Rare fully entitled 40-unit multifamily development opportunity on 1.71 acres in the heart of Truckee. Planning Commission approved (Resolution 2024-08), CEQA cleared, schematic design complete — a buyer steps directly into construction documents with no entitlement risk. Among the highest-density residential approvals in the Town of Truckee at 23.4 du/acre, secured under State Density Bonus Law with height, coverage, open space, and parking waivers in hand. Approved program: 9 studios, 15 one-bedrooms, 16 two-bedrooms across four apartment buildings and six garage/carriage buildings with dwelling units above — 31,861 gross SF in nine buildings. 26 enclosed garage bays plus carports and surface parking. Five units deed-restricted at 60% AMI in perpetuity; remaining 35 units unrestricted at market rate. Approval is transferable and runs with the land. Estimated stabilized NOI approximately $718,000/year at conventional market rents. Indicated value at completion $12.5M–$13.7M at a 5.25%–5.75% cap rate. Multiple paths to value: workforce/subsidized delivery, furnished and mid-term rental program, cost-advantaged or modular delivery, and for-sale condominium exit all present viable economics. Detailed scenario underwriting available to qualified buyers. Proximate to Brockway Road corridor and Historic Downtown Truckee. No comparable entitled multifamily site currently available in the Truckee market. Offered at $2,950,000 — $73,750 per entitled unit. Contact listing broker for offering memorandum and data room access.