The subject property is a ± 0.90 acre infill development site located at 3732-3736 Van Buren Blvd. in Riverside, California. Located less than ½ mile to the north of the 91 Riverside Freeway, this site is composed of three individual parcels of land with great visibility along Van Buren Blvd. including 221’ of street frontage. Zoning on the property along with the General Plan Land Use designation for this site is Mixed-Use Village (MU-V). MU-V allows for densities of up to 30 dwelling units/acre providing for medium to high density residential development. Retail, office and service uses at the street level can be included to facilitate a vibrant pedestrian environment. Additionally, higher residential densities are permissible for projects in this zone as the site has the potential to serve as a transit-oriented development project. Under the MU-V zoning code, proposed projects within one-half of a mile of a transit stop along Magnolia Ave. may have their residential density increased to 40 dwelling units per acre. California Assembly Bill 803 (AB 803), also known as the Starter Home Revitalization Act of 2021 was signed into law to encourage the construction of modestly sized single-family homes that may be affordable to first-time homebuyers. The subject property would qualify under this legislation, and due to the fact that the property is composed of three individual parcels, each parcel could be developed individually which would be beneficial for a smaller developer who may not have the capital to undertake a project covering the entire property all at one time. The site is generally flat and rectangular in shape with all utilities available in the street. Sidewalks, curbs, gutters, street lights and fire hydrants are already in place along Van Buren Blvd. although the site currently does not have any existing curb cuts. Riverside is a very restricted market when it comes to well-located residential development sites such as the subject property, especially in the ±1 acre range. Not only does this site benefit from advantageous MU-V zoning but it also benefits from a highly desirable location just north of the 91 freeway with great frontage and visibility along a major city arterial. Schedule a Private Showing

Listed By CRMLS_CA / Matthew Wenzel / Marcus & Millichap / mwenzel@marcusmillichap.com

Last checked: Checking… • Last updated Sep 27, 2024 • Source: CRMLS_CA

MLS# PW24148518 — Report a problem

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