31500 Olive Ave Winchester, CA 92596
- Land
- 19.51 lot acres
Current Use by Public Records
- Land
Property Details for 31500 Olive Ave
- Lot size
- 19.51 lot acres
- Property type
- Land
Description
Exceptional opportunity to acquire ±15.34 acres of prime residential land in Winchester, California, within Riverside County. This fee-simple property, identified by APNs 462-050-006 and 462-050-015, is zoned Single-Family Residential (R-1) and designated Medium Density Residential (MDR), allowing for the potential development of approximately 90 single-family homes on lots of approximately 5,000 square feet each. Located at 31500 Olive Ave, Winchester, CA 92596, the site enjoys convenient access to Highway 79 and Interstate 215, situated approximately 1 mile from Winchester Road (Highway 79) and 3 miles east of Menifee. While a previous entitlement for 62 homes expired in March 2024, the property is poised for re-entitlement to the projected 90 homes upon adoption of the Hwy-79 policy. Negotiations are underway with Riverside County regarding a ±4.17-acre storm drainage easement along the eastern boundary, which is not included in the $5,000,000 asking price. The existing drainage easement benefits the surrounding area and may mitigate grading costs. The property offers a maximum building height of 40 feet and the possibility of a Community Facilities District (CFD). This presents a compelling investment prospect for residential developers seeking a high-density project in a desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Winchester
- County
- Riverside
- State
- California
- Longitude
- -117.107
- Latitude
- 33.6997
