TX-56 & Mitchell Rd
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
TX-56 & Mitchell Rd
68 Acres of Residential Land Offered at $11,237,440 CAD in Sherman, TX 75090
Virtual Tour
Investment Highlights
- TX 56 & Mitchell Road is a 68-acre tract zoned for single-family residential development currently priced around $20,000 per speculative lot.
- Invest in a booming area as the number of households within a 10-mile radius grew by 7.2% from 2020 to 2024 and is set to rise another 14% by 2029.
- Positioned for emerging economic sectors with Texas Instrument’s new 4.7-million-square-foot semiconductor campus 10 miles or 13 minutes away.
- Space for 400 lots, given a mix of 40’ by 100’ and 50’ by 100’ lots, utility approval for all lots is underway and to be completed prior to sale.
- Conveniently placed within 10 minutes of Austin College, Tyson Foods, Wilson N Jones Medical Center, Albertsons, over 50 restaurants, and much more.
- Seller financing for up to 35% of the purchase price. Buyer responsible for entitlement. Adjustable seller note carry for lost lots during planning.
Executive Summary
TX 56 & Mitchell Road presents a valuable opportunity to create a residential development on the path of growth for booming Sherman, Texas.
Zoned for single-family projects, this 68-acre parcel is ready to accommodate over 400 lots with a mix of 40-foot by 100-foot and 50-foot by 100-foot lots. It has multiple access points via Highway 56, Mitchell Road (private), and Bode Road (private). Buyers can also purchase private access from a parcel connected to Highway 56 for an estimated cost of $400,000 to $600,000.
All trees on the property have been cut, and the property is fully cleaned, mowed, and rough graded, providing a truly shovel-ready opportunity. The current owner is now getting permits to expand approved utilities from 60 to 400 lots and this process will be completed prior to the sale. TX 56 & Mitchell Road includes 7 acres of floodplain area that forms naturally ingrained green space for the development.
Sherman market conditions paint an immensely optimistic picture for developments here. The local economy is anchored by several institutions, including Tyson Foods, Texas Instruments, Wilson N Jones Medical Center, Texoma Medical Center, and Austin College. Texas Instruments is poised to invigorate the market with its new $30 billion semiconductor fabrication campus opening in 2025, which is projected to generate over 3,000 well-paying jobs. In addition, GlobiTech announced plans to build a $5 billion plant. As a result, these established and growing employment hubs have boosted migration to the area, and similar homes to those papered for TX 56 & Mitchell Road sell for $400,000 to $500,000. This site is ideally positioned near these operations and plenty of lifestyle amenities, cementing its residential allure for years to come.
Sale Notes:
The buyer will pay for the number of lots in the city support letter, and the buyer will be responsible for taking it to full entitlement; this is priced for quick sale as paper lots. If lots are lost during the civil engineering stage, the buyer can adjust that to the seller note carry.
Buyers can have the seller finance part of the deal at the fed prime rate. 35% owner financing is available.
Zoned for single-family projects, this 68-acre parcel is ready to accommodate over 400 lots with a mix of 40-foot by 100-foot and 50-foot by 100-foot lots. It has multiple access points via Highway 56, Mitchell Road (private), and Bode Road (private). Buyers can also purchase private access from a parcel connected to Highway 56 for an estimated cost of $400,000 to $600,000.
All trees on the property have been cut, and the property is fully cleaned, mowed, and rough graded, providing a truly shovel-ready opportunity. The current owner is now getting permits to expand approved utilities from 60 to 400 lots and this process will be completed prior to the sale. TX 56 & Mitchell Road includes 7 acres of floodplain area that forms naturally ingrained green space for the development.
Sherman market conditions paint an immensely optimistic picture for developments here. The local economy is anchored by several institutions, including Tyson Foods, Texas Instruments, Wilson N Jones Medical Center, Texoma Medical Center, and Austin College. Texas Instruments is poised to invigorate the market with its new $30 billion semiconductor fabrication campus opening in 2025, which is projected to generate over 3,000 well-paying jobs. In addition, GlobiTech announced plans to build a $5 billion plant. As a result, these established and growing employment hubs have boosted migration to the area, and similar homes to those papered for TX 56 & Mitchell Road sell for $400,000 to $500,000. This site is ideally positioned near these operations and plenty of lifestyle amenities, cementing its residential allure for years to come.
Sale Notes:
The buyer will pay for the number of lots in the city support letter, and the buyer will be responsible for taking it to full entitlement; this is priced for quick sale as paper lots. If lots are lost during the civil engineering stage, the buyer can adjust that to the seller note carry.
Buyers can have the seller finance part of the deal at the fed prime rate. 35% owner financing is available.
Property Facts
| Price | $11,237,440 CAD | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Total Lot Size | 68.00 AC |
| Price | $11,237,440 CAD |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 68.00 AC |
1 Lot Available
Lot
| Price | $11,237,440 CAD | Lot Size | 68.00 AC |
| Price Per AC | $165,256 CAD |
| Price | $11,237,440 CAD |
| Price Per AC | $165,256 CAD |
| Lot Size | 68.00 AC |
Residential zoned R-5-Single Family Residential District, part of Sherman ETJ. Buyer will pay for the number of lots in the City support letter, and Buyer will be responsible for taking it to full entitlement. 68+Acres, lot size 5,000+ square feet.
Nearby Amenities
Hotels |
|
|---|---|
| La Quinta Inns & Suites |
115 rooms
12 min drive
|
| Comfort Inn |
69 rooms
12 min drive
|
| Hampton by Hilton |
83 rooms
11 min drive
|
| Quality Inn |
67 rooms
12 min drive
|
| Holiday Inn Express |
84 rooms
12 min drive
|
PROPERTY TAXES
| Parcel Number | 390137 | Improvements Assessment | $0 CAD |
| Land Assessment | $197,010 CAD | Total Assessment | $197,010 CAD |
PROPERTY TAXES
Parcel Number
390137
Land Assessment
$197,010 CAD
Improvements Assessment
$0 CAD
Total Assessment
$197,010 CAD
zoning
| Zoning Code | Residential (400+ lots with 40’ & 50’ mixed Lots. Lot sizes 50x100, 40x100. Zoned Residential Zoned R-5-Single Family Residential District, part of Sherman ETJ) |
| Residential (400+ lots with 40’ & 50’ mixed Lots. Lot sizes 50x100, 40x100. Zoned Residential Zoned R-5-Single Family Residential District, part of Sherman ETJ) |
-
Abdul Jameel Abdur Rahman - J2S HOMES LLC
1 of 19
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
J2S HOMES LLC
TX-56 & Mitchell Rd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.