600 Central Ave (mailing only), Riverside, CA 92507 For Sale

A rare opportunity awaits for residential development in Riverside CA. Two adjacent parcels of land, totaling 20.45 AC, are available for sale. The land is currently planted with avocados and has access to city water and electricity. The zoning is R1-8500, which allows for single-family homes. Retaining the current zoning, a developer could build an estimated 70-73 single family homes on the 20.45 AC. Similar zoning in the same general area (immediate neighbors) has allowed for high-density housing such as apartments and condominium communities. The city has indicated that it may be possible to obtain a higher density zoning modification.

The subject property has existing (higher density) housing on 2-sides with the third and fourth side of the property as a dedicated open space, known as Sycamore Canyon Park.

The location is ideal, close to Central Ave, Canyon Crest and UCR (University of California Riverside), a renowned institution for innovative citrus and avocado research. The market demand is brisk, with recent resales of nearby homes and condos ranging from $600,000 to $1,300,000 per the MLS. New housing tracks in the area are generating new construction executive style homes in the $1,500,000 (or higher) range.

In the interim to develop the property, the owner can utilized the income generated from the avocado harvest, which estimated by owner/operator nets ±$100,000 year. Since the property is currently used as agriculture, the water and property taxes are calculated using AG use, which allows the buyer to operate at a lower cost until development commences. Great opportunity to generate income in the interim. This is a unique chance to acquire a large tract of land with great potential for development in a desirable area of Riverside CA.