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4779 Tequesquite Avenue

Riverside, CA 92501
  • $6,750,000
  • STATUS: Active
  • ON SITE: 45 Days
  • ID#: 22143609
UPDATED: 91 min ago
$6,750,000
  • 0
    BEDS
  • 2.76
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:

School Ratings & Info

Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700)


Description

We are pleased to present 4779 Tequesquite Avenue located at the edge of Downtown Riverside, California. This large 2.76 acre lot is being offered for sale for the first time in 18 years, and it is one of the last remaining vacant lots in Riverside zoned for multi-residential development.According to our research, this R-3 zoned lot will allow a developer to build 80 market-rate apartment units (or 80 for-sale condos) using the "by-right" zoning, or a developer can take advantage of the state's density bonus and build a maximum of 122 units. If you utilize this density bonus, at least 15% of the units will need to be restricted to affordable housing, which means you can build 103 market-rate units with 19 affordable units.The lot is in a very desirable part of Riverside, nestled next to a beautiful mountain range, and within walking distance of hiking trails that lead up to the famous Mount Rubidoux Park. The lot is only 1 mile away from the center of downtown Riverside and less than 4 miles from the UC Riverside campus.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-21T00:30:37.253. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.
www.teamforss.com/homes/127409241
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4779 Tequesquite Avenue Riverside, CA 92501

  • Price: $6,750,000
  • Status: Active
  • On Site: 45 Days
  • Updated: 91 min ago
  • ID#: 22143609
0
Beds
0
Baths
0
½ Baths
2.76
Acres
Neighborhood:
252 - Riverside
County:
Riverside
Area:
252 - Riverside
Property Description
We are pleased to present 4779 Tequesquite Avenue located at the edge of Downtown Riverside, California. This large 2.76 acre lot is being offered for sale for the first time in 18 years, and it is one of the last remaining vacant lots in Riverside zoned for multi-residential development.According to our research, this R-3 zoned lot will allow a developer to build 80 market-rate apartment units (or 80 for-sale condos) using the "by-right" zoning, or a developer can take advantage of the state's density bonus and build a maximum of 122 units. If you utilize this density bonus, at least 15% of the units will need to be restricted to affordable housing, which means you can build 103 market-rate units with 19 affordable units.The lot is in a very desirable part of Riverside, nestled next to a beautiful mountain range, and within walking distance of hiking trails that lead up to the famous Mount Rubidoux Park. The lot is only 1 mile away from the center of downtown Riverside and less than 4 miles from the UC Riverside campus.
Exterior Features

Parking Total 0 View None View YN No

Property Features

Association Fee 0 Listing Agreement Seller Reserved Listing Service Full Service Senior Community YN No Special Listing Conditions Standard



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-21T00:30:37.253. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.
 
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Team Forss Realty Group
31213 Temecula Parkway
Temecula CA, 92592
Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700)