10702 Cypress Avenue, Riverside, California 92505, Riverside, 92505 - 7 bed, 2 bath
ACTIVE$4,000,000
10702 Cypress Avenue, Riverside, California 92505
7Beds
2Baths
1,937Sqft
226,076Lot
Year Built
1960
Close
-
List price
$4M
Original List price
$6M
Price/Sqft
$2,065
HOA
-
Days on market
-
Sold On
-
MLS number
CV25059424
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $4.00M(50th), sqft - 1937(50th), beds - 7(50th), baths - 2(50th).
Great opportunity for investors and developers! Two units on a 5.2-acre lot with front access from Cypress Ave and west-side access from Michelle Ave. You can subdivide the lot and develop multiple properties.
Price History
Date
Event
Price
09/17/25
Price Change
$4,000,000
03/18/25
Listing
$6,000,000
Condition Rating
Tear down
The property was built in 1960, making it 64 years old. The listing description focuses entirely on the land's development potential for investors and developers, mentioning 'two units' but providing no details or images of their condition. The absence of interior photos, especially for a property of this age, strongly suggests the existing structures are not considered valuable assets and are likely in a state requiring demolition or extensive, costly rehabilitation. The value is clearly in the 5.2-acre lot for subdivision and redevelopment.
Pros & Cons
Pros
Exceptional Development Potential: Explicitly marketed for investors and developers, with the ability to subdivide the 5.2-acre lot and develop multiple properties, offering significant future value.
Expansive Land Parcel: A substantial 5.2-acre (226,076 sqft) lot provides significant space for large-scale development, privacy, or future expansion opportunities.
Dual Street Access: Frontage on Cypress Ave and additional access from Michelle Ave offers enhanced flexibility for site planning, ingress/egress, and potential subdivision layouts.
Existing Income-Generating Units: Two existing residential units provide immediate rental income potential or on-site accommodation during the development phase.
Significant Price Adjustment: A substantial price reduction from $6,000,000 to $4,000,000 indicates a motivated seller and a potentially more attractive investment entry point.
Cons
Age of Existing Structures: Built in 1960, the current two units are over 60 years old, likely requiring extensive renovation or demolition, adding to development costs.
Limited Utility of Existing Structures: With 7 beds and 2 baths across 1937 sqft for two units, the existing structures are likely very compact or functionally outdated, making them less appealing for modern living without significant upgrades.
Lack of Desirable Views: The property explicitly states 'view: None,' which could be a drawback for premium residential development, as scenic views often command higher prices.