For Sale
$3,850,000

3511 Chicago AveRiverside, CA 92507

20-unit apartment building, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional value-add opportunity presents a 20-unit apartment building situated on a 0.51-acre lot in Riverside, California (92507), at 3511 Chicago Ave. The property, known as Sunshine Apartments, consists of two, two-story buildings totaling 26,000 square feet, with a net rentable area of 12,211 square feet. Currently boasting 100% occupancy, the property features spacious one-bedroom, one-bathroom units averaging approximately 600 square feet. Built in 1960 and extensively renovated in 2023, the complex includes a fully gated entrance, carports for all tenants, and a park-like common area. Recent upgrades include a new roof (installed March 2023) and replacement of all staircases and walkway balconies. An on-site laundry facility adds convenience and security for residents. The property currently generates a Net Operating Income (NOI) of $201,162, with a projected pro-forma NOI of $360,106, representing a 5.22% current cap rate and a projected 9.35% pro-forma cap rate. The asking price is $3,850,000, or $192,500 per unit, and $148.08 per square foot. This property offers significant upside potential for an investor seeking to enhance returns in a thriving Riverside location. The property's strong occupancy and recent renovations position it for immediate cash flow and long-term appreciation. Riverside's vibrant arts, culture, and recreational opportunities further enhance the property's desirability.

Highlights

  • $3,850,000 asking price for a 20-unit apartment building in Riverside, CA.
  • Value-add opportunity with a 5.22% cap rate and a pro-forma cap rate of 9.35%.
  • 26,000 total square feet, 12,211 net rentable square feet, and a price per square foot of $148.08.
  • 100% occupancy, $201,162 current NOI, and a pro-forma NOI of $360,106.
  • $192,500 per unit price.
  • Recently renovated in 2023 (roof and staircases/balconies).

Property Details for 3511 Chicago Ave

Property type
Apartment buildings
Square Feet
26,000 SF
Class
C
Year Built/Renovated
1960/2023
Buildings
2
Stories
2
Lot Size (sq. ft)
22,216 SF
Units
20

Location Insight

City
Riverside
County
Riverside
State
California
Latitude
33.979405000515
Longitude
-117.34883321246
3511 Chicago Ave, Riverside, California

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3511 Chicago Ave
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