For Sale
$3,850,000

3511 Chicago Ave Riverside, CA 92507

20-unit apartment building, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
134
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

FAQs

What type of property is this?
Apartment building - 20-unit apartment building, high potential.
Where is the apartment building located?
The property is located at 3511 Chicago Ave Riverside, CA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: $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.
How can I contact the broker?
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3511 Chicago Ave
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