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Listed by Tony Lee • Elite Homes Realty
$1,863,000
Est. payment /mo
0.85 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC-26147016
Lot Size 0.850 Acres
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Rare ±0.85-acre infill site Zoned R-3-1500 Multi-Family Residential in city of Riverside. Corner of Tyler street and Alrington Ave.
Received conceptual approval from the City of Riverside for a 27-unit multifamily project consisting of all 27 units 3-bedroom / 2-bathroom each.
Strong Rental Support for 3BR/2BA Units:
City of Riverside Section 8 vouchers : $2,851 – $3,320
Riverside County Section 8 v: $3,079
Illustrative Income Potential (at $3,000 per unit/month):
27 units × $3,000/month × 12 months = $972,000 potential gross annual income x 13 gross multiplier = potential furture value when project finished $12,636,000 .
This combination of conceptual City approval and proven demand for larger 3BR/2BA units creates an attractive opportunity for multifamily developers and investors seeking an infill project with a clear path forward.
Received conceptual approval from the City of Riverside for a 27-unit multifamily project consisting of all 27 units 3-bedroom / 2-bathroom each.
Strong Rental Support for 3BR/2BA Units:
City of Riverside Section 8 vouchers : $2,851 – $3,320
Riverside County Section 8 v: $3,079
Illustrative Income Potential (at $3,000 per unit/month):
27 units × $3,000/month × 12 months = $972,000 potential gross annual income x 13 gross multiplier = potential furture value when project finished $12,636,000 .
This combination of conceptual City approval and proven demand for larger 3BR/2BA units creates an attractive opportunity for multifamily developers and investors seeking an infill project with a clear path forward.
Location
State CA
County Riverside
Area 252 - Riverside
Zoning R3-1500
Exterior
Community Features Biking
Utilities Available None
View Y/N No
View None
Building
Lot Description 26-30 Units/Acre
Sewer None
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900