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    24094 Atwood Ave Moreno Valley, CA 92553

    View on Map
    Sponsored
    For Sale
    $499,990

    Land/Lot - Moreno Valley, CA

    Lot size:
    46,609.20 Acres
    Days on Market:
    283
    Last Refresh:
    Mar 25 at 11:06 am

    Property Features for 24094 Atwood Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    SP-204 VR
    APN
    482020014
    Exterior features
    Community Features Included: Curbs, Gutters, Sidewalks, Street Lights
    Lot size
    46,609.20 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Mendez

    RE/MAX Time

    Listing agent Robert Mendez License #01971883

    Listing date Jun 16, 2025

    MLS# IG25135366 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Moreno Valley Residential Development Land

    This flat and buildable 1.07 acre lot is located in a growing area of Moreno Valley. Zoned for residential development, the property allows for up to 15 units per acre, making it ideal for small or private developers. The location is suitable for building to rent or selling units, with options for detached townhome style or attached multifamily and/or condominium style developments, subject to city approval. All utilities are nearby and accessible on Atwood Avenue. The property is situated across the street from Sunnymead Elementary School and is a couple of minutes from the 60 Freeway, shopping, restaurants, and entertainment. Senate Bill 684 (SB 684), known as the "Starter Home Revitalization Act", allows for streamlined ministerial approval of housing developments with 10 or fewer units on urban lots under 5 acres. Consisting of two parcels, the property may facilitate easier and faster development of between 11 and 15 units. Local agencies must approve or deny completed applications within 60 days of receipt. This bill was enacted in 2023 and took effect January 1, 2024. SB 684 simplifies the approval process, eliminating the need for public hearings or discretionary reviews. The property is located at 24094 Atwood Avenue, Moreno Valley, CA 92553.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Moreno Valley
    County
    Riverside
    State
    California
    Longitude
    -117.242165
    Latitude
    33.930535

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    FAQs

    What type of property is this?
    Residential land & home lot - Buildable 1.07 acre lot zoned for residential development.
    Where is this residential land & home lot located?
    The property is located at 24094 Atwood Ave Moreno Valley, CA.
    What is the asking price?
    The asking price for this property is $499,990.
    What are key features of this property?
    This property features: - Buildable 1.07 acre lot zoned for high-density residential development (up to 15 units per acre).; - Located in a growing area of Moreno Valley with high demand for housing.; - Benefits from Senate Bill 684, allowing streamlined approval for developments of 10 or fewer units.
    (951) 283-5015
    Request Owner's contact information
    24094 Atwood Ave Moreno Valley, CA 92553
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    Moreno Valley, CA 92553
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    24094 Atwood Ave Moreno Valley, CA 92553
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    Listing Contact
    Robert Mendez
    Real Estate License ID: 01971883
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