Indiana Avenue is a rare and remarkable investment opportunity that awaits development companies in the form of three adjacent lots situated on the border of Riverside/Corona, spanning 16 acres. The land parcels have the added advantage of utilities running through them, and the three lots will be sold together. The current zoning is R1/10000; Indiana Avenue has already been in the pre-approval stage with Riverside County to re-zone it for R3 (heavy residential). Per the pre-approval plan, a three-story, 72-unit apartment complex can be built on six acres with minimum grading, and each unit will be 1,150 square feet, comprising two bedrooms, two bathrooms, and a garage. The development will include a 2,600-square-foot clubhouse, a community pool, and 112 parking spaces. Grading plans are available on request. In addition, the current owner has plans for a 15-single-family home development in the pre-application stage. Gorgeous Indiana Avenue offers stunning views of two cities and is in a prime development area, just a mile from the 91 and 15 freeways. The land is only two miles from the Corona Costco and Walmart shopping center and less than a mile from the new Hillcrest High School. Nestled in the back of the Lake Hills community that faces Corona, this land is truly unique and one of the last-view lots in the area—situated in a very sought-after Riverside location, making it a perfect investment for developers with endless possibilities for development, for dreams big or small.
Based on information from CRISNet MLS all data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Updated: 26th September, 2023 10:35 PM (UTC)