3511 Chicago AveRiverside, CA 92507

Property Details for 3511 Chicago Ave

Year built

1959

Construction

WOOD

Lot size

0.50 AC

Property size (Sq ft)

11,712 SF

Zone code

R3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

211-162-016

APU

211162016

Description

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.

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9791

Longitude

-117.349

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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