"right" means that it's close to the street. "off" means that it's not on the street. "up" means "above"". "up" could mean "in an upward or forward direction" if on the street but "off" tells us that this is not the case so it must mean "above".

The up means its above the street, and the off implies it's hanging there and not actually touching the street. You can't say "right up the street" (and have it still make sense), but you could say "right above the street" or "right off the street" (though that may sound like it's next to the street. Hope that made sense and was helpful (*^_^*)