3681 Cranford Avenue, Riverside, CA 92507
- $16,995,000
- List Price
- $16,995,000
- Price Change
- ▼ $604,000 1772845424
- Status
- ACTIVE
- MLS#
- OC26004201
- Year Built
- 1965
- Lot Size
- 130,244
- Acres
- 2.99
- Lot Location
- 26-30 Units/Acre
- Days on Market
- 201
- Property Type
- Multifamily
- Property Sub Type
- Apartment
- Stories
- Three Or More Levels
Property Description
$600,000 Price Reduction. Day one 6.10% CAP Rate & 9.4 GRM. Built in 1964, The University Gardens consist of approximately 67,202 of rentable square feet and is in good condition since the current ownership has made several recent renovations to the interiors & exteriors. The unit mix consists of 2 Bedroom, 1 Bedroom & Studio units. The property is situated on approximately 3 acres of land that includes tuck under parking, carports, open on-site parking in addition to street parking. The property is also separately metered for gas and electric with a community laundry rooms, pools & rental office. Select units have been tastefully remodeled with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting & ceiling fans throughout. Most of the “heavy lifting” is almost complete and should appeal to an investor looking for an asset surrounded by tremendous job opportunity and 10% realistic rental upside. Priced way below replacement cost (under $253 per foot) & less than 1.5 miles from 91 and 215 freeways. Earthquake retrofit and seismic upgrades have been made & all newer roofs and rain gutters.
Additional Information
- Pool Description
- Community
- Heat
- None
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- Garage Spaces Total
- 88
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 88
- Gross Scheduled Income
- $1,803,600
- Operating Expense
- 741504
Listing courtesy of Listing Agent: Jonathan Mitchell (jon.mitchell@kidder.com) from Listing Office: Kidder Mathews of California, Inc.
Mortgage Calculator
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