600 Central Ave Riverside, CA 92507

This exceptional 20.45-acre property in Riverside, CA, presents a rare opportunity for residential development. Located near Central Ave, Canyon Crest, and the University of California, Riverside (UCR), this land offers significant potential. Currently zoned R1-8500, allowing for single-family homes, the property could accommodate an estimated 70-73 single-family residences. The existing avocado grove provides immediate income potential, estimated at approximately $100,000 annually, while the agricultural use designation keeps property taxes and water costs low until development begins. Surrounded by existing higher-density housing on two sides and bordered by Sycamore Canyon Park on others, this location benefits from established infrastructure and a desirable neighborhood. Recent comparable sales in the area show strong demand, with homes and condos ranging from $600,000 to $1,300,000, and new construction exceeding $1,500,000. The city has also indicated a potential for higher-density zoning modifications, further enhancing the property's value. The property includes two adjacent parcels (APN: 253-340-013, 253-280-070) and has access to city water and electricity. This is a unique opportunity to acquire a substantial land parcel with immediate income and significant long-term development potential in a thriving Riverside location. The asking price is $6,339,000.