This is a rare opportunity for a developer to acquire a well-located site with zoning that allows for assisted living in a supply-constrained market with rents exceeding $5,800/ month for a two-bedroom unit. Seller will provide adequate time to secure entitlements that should complement Riverside University Health System's 40,000 SF Jurupa Valley Valley Medical Plaza scheduled to open early 2019.
According to Aging.CA.Gov, Riverside and San Bernardino Counties represent two major markets in California with the highest projected increase in elderly population for both 60+ and 85+. Development of new assisted/senior living facilities has declined and most facilities are dated and functionally obsolete. Demand is high for new construction and new facilities are performing well. Low supply and high demand make this site an ideal location for a new assisted living project.
ENTITLEMENT SUMMARY & PROPOSED PRODUCT
While the site is zoned for a variety of allowable uses, a proposed two-story 127-unit assisted living project was reviewed by the city in May 2017. The total building area is 95,188 SF with 55 units on the first floor and 72 units on the second floor. The proposed project was well-received by the city during the pre-application process. The buyer would need to secure a public use permit. The pre-application report is available in the due diligence.
EXCLUSIVELY LISTED BY:
DIR (949) 275-6441 x23