3681 Cranford AveRiverside, CA 92507

Property Details for 3681 Cranford Ave

Year built

1965

Construction

WOOD

Lot size

1.08 AC

Zone code

R3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

250-170-037

APU

250170037

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $16,032,696

  6.5%

  $14,799,412

  7%

  $13,742,311

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,791,493

  Geo Method

  $25,665,018

• Alternative Use

  Use

  Valuation

  Residential

  $14,799,412

  Hospitality

  $13,556,182

  Educational

  $11,278,584

  Medical

  $11,666,472

  Retail

  $17,544,464

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9773

Longitude

-117.345

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].