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Listed by Jonathan Mitchell, DRE #01227852 • Kidder Mathews of California, Inc
$16,995,000
Est. payment /mo
2 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC26004201
Year Built 1965
Lot Size 2 Sqft
Source California Regional MLS
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 No Heating
Cooling Window / Wall Unit
Laundry Laundry Area, Washer/Dryer - Leased, Community Facility
Exterior
Parking Features Assigned Spaces
Garage Spaces 134.0
Pool Community Facility
Building
Story Three or More Stories
Water District - Public
Others
Tax ID 250170037
Special Listing Condition Not Applicable
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