Jarvis St Perris, CA 92571

This exceptional 5.57± acre multifamily land parcel in Perris, CA, presents a compelling investment opportunity. Zoned MFR-14, it offers significant potential for high-density development, with a preliminary city review in 2023 indicating favorability for upzoning to MFR-22, potentially allowing for up to 125 units. The flat, rectangular site is ideally suited for two- and three-story townhomes, apartments, or condominiums. A preliminary 125-unit project plan was reviewed by the City of Perris in 2022 and 2023. An adjacent 0.43± acre parcel, currently a paper street, may be deeded to the property upon project approval, increasing the total acreage to 5.57± acres (buyer to verify with city planners). This prime location benefits from convenient access to Interstate 215, light rail, and a nearby Metrolink station, enhancing its appeal to commuters. Situated in a Riverside County Opportunity Zone, the property is surrounded by established residential areas, schools (Perris High School and Palms Elementary School), parks, shopping, and dining. The strong local housing market, with a median home price of $506,000 in February 2024, and the potential for density bonuses under AB 2345, further solidify this investment's potential. The APN is 311-180-018, -025, -046, -047. The property is offered fee simple and is suitable for a 1031 exchange. The asking price is $3,999,000.