5250 Golden Avenue, Riverside, CA 92505

$1,850,000
8,271
SqFt
List Price
$1,850,000
Status
ACTIVE
MLS#
IV19140274
Year Built
1951
Living Sq. Ft
8,271
Lot Size
140,263
Acres
3.22
Lot Location
6-10 Units/Acre
Days on Market
68
Property Type
Multifamily

Property Description

Competitive Offering Actual CAP Rate of 4.98 % With a Pro Forma CAP Rate of 6.26 %, The ProForma CAP Rate is Achievable By Increasing Rents to Market. Competitive Offering GRM of 14.77 With a Pro Forma GRM of 11.09. Development Potential With 3+ Acres Of Buildable Land. The Property Was Tentative Tract Mapped for 15 Homes With The City of Riverside (See Attached Tract Map). Conservative 15-20 % Upside in Potential Rental Income Per Rental Survey. Rental Comparables Illustrate a 100 % Occupancy Area. Located in a Quiet Residential Neighborhood. Non-Rent Control Community & Area. Two Blocks From La Sierra University. The properties consist of two lots that are adjacent to one another. This ten unit apartment property is composed of 2 one bedroom / one bathroom units, 6 two bedroom / one bathroom units and 2 three bedroom / two bathroom units. Not only does this property possess an attractive unit mix but the property has been tentative tracts in recent years for a possible development of 15+ single family homes with the City of Riverside. This asset allows a potential investor the unique opportunity to cashflow, increase rents, while working towards future development options.

Additional Information

Tract Number
2
Lot Description
Suburban
Pool Description
None
Garage Spaces Total
10
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Total Number of Units
10

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of ALBERT LE from LE INVESTMENT GROUP

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.