0 Gould St #7, Riverside, CA 92505

The subject property is a ±0.85 acre infill residential development site located on the north side of Gould Street two parcels to the west of Tyler Steet in the La Sierra Acres community of Riverside, California. The property is zoned R-3-1500 residential which allows for up to 29 dwelling units per acre. The General Plan Land Use designation for this site is High Density Residential which provides for the development of row houses, condominiums and apartments, senior housing and multifamily clusters. The HDR designation allows a maximum of 29 dwelling units per acre which would mean that that a developer could theoretically build 24 units on this site by-right. This site is located on the northern side of Gould Street just to the west of Tyler Street. The neighborhood along Gould Street is primarily residential in nature and is composed of single-family residences, duplexes, fourplexes and small multi-family apartment buildings. The north side of the subject property abuts a Stater Bros grocery center. The site is generally flat and rectangular in shape with 140’ of frontage along Gould Street with a depth of 267’. This is an infill site and all utilities are available in Gould Street. Additionally, this site is in the Alvord Unified School District with elementary, middle and high schools all in close proximity. Riverside is similar to the majority of Southern California in that residential development, in general, is in high demand and the market for new residential development sites is greatly supply restricted. With the opportunity to build 24 units on this site by-right, the property has been priced at only $20,625 per buildable unit.