600 Central AveRiverside, CA 92507

Property Details for 600 Central Ave

Year built

1976

Construction

WOOD

Lot size

4.64 AC

Property size (Sq ft)

5,310 SF

Zone code

R1

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

253-340-014

APU

253340014

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,809,659

  6.5%

  $1,670,455

  7%

  $1,551,137

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,443,815

  Geo Method

  $2,896,889

• Alternative Use

  Use

  Valuation

  Residential

  $1,670,455

  Hospitality

  $1,530,128

  Educational

  $1,273,048

  Medical

  $1,316,830

  Retail

  $1,980,297

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9544

Longitude

-117.324

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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