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    600 Central Ave Riverside, CA 92507

    Sponsored
    For Sale
    $6,339,000

    Prime Riverside acreage, residential potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    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.

    Property Features for 600 Central Ave

    General Information

    Property type
    Farms
    Lot Size
    890,802 SF

    HighLights

    • $6,339,000 asking price for 20.45 acres of land.
    • Riverside, CA location with R1‑8500 zoning, allowing for single‑family residential development.
    • Potential to build approximately 70‑73 single‑family homes, with possibility of higher density zoning modification.
    • Currently planted with avocados, generating estimated annual net income of $100,000.
    • Held in trust ownership, with APNs 253‑340‑013 and 253‑280‑070.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dr. Cary K. ... Family Practice Physician Hiraeth Place Of Worship Most Honorable Serjeants' ... Law Firm Sycamore Canyons Apartments Apartment Building daLEAgue Sports Club

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.192579
    Latitude
    33.5745

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    FAQs

    What type of property is this?
    Farm - Prime Riverside acreage, residential potential.
    Where is this farm located?
    The property is located at 600 Central Ave Riverside, CA.
    What is the asking price?
    The asking price for this property is $6,339,000.
    What are key features of this property?
    This property features: $6,339,000 asking price for 20.45 acres of land.; Riverside, CA location with R1-8500 zoning, allowing for single-family residential development.; Potential to build approximately 70-73 single-family homes, with possibility of higher density zoning modification.
    Request Owner's contact information
    600 Central Ave Riverside, CA 92507
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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.

    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
    600 Central Ave Riverside, CA 92507
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