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Multi-Family

4779 Tequesquite

4779 Tequesquite Ave, Riverside, CA 92501

Listing Price: $6,750,000

Lot Size
2.76 acres
Price/Acre
$2,445,664
Land Type
Land
Buildable Square Feet
211,182

Investment Overview

Marcus & Millichap is 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.

Investment Highlights

  • Rare 2.76 Acre Lot in Riverside
  • Build 80 Units By Right
  • Build 122 Units w/ Density Bonus
  • First Time on Market in 18 Years
  • Walk to Mount Rubidoux Park
  • Located in Downtown Riverside
  • Less than 4 Miles from UCR

Exclusively Listed By

Financing By

Multi-Family

4779 Tequesquite

Listing Price: $6,750,000

Lot Size
2.76 acres
Price/Acre
$2,445,664
Land Type
Land
Buildable Square Feet
211,182

Investment Highlights

  • Rare 2.76 Acre Lot in Riverside
  • Build 80 Units By Right
  • Build 122 Units w/ Density Bonus
  • First Time on Market in 18 Years
  • Walk to Mount Rubidoux Park
  • Located in Downtown Riverside
  • Less than 4 Miles from UCR

Investment Overview

Marcus & Millichap is 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.

Exclusively Listed By

Financing By

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