5250 Golden Avenue

    Riverside, CA 92505
    • $1,850,000
    • STATUS: Active
    • ON SITE: 123 days
    • ID#: IV19140274
    UPDATED: 47 min ago
    $1,850,000
    • 0
      BEDS
    • 3.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 8,271
      SQFT
    • $224
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1951
    County:

    School Ratings & Info

    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.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-16T20:39:24.95. 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 deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
    www.teamforss.com/homes/95938709

    5250 Golden Avenue Riverside, CA 92505

    • Price: $1,850,000
    • Status: Active
    • Updated: 47 min ago
    • ID#: IV19140274
    0
    Beds
    0
    Baths
    0
    ½ Baths
    3.22
    Acres
    8,271
    SQFT
    $224
    $/SQFT
    1951
    Built
    Neighborhood:
    252 - Riverside
    County:
    Riverside
    Area:
    252 - Riverside
    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.
    Exterior Features

    Garage Spaces 10.00 Lot Features 6-10 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 10.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area 650 Average Studio Area Units Square Feet Average1 Bed Area 725 Average1 Bed Area Units Square Feet Average2 Bed Area 850 Average2 Bed Area Units Square Feet Average3 Bed Area 1250 Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Laundry Features Gas & Electric Dryer Hookup

    Property Features

    Additional Parcels Description 141090032 Additional Parcels YN Yes Building Area Units Square Feet Community Features Suburban Country Us Electric Expense 5000.00 Elevation Units Feet Fuel Expense 1200.00 Gross Income 166800.00 Gross Scheduled Income 166800.00 Insurance Expense 2253.00 Land Lease YN No Laundry YN Yes Maintenance Expense 7190.00 Net Operating Income 115804.00 New Construction YN No New Taxes Expense 18685.00 Number Of Separate Electric Meters 6 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 6 Operating Expense 49328.00 Professional Management Expense 8400.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 49328.00 Trash Expense 2800.00 Vacancy Allowance 1668 Water Sewer Expense 5400.00 Water Source Public Year Built Source Assessor Zoning R1

    Listing provided courtesy of Albert Le of Le Investment Group


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-16T20:39:24.95. 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 deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
     
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