$499,000

About This Property

What if the hardest part of your next development project was already finished? That is exactly what awaits at 315 Lakeville Street, the future home of Erwin Street in Petaluma, where a fully entitled fourplex project has cleared every planning hurdle and is ready for construction to begin. No more waiting on city approvals, no more navigating impact fee negotiations, and no more guessing whether your project will ever get the green light. The financial story here is what separates this opportunity from anything else on the market. At a list price of $499,000, a buyer inherits nearly $400,000 in costs already absorbed by the seller. These are paid development impact fees, completed permit applications, and premium professional services from the North Bay's most respected firms. The effective land cost drops to roughly $99,000 for a utility-connected, architect-designed build site in downtown Petaluma. That is not a typo. The design by acclaimed Nick Lee Architecture features four expansive units totaling 7,233 square feet. Originally permitted as three stories, the project was strategically re-engineered in 2023 into a refined two-story layout to reduce construction complexity and increase profit margins. The high-end aesthetic includes Arctic White architectural panels, Iron Gray accents, dark bronze standing seam metal roofing, and black wood-clad aluminum windows. Positioned directly across from the Petaluma Downtown SMART Train station, this Transit-Oriented Development site offers genuine commuter access to Marin County, Sonoma County and beyond, with proximity to shopping, restaurants, and cultural landmarks of historic Petaluma. Behind this project stands a team of proven professionals: Munselle Civil Engineering, MKM Structural, and PJC Geologists. Every report has been filed, every approval secured, and every detail of the water and sewer capacity confirmed with the City of Petaluma. There are no loose ends, only a clear path to construction. This is not a land play that depends on future approvals. This is a completed project waiting for someone to build it. The plans are approved, the fees are paid, and the site is ready. The only thing missing is your offer.

Property Details

Listing Information

Listing Courtesy of: Ryan Styles — Engel & Volkers Sonoma
MLS# 239746156
Information is deemed reliable but not guaranteed. Posted under reciprocity agreement, BAREIS MLS.