Investment Overview

Marcus & Millichap is pleased to present the rare opportunity to acquire a fully entitled, turn-key multifamily development site in the City of Wausau, positioned for immediate construction and long-term scalability. The total offering includes approximately 6.5 acres of fully improved, shovel-ready property priced at $800,000 ($123,000 per acre), along with an additional 4.5 acres of unimproved land priced at $275,000 ($80,000 per acre), creating a blended purchase price of $1,075,000, or approximately $97,000 per acre. Phase II consists of a 16-unit luxury apartment building featuring a highly desirable mix of one- to three-bedroom floor plans and is supported by an in-place waiting list, underscoring strong market demand. The community is designed as a high-end residential enclave, offering residents direct access to Greenwood Hills Country Club and a setting within a newly developed neighborhood with panoramic views of Rib Mountain, which positions the project as one of Wausau’s premier multifamily offerings. Future Phases III and IV provide an additional 32 units, bringing the total project to 64 units upon full buildout, allowing an investor to scale a cohesive, luxury-oriented community over time. The site is truly shovel-ready. The building footprint has been fully blasted, and water and sewer laterals have been run to the Phase II and Phase III building sites. Additional water and sewer laterals have been installed to serve two proposed small commercial sites along the south side of Reserve Drive, creating optional mixed-use upside. Reserve Drive has been constructed, accepted by the City of Wausau as a public street, and features craftsman-style lighting, providing direct access to the Phase III building. All site layouts and development plans for all four residential phases, and the two commercial pads have been completed and approved by the City of Wausau. Stormwater infrastructure has been fully designed and installed, including a retention pond on Outlot 2 that accommodates the needs of all four phases and both commercial sites. Architectural and engineering designs are complete, materially reducing development risk, time to delivery, and upfront soft costs—offering an investor an immediate path to construction with both near-term execution and long-term value creation within a premier residential setting.