0.85 Acres Lot
0.85 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC26147016
HOA Y/N No
Lot Size 0.850 Acres
Property Description
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
Interior
Fireplace No
Exterior
Community Features Biking
Utilities Available None, Sewer Not Available
View Y/N No
View None
Building
Lot Description 26-30 Units/Acre
Sewer None
Water Public
New Construction No
Others
Senior Community No
Tax ID 150091032
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Standard
Nearby Locations
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