1550 University Ave Riverside, CA 92507

This exceptional 1.03-acre (44,867 sq ft) land parcel at 1550 University Avenue in Riverside, California, presents a remarkable mixed-use development opportunity. Zoned MU - University SP, this site is ideally located less than one mile from the University of California, Riverside (UCR), ensuring high demand and strong potential for student housing. The property's mid-block location between Chicago and Iowa Avenues offers convenient access to SR-60 and SR-91 freeways, enhancing its appeal. A proposed eight-story development could incorporate four to five levels of apartments above two floors of commercial space, built over a podium structure. The ground floor would feature restaurant and retail spaces, complemented by three levels of subterranean parking. This location boasts proximity to freeways, shopping, and other amenities, making it an attractive investment. The scarcity of developable land in this area further underscores the value of this exceptional opportunity. The asking price for this prime development site is $2,800,000.