$1,300,000

5189 La Sierra Avenue

Riverside CA, 92505

Description

A senior 55+ multifamily development opportunity located at 5189 La Sierra Avenue in the City of Riverside! 5189 La Sierra Avenue is located in a mature, highly desirable neighborhood adjacent to sports, BBQs, picnic, and play space of La Sierra Park. The property is centrally located in the Inland Empire, conveniently located in the west side of the City of Riverside near the neighboring cities of Corona, Norco, Lake Elsinore, and Chino. La Sierra University, University of California Riverside, California Baptist University, California State University San Bernardino, Loma Linda University Medical Center, and University of Redlands are also easily accessible within a half hour drive using the CA-91, CA-60, I-10 and I-215 freeways. 5189 La Sierra Avenue is zoned R-1-7000 and is eligible for a conditional use permit by the city of Riverside to develop a high density senior multifamily apartment complex. The site sits on 1.82 acres of land and has the ability to have up to 29 units per acre built, allowing for a maximum of 52 units. The current ownership has begun the entitlement process and the property with be delivered with access to the current work done for the entitlements. 5189 La Sierra Avenue is an excellent development opportunity that will allow for multiple exit strategy options within the most populous city of the dynamic and growing Inland Empire market.

Details

MLS#CV20204795
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Days On Site200

Features

ZoningR-1-7000
Acreage1.82
Property ViewYes

Market Activity 92505

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Area Information
StateCA
CountyRiverside
CityRiverside
Zip Code92505
Area252 - Riverside
Listing VS Median (in 92505)
Price:
$1,300,000
low | high
Med:
$472,500
100% of Average
On Site:
200
low | high
Med:
157
100% of Average
Sourced by Back At You
Listing Updated: December 14, 2020 2:38:20 AM PST
ERIC CHEN LogoMLS Number: CV20204795
Listing Provided By:
ERIC CHEN  of  CB RICHARD ELLIS
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