For Sale
$30,250,000

3681 Cranford AveRiverside, CA 92507

138 Units, Excellent ROI, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional multifamily investment opportunity comprises a 138-unit portfolio strategically located in Riverside and Loma Linda, California. The portfolio consists of four buildings, totaling 109,267 square feet, built between 1964 and 1977, with extensive renovations completed in 2022. The buildings feature a mix of studio, one-bedroom, and two-bedroom units, offering a balanced rental mix. The Riverside properties boast a desirable location less than 1.5 miles from major freeways, providing convenient access to employment centers and amenities. The Loma Linda property is situated near the 10 Freeway, the VA Hospital, and numerous retail options. Both locations benefit from strong workforce rental markets and offer significant upside potential. The properties feature amenities such as pools, community laundry rooms, and ample parking, including carports and assigned parking. Individual units are separately metered for gas and electric. The portfolio boasts a current NOI of $1,663,867 and a pro-forma NOI of $2,077,877, representing a 5.5% cap rate and a pro-forma cap rate of 6.87%, respectively. The asking price is $30,250,000, or $219,202.90 per unit. The properties are fee simple ownership and are currently 100% occupied. This turnkey asset presents a compelling investment opportunity with significant potential for future growth and strong rental income. The recent renovations, including new roofs, exterior paint, asphalt, secure gated access, and select interior upgrades, ensure a well-maintained and attractive property for residents. The properties are professionally managed, minimizing operational concerns for the investor. This portfolio offers a rare combination of location, strong rental demand, and recent capital improvements, making it an ideal investment for discerning buyers.

Highlights

  • Below replacement cost, priced under $276.84 per square foot.
  • Strong rental market with high workforce demand.
  • Balanced unit mix of studios, one-bedroom, and two-bedroom apartments.
  • Recent capital improvements including roof, exterior paint, asphalt, gated access, and select interior renovations.
  • Three-acre garden-style complex with two and three-story walk-ups.
  • Less than 1.5 miles from the 91 and 215 freeways.

Property Details for 3681 Cranford Ave

Property type
Apartment buildings
Square Feet
109,267 SF
Year Built/Renovated
1964/2022
Buildings
4
Stories
3
Units
138

Location Insight

City
Riverside
County
Riverside
State
California
Latitude
33.977166618692
Longitude
-117.34417016699
3681 Cranford Ave, Riverside, California

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3681 Cranford Ave
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