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5.4 Acres For Sale Peach Grove Ave - Harrisonburg, VA

Peach Grove - 5.438 Acres

Prime Student Housing Development Opportunity near James Madison University

Property Overview
This exceptional 5.438-acre property offers a rare and highly sought-after opportunity for student housing development near James Madison University. Ideally located less than a mile from JMU’s main entrance and adjacent to the university’s Sentara Park, the site provides unmatched convenience and accessibility for students. Zoned R-5 for high-density residential use, the property includes previously approved site and architectural plans, which require updates for a proposed 460-bed development.

Project Concepts
Two previously submitted and city-approved projects highlight the development potential:

  • Original Concept - City-approved plans, owned by the landowner, showcase the property’s exceptional development potential, offering a streamlined path for future projects.

    • 460 Beds: 24 two-bedroom units and 103 four-bedroom units

    • Building Design: Six-story structure fronting Peach Grove Avenue and the property’s access road

    • Parking: 410 on-site spaces

  • Latest Concept - The project, submitted and approved by the city, features plans owned by a separate party, emphasizing the property’s substantial development opportunity.

    • 341 Beds: Two buildings with 95 one-bedroom, 14 two-bedroom, and 58 four-bedroom units

    • Building Design: Two five-story structures

    • Parking: 364 on-site spaces

Approvals & Documents

  • Zoning: R-5 (Residential). Two special use permits approved to allow buildings exceeding four stories and 12 units per building, but the status of these permits requires confirmation.

  • Site Plans: Original Concept approved by the city on August 17, 2020; updated plans require resubmission.

  • Architectural Drawings: Original Concept city-approved on September 9, 2020; updates and resubmission needed.

  • Topographical Survey: Completed on October 27, 2019.

  • Alta/NSPS Land Title Survey: Conducted on February 11, 2021, and December 2024.

  • Phase I Environmental Site Assessment: Clean report dated October 22, 2020.

  • Geotechnical Exploration Report: Completed November 8, 2019.

Investment Highlights

  • Prime Location: Adjacent to JMU’s Sentara Park, less than 1 mile from JMU’s main entrance.

  • Strong Market Demand: High demand for student housing driven by JMU’s growing enrollment.

  • Turnkey Opportunity: Extensive groundwork completed, including zoning, surveys, and environmental clearances.

  • Flexible Development Potential: Leverage existing city-approved plans or bring your own high-density residential concept to life.

Offering Price: $4,500,000
This property combines a prime location, strong demand for student housing, and the flexibility to amend existing plans or create a custom development, representing a turnkey investment with substantial growth potential.

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project details

$4,500,000

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