Investment Overview

Marcus & Millichap is pleased to offer for sale the ± 5.34 acre development site located at 24264 Washington Avenue in the city of Murrieta, CA. The site is composed of two parcels of land with APNs 906-780-035 & 037 and the site is generally level/rectangular in shape with 330’ of frontage along busy Washington Ave. There are currently two older single-family homes on the site that will be vacated upon the close of escrow. Zoning on the site is NC – Neighborhood Commercial and the General Plan Land Use designation is Commercial. The NC zoning district is designed for areas appropriate for convenience shopping, including individual retail and service uses and small destination centers on sites generally 3-10 acres in size. Directly to the south of this property is a site that has recently been approved for a 7-Eleven convenience store with an 8-pump gas station. This site benefits from close proximity to downtown Murrieta as the property is just blocks to the north of historic Old Town Murrieta which is known for its vibrant art scene and large number of shops and restaurants. The property is also just 3 blocks to the west of the I-15 freeway and is one block to the south of Murrieta Valley High School. There are several newer residential projects along this immediate stretch of Washington Avenue including a 60-unit project from Legacy Homes, a 64-unit project from KB Homes, a 64-unit project from Alexander Communities and a 132-unit project from Lennar. The city of Murrieta has a huge residential development pipeline at this time (plus or minus 12,000 new rooftops) and the demand for local retail will only grow with the population of the city.