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Multi-Family

35 Acre Mixed-Use/Multi-Family Site

Cottonwood Canyon Road, Canyon Lake, CA 92587

Listing Price: $3,500,000

Lot Size
35.00 acres
Price/Acre
$100,000
Land Type
Land

Investment Overview

Marcus & Millichap is pleased to offer for sale a ± 35-acre multi-family residential development opportunity located in the extremely desirable city of Canyon Lake. Canyon Lake is a gated community in Riverside County that has been built around the beautiful Canyon Lake Reservoir. The subject property is located in the southwestern portion of the City of Canyon Lake between the Canyon Lake Golf Club and the Railroad Canyon Dam. Topography for the site is sloping from north to south with some change in elevation meaning that future development of this site will require cut and fill grading. The property is bounded by single-family residences on three sides (north, east and west) and vacant land to the south. Zoning on this property is Village Overlay (VO) and the General Plan Land Use designation is Mixed-Use. The Village Overlay Zone allows for up to 10 acres of this site to be developed at a residential density of 20-24 dwelling units per acre (the remainder of the site could have other uses). This property is very unique is that it is the only site in Canyon Lake with this advantageous zoning and it is the only site that will allow for the development of multi-family housing in all of Canyon Lake. Primary access to the site will be on the southern boundary where a road will need to be built to provide access to Railroad Canyon Road which is the major east/west arterial running between the I-15 and I-215 freeways in this area. Secondary access to the property will be on the north end of the site from Sparkle Drive to the future Pearl Point Court roadway. There is a 60-foot easement for road purposes from the end of Sparkle Drive to Pearl Point Court. In regard to utilities there is an 8” ACP water line located immediately adjacent to the eastern boundary of the site and there is also an 8” water line at the end of Sparkle Drive. Immediately adjacent to the southern boundary of the property is a PVC sewer line that transitions from 10” to 16” along Cottonwood Canyon Road. Additionally, a Southern California Edison electric line runs directly across the property. The Habitat Conservation Summary Map as of October 2017 shows that the property is not located within a target conservation area indicated by the Western Riverside County Regional Housing Authority. The site is also located in FEMA Zone X which is an “area of minimal flooding hazard”. The subject site is not impacted by environmental constraints such as flood zones, wetlands and Williamson Act land or easements. The City of Canyon Lake is known for its wide range of amazing amenities including boating, beaches, tennis, golf, equestrian trails and parks. With that being said, it is important to note that this site is located outside the gated portion of Canyon Lake and is not subject to the CC&Rs of the Canyon Lake Property Owners Association (POA). This means that this site does not have any access to city amenities and any future access will need to be negotiated with the City of Canyon Lake POA. One of the primary benefits of this property is that this is the only multi-family development site remaining in Canyon Lake. The city is nearly completely built-out and there is no additional land on which to build multi-family residential units.

Investment Highlights

  • ± 35-acre Mixed-Use/Multi-family Development Site in the Desirable City of Canyon Lake
  • Village Overlay Zone allows for Density of 20-24 Dwelling Units/Acre
  • All Utilities Available On-Site or at the Property Line
  • Property is Located Outside the Gates of the City of Canyon Lake and is Not Part of the Property Owners Association (POA)
  • Canyon Lake Amenities include Boating, Beaches, Golf, Tennis, Equestrian, Parks
  • Extremely Rare Opportunity - Only Mixed-Use/Multi-Family Development Site Available in the Entire City of Canyon Lake

Exclusively Listed By

Multi-Family

35 Acre Mixed-Use/Multi-Family Site

Listing Price: $3,500,000

Lot Size
35.00 acres
Price/Acre
$100,000
Land Type
Land

Investment Highlights

  • ± 35-acre Mixed-Use/Multi-family Development Site in the Desirable City of Canyon Lake
  • Village Overlay Zone allows for Density of 20-24 Dwelling Units/Acre
  • All Utilities Available On-Site or at the Property Line
  • Property is Located Outside the Gates of the City of Canyon Lake and is Not Part of the Property Owners Association (POA)
  • Canyon Lake Amenities include Boating, Beaches, Golf, Tennis, Equestrian, Parks
  • Extremely Rare Opportunity - Only Mixed-Use/Multi-Family Development Site Available in the Entire City of Canyon Lake

Investment Overview

Marcus & Millichap is pleased to offer for sale a ± 35-acre multi-family residential development opportunity located in the extremely desirable city of Canyon Lake. Canyon Lake is a gated community in Riverside County that has been built around the beautiful Canyon Lake Reservoir. The subject property is located in the southwestern portion of the City of Canyon Lake between the Canyon Lake Golf Club and the Railroad Canyon Dam. Topography for the site is sloping from north to south with some change in elevation meaning that future development of this site will require cut and fill grading. The property is bounded by single-family residences on three sides (north, east and west) and vacant land to the south. Zoning on this property is Village Overlay (VO) and the General Plan Land Use designation is Mixed-Use. The Village Overlay Zone allows for up to 10 acres of this site to be developed at a residential density of 20-24 dwelling units per acre (the remainder of the site could have other uses). This property is very unique is that it is the only site in Canyon Lake with this advantageous zoning and it is the only site that will allow for the development of multi-family housing in all of Canyon Lake. Primary access to the site will be on the southern boundary where a road will need to be built to provide access to Railroad Canyon Road which is the major east/west arterial running between the I-15 and I-215 freeways in this area. Secondary access to the property will be on the north end of the site from Sparkle Drive to the future Pearl Point Court roadway. There is a 60-foot easement for road purposes from the end of Sparkle Drive to Pearl Point Court. In regard to utilities there is an 8” ACP water line located immediately adjacent to the eastern boundary of the site and there is also an 8” water line at the end of Sparkle Drive. Immediately adjacent to the southern boundary of the property is a PVC sewer line that transitions from 10” to 16” along Cottonwood Canyon Road. Additionally, a Southern California Edison electric line runs directly across the property. The Habitat Conservation Summary Map as of October 2017 shows that the property is not located within a target conservation area indicated by the Western Riverside County Regional Housing Authority. The site is also located in FEMA Zone X which is an “area of minimal flooding hazard”. The subject site is not impacted by environmental constraints such as flood zones, wetlands and Williamson Act land or easements. The City of Canyon Lake is known for its wide range of amazing amenities including boating, beaches, tennis, golf, equestrian trails and parks. With that being said, it is important to note that this site is located outside the gated portion of Canyon Lake and is not subject to the CC&Rs of the Canyon Lake Property Owners Association (POA). This means that this site does not have any access to city amenities and any future access will need to be negotiated with the City of Canyon Lake POA. One of the primary benefits of this property is that this is the only multi-family development site remaining in Canyon Lake. The city is nearly completely built-out and there is no additional land on which to build multi-family residential units.

Exclusively Listed By

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