parcel
The Offering
1700 Fairgrounds Drive presents a fully entitled multifamily development opportunity strategically positioned near Napa Valley and major Bay Area employment centers.
The site is approved for 42 residential units on 0.94 acres, with approximately 39,040 square feet of total planned building area.
Designed to be built modularly in a factory or stick-built on site, the project offers an efficient construction profile with only 10% load factor (90% efficiency).
With the existing market rates, a strong multi-family operator will likely achieve north of $980,000 in net operating income. A 4-5% cap rate is easily reached in this area. Should you exit in the future, you can profit from a sale price of $19.3 to $22.9 Million.
Property Details
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Land Size: 0.94 Acres (41,108 SF)
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Total Building Size: ±39,040 SF
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Proposed FAR: 1.1
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Buildable Units: 42
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Stories: 3
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Parking: 41 Standard + 1 ADA (1:1 ratio)
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Construction: Modular or Stick-Built
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Unit Mix Includes:
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(10) 1 Bed / 1 Bath One-Story Units (760 SF)
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(10) 1 Bed / 1 Bath Two-Story Units (752 SF)
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(10) 1 Bed / 1 Bath Two-Story Units (750 SF)
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(12) 2 Bed / 2 Bath One-Story Units (1,035 SF)
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Total Common Open Space: ±14,000 SF
Entitled multifamily development sites remain increasingly limited across Northern California as housing supply continues to lag regional demand.
Vallejo benefits from major long-term redevelopment initiatives, including continued investment across Mare Island and the planned Solano360 mixed-use district.
Relative affordability continues to position Vallejo as one of the more accessible residential markets within the broader
Bay Area.
Regional housing demand remains supported by affordability migration and limited new multifamily supply.
Opportunity Highlights
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Fully entitled for 42 units
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Prefab contractor estimate: $11M
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Projected value at completion: $16M
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Positioned as luxury workforce housing
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Less expensive alternative for Napa Valley workforce demand
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Modular or stick-built construction
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10% load factor (90% efficiency)
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3-story building with one interior corridor
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Architectural design by Humphreys & Partners
$1,500,000
ASKING PRICE
Site Plan, Elevations & Floor Plans
Location Advantage
1700 Fairgrounds Drive benefits from immediate neighborhood amenities, established surrounding uses, and strong regional accessibility to major employment, retail, and lifestyle destinations.
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Gateway Plaza is located approximately 2 miles away and serves as one of the area’s primary retail destinations, with approximately 83 stores and entertainment uses including Target, Costco, Best Buy, Petco, and Century Theatres.
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Six Flags Discovery Kingdom is approximately 5 minutes from the site.
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Solano County Fairgrounds is located less than 1 mile away and supports future area growth through the planned Solano360 mixed-use redevelopment.
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California State Route 37 is approximately 0.5 miles away, and Interstate 80 is approximately 2 miles away, providing efficient regional connectivity.
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American Canyon — 2 miles
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Napa Downtown — 12 miles
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Fairfield — 14 miles
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Yountville — 20 miles
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Vacaville — 22 miles
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Oakland — 27 miles
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San Francisco — 33 miles
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Oakland International Airport — 35 miles
