Listing ID : 971633
Listed On September 12, 2026 15
Listing Updated September 12, 2026
The current local governing agency for this property is the County of Riverside. The property has a Community Development Overlay (CDO) General Plan Policy future land use, which allows for Low to High Density Residential. The subject property is located in the City of La Quinta Sphere of Influence (SOI) and could be annexed in the future after Final Map approval, by the County of Riverside.
The property was originally developed as a Coachella Valley based nursery by a wholesale nursery company that distributed its products to Lowes & Home Depot in Southern California. The original 14 acres of greenhouse improvement costs were approximately $15 million or $25psf. The property has a 500 gallon per minute irrigation well & pump station with storage tanks for the nursery irrigation system. Cannabis Hemp cultivation for CBD product was the original Industrial Hemp activity by the current owner. The owner has transsitioned to a Cannabis Seed Grower operation occupying approxmatley 6 acres of Greenhouse. The balance of the 8 acres of greenhouse is being rented to third party leasee’s who are cultivating starter 2 gallon cannabis plants for wholesale to third party greenhouse buyers
The current leasing matrix is $8,000 per acre per month, on a modified gross leasing basis (Lessee gets a bill for water & power). Currrent scheduled rent for the 14 acres is $112,000 per month or $1,344,000 modified gross. The General Manager is willing to work with a new owner to maintain cannabis cultivation income stream.
The property is located in an Opportunity Zone. which offers a tax shelter advantage to a new owner. Opportunity Zones offer tax benefits to investors who elect to defer tax on capital gains if they timely invest those gain amounts
in a Qualified Zone property. The length of time the taxpayer holds the investment determines the tax benefits they receive. If the investor holds the investment for at least five years, the basis of the investment increases by 10% of
the deferred gain. If the investor holds the investment for at least seven years, the basis of the investment increases by 15% of the deferred gain. If the investor holds the investment for at least 10 years, the investor is eligible to adjust the basis of the investment to the fair market value (Sale Price) on the date the QOF investment is sold or exchanged.
Coachella Valley Water (CVWD) is the local service provider for in street water, sewer and canal irrigation water (approx. $50 per acre foot). There is a sewer line located at the intersection of Avenue 58 and Jackson Street, approximately 1590 lineal feet west of the subject property. A commercial domestic potable water well is estimated to cost approximately $1,000,000, resulting in an onsite cost of approximately $4,000 pre lot (250 lots). A well can be developed in the tract and dedicated to CVWD, for subdivision service. The Imperial Irrigation District (IID) is the current service provider for electricity. The district recently developed a new main transmission line crossing the front of the subject property on Avenue 58, going east from its substation facilities located west of the subject property, at Ave. 58 & Monroe.
The property is located in the County of Riverside, which is in the eastern portion of the Inland Empire of Southern California. Riverside County has become the fastest growing County in California, experiencing the most substantial growth among large counties in California, with a population increase of 2.11% to reach 2.47 million people. The City of La Quinta is a highly sought after area by homebuyers, especially new home buyers. Home values for New & Resale product has remained high, as buyers find the Coachella Valley a highly desirable location to consider for a second home and/or retirement. A lengthy process for new home entitlement, limited new home release by Merchant Builders and high interest rates, limited resale homes for sale due to high interest rates, has resulted in low inventory & consistently higher home prices.
The Coachella Valley is a world re-known Destination Resort Region, with over 100 golf courses located in the Valley. In 2022, 14.1 million visitors came to the Valley, with a direct spending impact of $7.1 billion. The Coachella
Valley is home for 7 months of the year to some of the wealthiest people from all over the world.
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