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Listed by Jonathan Mitchell • Kidder Mathews of California, Inc
$ 16,995,000
Est. payment | /mo
67,202 SqFt
$ 16,995,000
Est. payment | /mo
67,202 SqFt
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 67,202 sqft
Price per Sqft $252
MLS Listing ID OC-26004201
Year Built 1965
Lot Size 2.990 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
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.
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
Interior
Heating None
Fireplaces Type None
Laundry Common Area, Community
Exterior
Parking Features Assigned
Garage Spaces 88.0
Pool Community
Community Features Biking, Foothills
Building
Lot Description 26-30 Units/Acre
Sewer Public Sewer
Nearby Locations
GET MORE INFORMATION
Marissa Buss & Danny Lampert
Lic# 01770909 | 01834114