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22454 Sherman Avenue - Residential Development Land, Moreno Valley, CA

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22454 Sherman Avenue - Residential Development Land

SWC of Sherman Ave. & Elsworth St.
Moreno Valley, CA 92553 - Riverside Submarket

Property Type:Land Parcel Size:2.5 Acres
For Sale Price:$990,000 Price/Acre:$396,000 Price/SF:$9.09

Proposed Use:MultiFamily

On-Site Improv:-

Sale Notes:
Shovel ready, no existing improvements. Approximately 340 feet of frontage on Sherman Avenue and 310 feet of frontage on Elsworth Street.

Finished, flat corner lot
Existing water pipes
Seller financing available with 50% down
Near the Moreno Valley Mall and March Air Reserve Base
Close Proximity to University of California, Riverside with an abundance of rental demand
Zoning recently increased by city from 25 units per acre to 30 units per acre

CBRE is proud to exclusively present this 2.5 acres multifamily development opportunity in the heart of Moreno Valley. Located less than 1.5 miles away from the City Hall and Alessandro Boulevard, the property is situated on a corner, flat lot ready to be built. Recently the city of Moreno Valley just changed the zoning of this property from 25 units per acre to 30 units per acre, allow for higher density and higher net profit to the developers. Currently existing multifamily properties are selling between $165-$189 per square foot for properties built after 2005.
This opportunity is strategically located in the heart of Moreno Valley, between the I-215 and SR-60 freeways, with easy access from either E Alessandro Boulevard or Day Street. There is convenient shopping at national retailers with a mile radius, including: Costco, LA Fitness, Bed Bath and Beyond, Smart and Final, Jo-Ann Fabric, Old Navy, Marshalls, Cost Plus World Market, Best Buy, Lowe' s, Panera, and Buffalo Wild Wings. Within four blocks of Cottonwood Golf Center. This offering is priced at $9.64/Sqft and is priced to sell. Moreno Valley is currently going under a robust growth of retail developments which will help demand for higher end residential housing in a good location. To see a list of current development activities, please contact the Listing Agent for OM.

Ed Matevosian
(818) 502-6744

Joyce Goldstein
(818) 502-6700

Eric Chen
(909) 418-2071

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