3575 Ottawa Ave, Riverside, CA 92507

Property Description

Highlights; Competitive Offering CAP Rate of 6.01 % With a ProForma CAP Rate of 6.42 %, Competitive Offering GRM of 10.77 With a ProForma GRM of 10.39, New Vinyl Windows, Tuck Under Garages, Conservative 10% Upside In Potential Rental Income Per Rental Survey, 100 % Occupied Asset, Rental Comparables Illustrate a 98 % Occupancy Area. The Ottawa Street Apartment is situated on a corner lot totaling 24,000 Sq. Ft. This ten unit apartment community is composed of 5 one bedroom / one bathroom units & 5 two bedroom / one bathroom units. The property has been updated throughout the years, recent improvements include new vinyl windows throughout. The current tenants are long term & the building is 100% occupied. In the heart of the City of Riverside, the property is ideally located, one block north of University Avenue, which represents a main thoroughfare between Historic Downtown Riverside, Riverside Community College and The University of California Riverside. University Avenue has been an emphasis of development, with new retail and office spaces steadily moving east, towards Downtown. With initiatives by the City to implement street cars running from Downtown to the UCR Campus, a train station in the neighborhood is also expected in the near future.