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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$16,995,000

Est. payment - /mo

2.99 Acres Lot

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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC26004201

HOA Y/N No

Year Built 1965

Lot Size 2.990 Acres

Property Sub-Type Apartment

Property Description

$600,000 Price Reduction. Day one 6.10% CAP Rate & 9.4 GRM. Built in 1964, The University Gardens consist of approximately
67,202 of rentable square feet and is in good condition
since the current ownership has made several recent
renovations to the interiors & exteriors.
The unit mix consists of 2 Bedroom, 1
Bedroom & Studio units. The property is situated
on approximately 3 acres of land that includes tuck
under parking, carports, open on-site parking
in addition to street parking. The property is
also separately metered for gas and electric with
a community laundry rooms, pools & rental office.
Select units have been tastefully remodeled with
new flooring, windows, cabinets, stove, microwave,
countertops, sink, toilet, vanity, shower, AC, recessed
lighting & ceiling fans throughout. Most of the
“heavy lifting” is almost complete and should appeal to
an investor looking for an asset surrounded
by tremendous job opportunity and 10% realistic
rental upside. Priced way below replacement cost
(under $253 per foot) & less than 1.5 miles from 91 and 215 freeways. Earthquake retrofit and seismic upgrades have been made & all newer roofs and rain gutters.

Location

State CA

County Riverside

Area 699 - Not Defined

Interior

Heating None

Cooling Wall/Window Unit(s)

Fireplaces Type None

Fireplace No

Laundry Common Area

Exterior

Parking Features Assigned

Garage Spaces 88.0

Garage Description 88.0

Pool Community

Community Features Biking, Foothills, Pool

Total Parking Spaces 134

Private Pool No

Building

Lot Description 26-30 Units/Acre

Faces Southeast

Story 3

Entry Level Three Or More

Sewer Public Sewer

Water Public

Level or Stories Three Or More

New Construction No

Others

Senior Community No

Tax ID 250170037

Acceptable Financing Cash, Cash to Existing Loan

Listing Terms Cash, Cash to Existing Loan

Special Listing Condition Standard

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Listed by Jonathan Mitchell Kidder Mathews of California, Inc 949-557-5000, DRE #01227852

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3681 Cranford AVE Riverside, CA 92507