4779 TEQUESQUITE Avenue, Riverside CA, 92501
(Active)
$6,750,000
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MLS# 22143609
Last Updated: 5/10/2024 1:44 AM
Description for
4779 TEQUESQUITE Avenue
Riverside, CA 92501
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.
Price
$6,750,000
Riverside
22143609
Active
Description
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.
Listing Information
| Property Type: Land, Other | ||
| 2.76 Acres | ||
Neighborhood
Room Information
Exterior / Lot Features
0 Covered Parking Spaces,
Driving Directions
Tequesquite & San Andreas
Financial Considerations
| 217093001 |
Listing Price History
Riverside Real Estate
Riverside is located in California. Riverside, California 92501 has a population of 324,101.
The median household income in Riverside, California 92501 is $64,005. The median household income for the surrounding county is $70,543 compared to the national median of $66,222. The median age of people living in Riverside 92501 is 36 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
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Price History
| Date | Event | Price | Source |
|---|---|---|---|
| 2/17/2023 | Active | $6,750,000 USD |
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| 9/11/2022 | Pending | $6,750,000 USD |
|
| 4/5/2022 | Active | $6,750,000 USD 1,250.27% |
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| 5/13/2020 | Expired | $499,900 USD |
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