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Buy landat 4779 TEQUESQUITE Avenue, Riverside, CA 92501

$6,750,000

$0/mo

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Land

2.76 Acres lot

592 Days on market

22143609 MLS ID

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About 4779 TEQUESQUITE Avenue land

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.
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.

Property details

Listing

Listing ID: 22143609

257 days on market

Listed on 2022-04-05

Location

County: Riverside

Lot

120226 sqft

2.76 acres

Area: 120226

Monthly cost

Estimated monthly cost

$43,014/mo

All calculations are estimates and provided for informational purposes only. Actual amounts may vary.

Seller fees & commissions

Home sale price

$

Outstanding mortgage

$

Selling with traditional agent

Selling with Unreal Estate agent

Your total sale proceeds$6,345,000

+$202,500

$6,547,500

Seller agent commission$202,500 (3%)*

$0 (0%)

Buyer agent commission$202,500 (3%)*

$202,500 (3%)*

*Commissions are based on national averages and not intended to represent actual commissions of this property

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Unreal Estate checked: Apr 29, 2024 at 11:05 p.m.

Data updated: May 30, 2023 at 2:11 p.m.

Property listed by Marcus & Millichap, Filip Niculete
Based on information from California Regional Multiple Listing Service, Inc. as of 05/30/2023 and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Listing Information © 2024 California Regional MLS. All Rights Reserved.

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