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Listed by Todd Carter • Re/Max Accord
$ 6,790,000
Est. payment /mo
New
585 Old Canyon Rd Fremont, CA 94536
1.58 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Subdivision Niles Area
MLS Listing ID 41135884
HOA Y/N No
Year Built 1938
Lot Size 1.580 Acres
Property Sub-Type 5 or More Units
Source BAY EAST
Property Description
An exceptional opportunity awaits at 559 & 585 Old Canyon Road in the highly sought-after Niles district of Fremont. Offered together, these two parcels combine for approximately 1.58 acres of prime infill land zoned R-6, presenting tremendous upside potential for developers, investors, and builders seeking a rare large-scale residential redevelopment opportunity in one of the Bay Area's most desirable submarkets. Currently situated on 559 Old Canyon Road are 15 occupied apartment units generating an impressive net operating income of approximately $271,000 annually, providing immediate cash flow while plans and entitlements are pursued. The combination of strong in-place income and valuable development potential creates a unique opportunity rarely found in today's market. Positioned near the historic and charming Niles district, the property benefits from close proximity to vibrant downtown shops, dining, entertainment, parks, and commuter routes. Niles is widely recognized for its rich history, small-town character, scenic surroundings, and strong community appeal, making this location especially attractive for future residential development. With R-6 zoning, substantial lot size, and an outstanding Fremont location, this offering provides developers the chance to capitalize on the continued demand for housing in the East Bay. Whether envisioned as a townhome community, apartment redevelopment, or a thoughtfully designed residential project, 559 & 585 Old Canyon Road represent a truly rare investment and development opportunity in the heart of Fremont.
Location
State CA
County Alameda
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet
Fireplace No
Building
Lot Description Level, Premium Lot
Water Public
Others
Special Listing Condition Standard
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