3681 Cranford Avenue, Riverside, CA 92507
List Price: $17M
Listing Status: Active
Original List Price: $17.6M
0Days on Market: 119
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1965
Lot Size: 130,244.4 sq ft
Garage Spaces: 88
Private Pool: Yes
MLS Number: OC26004201
About This Property
$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.
Listing provided by: Jonathan Mitchell DRE #01227852 949-557-5000 jon.mitchell@kidder.com, Kidder Mathews of California, Inc
Source: CRMLS, MLS #: OC26004201