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Listed by Scott Vu • Nexus Commercial
$1,195,000
Est. payment /mo
1.5 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC-26173454
Lot Size 1.500 Acres
Source California Regional Multiple Listing Service (CRMLS)
Property Description
This offering consists of two contiguous parcels (APNs 146-071-036 & 146-071-022) totaling approximately 1.5 acres, with assigned addresses of 5127 & 5131 La Sierra Avenue, Riverside, CA 92505. The property offers approximately 251 feet of frontage along La Sierra Avenue, one of West Riverside's major thoroughfares, near the signalized intersection of Norwood Avenue.
Zoned R-3 Multiple-Family Residential, the property presents an exceptional infill development opportunity with potential for 50+ residential units, subject to site planning, density calculations, development standards, entitlements, and City approval. The current sellers have begun planning for a 50+ unit senior housing apartment complex, giving a prospective buyer a valuable head start in evaluating a higher-density residential concept. R-3 zoning allows up to 29 dwelling units per acre and supports apartments, townhomes, condominiums, qualifying tiny-home communities, and certain small-lot single-family developments. Additional density may be available through a Planned Residential Development Permit and/or Density Bonus Program.
The sellers will provide the buyer with preliminary development and due-diligence materials, including a Property Survey, Preliminary Grading Plans, Site Plan, and Soils Report. These materials provide a valuable starting point for further feasibility analysis, engineering, site planning, and entitlement discussions.
The site is flat and undeveloped, adjacent to established residential homes, with sidewalks in place and utilities located adjacent to or near the property. Located approximately 2 miles north of the 91 Freeway and less than 4 miles east of the 15 Freeway, the property is minutes from Hidden Valley Golf Club, Kaiser Permanente Riverside Medical Center, California Baptist University, parks, schools, restaurants, shopping, entertainment, and commercial amenities.
With R-3 zoning, potential 50+ unit density, a preliminary senior housing concept (the 50+ unit concept is preliminary and is not a guarantee of project approval or final unit count), substantial La Sierra Avenue frontage, and preliminary plans and reports available, this is a compelling opportunity for multifamily developers, senior housing operators, builders, and land investors.
Zoned R-3 Multiple-Family Residential, the property presents an exceptional infill development opportunity with potential for 50+ residential units, subject to site planning, density calculations, development standards, entitlements, and City approval. The current sellers have begun planning for a 50+ unit senior housing apartment complex, giving a prospective buyer a valuable head start in evaluating a higher-density residential concept. R-3 zoning allows up to 29 dwelling units per acre and supports apartments, townhomes, condominiums, qualifying tiny-home communities, and certain small-lot single-family developments. Additional density may be available through a Planned Residential Development Permit and/or Density Bonus Program.
The sellers will provide the buyer with preliminary development and due-diligence materials, including a Property Survey, Preliminary Grading Plans, Site Plan, and Soils Report. These materials provide a valuable starting point for further feasibility analysis, engineering, site planning, and entitlement discussions.
The site is flat and undeveloped, adjacent to established residential homes, with sidewalks in place and utilities located adjacent to or near the property. Located approximately 2 miles north of the 91 Freeway and less than 4 miles east of the 15 Freeway, the property is minutes from Hidden Valley Golf Club, Kaiser Permanente Riverside Medical Center, California Baptist University, parks, schools, restaurants, shopping, entertainment, and commercial amenities.
With R-3 zoning, potential 50+ unit density, a preliminary senior housing concept (the 50+ unit concept is preliminary and is not a guarantee of project approval or final unit count), substantial La Sierra Avenue frontage, and preliminary plans and reports available, this is a compelling opportunity for multifamily developers, senior housing operators, builders, and land investors.
Location
State CA
County Riverside
Area 252 - Riverside
Zoning R3
Exterior
Community Features Park, Sidewalks, Street Lights, Suburban
Utilities Available Sewer Available, Water Available, See Remarks, Electricity Available, Natural Gas Available
View Y/N Yes
View Mountain(s)
Building
Lot Description Level, Level with Street, Lot Over 40000 Sqft, Near Public Transit, Park Nearby, Rectangular Lot, Utilities - Overhead, 26-30 Units/Acre
Sewer Public Sewer
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John R Thompson
Broker/Owner | License ID: 01200900
Broker/Owner License ID: 01200900