For Sale
$5,000,000

31500 Olive AveWinchester, CA 92596

15 Acres, 90+ Home Potential, Winchester, CA

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional opportunity to acquire ±15.34 acres of prime residential land in Winchester, California, within Riverside County. This fee-simple property, identified by APNs 462-050-006 and 462-050-015, is zoned Single-Family Residential (R-1) and designated Medium Density Residential (MDR), allowing for the potential development of approximately 90 single-family homes on lots of approximately 5,000 square feet each. Located at 31500 Olive Ave, Winchester, CA 92596, the site enjoys convenient access to Highway 79 and Interstate 215, situated approximately 1 mile from Winchester Road (Highway 79) and 3 miles east of Menifee. While a previous entitlement for 62 homes expired in March 2024, the property is poised for re-entitlement to the projected 90 homes upon adoption of the Hwy-79 policy. Negotiations are underway with Riverside County regarding a ±4.17-acre storm drainage easement along the eastern boundary, which is not included in the $5,000,000 asking price. The existing drainage easement benefits the surrounding area and may mitigate grading costs. The property offers a maximum building height of 40 feet and the possibility of a Community Facilities District (CFD). This presents a compelling investment prospect for residential developers seeking a high-density project in a desirable location.

Highlights

  • APN: 462-050-006 & 462-050-015
  • 15.34 Acres
  • R-1 Zoning
  • Medium Density Residential (MDR) Designation
  • 2.5 dwelling units per acre density
  • ±5,000 sq ft lots

Property Details for 31500 Olive Ave

Property type
Land
Lot Size (sq. ft)
849,856 SF

Location Insight

City
Winchester
County
Riverside
State
California
Latitude
33.699726844625
Longitude
-117.1074383087
31500 Olive Ave, Winchester, California

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31500 Olive Ave
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