R-2 Land

Vacant Land for Sale
Catylist Listing ID: 30525123
Property Subtypes: Multi-Family, Other
Gross Land Area: 2.12 Acres
Sale Price: $690,000
Unit Price: $325,471 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/3/2019

Overview / Comments

Palm Springs is a city very short on moderate and low income residential rental units. This property represents an outstanding development site. Under the R-2 Zone,it is estimated that about 30 units could be built without any density bonus. In an area of single family and multifamily residences. See maps on following page. The first map highlights the residential uses around the site. The Assessor's Map shows the almost square property, ideal for development.
The land market for smaller parcels in the Palm Springs area has been limited over the past year and no sale comps are available for the local market. The Comp Section shows four comps with varied zoning from R-2 to M-1-P and asking s/f prices ranging from the Subject's price of $7.47 s/f to a high of $15.29 s/f with plans. Housing shortage + competitive pricing = opportunity!

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Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Taxing Authority: County of Riverside
Tax ID/APN: 669-430-008
Zoning: R-2
Property Located Between: Radio Road & Las Vegas Road
Property Visibility: Good
Largest Nearby Street: N.Indian Canyon Way
Feet of Frontage: 329
Airports: Palm Springs International Airport is 10-15 minutes from the site.
Site Description: Level site with utilities to the site.
Area Description: Mixed residential -single family and apartments- with some commercial/service development in the area.
Lot Frontage: 329
Lot Depth: 279
Zoning Description: R-2 Multifamily
Topography: Level
Soil Type: Sandy
Available Utilities: Electric, Water, Gas, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,103 29,317 71,339
Median Age: 42.8 45.13 43.63
Households: 3,670 13,418 30,217

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