Riverside Multifamily Investment
For Sale
$5,595,000
1480 7th Street, Riverside, CA 92507
Turnkey apartment complex with recent renovations and rental upside.
Property Size22,798 SF
Lot Size0.82 Acres
Price / SF$245.42
Days on Market272
Property Features for 1480 7th Street
General Information
Standard status
Active
Size
22,798 SF
Lot size
0.82 Acres
Property subtype
Commercial
Amenities
Assigned Spaces
Community Facility
Laundry Area
No Heat Heating
Washer/Dryer - Leased
Building Details
Year Built
1971
Listing Agency:
KIDDER MATHEWS OF CALIFORNIA, INC
(949) 557-5000
Listed By:
JONATHAN MITCHELL · License #01227852
(714) 337-8405
Source:
Corcoran
Added: Jan 15
Changed: Aug 22
Last Checked: Aug 22 at 10:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KIDDER MATHEWS OF CALIFORNIA, INC
Investment Insights
Based on property information with market context.
The Normandy Apartments, constructed in 1977, offer approximately 22,798 square feet of rentable space. The property is in good condition, benefiting from recent significant interior and exterior renovations by the current ownership. The unit mix includes three-bedroom, two-bedroom, and one-bedroom apartments. Situated on approximately 0.82 acres, the property features tuck-under parking, open on-site parking, and street parking. The building is separately metered for gas and electric, and includes community laundry rooms and a pool. Select units have been remodeled with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting, and ceiling fans throughout. This turnkey asset presents a potential investment opportunity with realistic rental upside, surrounded by job opportunities.
Key Highlights
- Turnkey asset with recent significant interior and exterior renovations.
- Balanced unit mix of 1, 2, and 3‑bedroom apartments.
- Realistic 10% rental upside potential.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$309,534
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,190,680
$6.2M
Cap Rate 7%
$4,421,914
$4.4M
Cap Rate 9%
$3,439,267
$3.4M
Market Conditions
NOI Build-Up for 22,798 SF
Gross rent
$593.7K $26.04/SF
− Vacancy
−$30.9K −$1.35/SF
EGI
$562.8K $24.69/SF
− OpEx
−$253.3K −$11.11/SF
NOI
$309.5K $13.58/SF
Area
ZIP 92507
Vacancy
5.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,190,680
Cap Rate 7%
$4,421,914
Cap Rate 9%
$3,439,267
Alternative Uses
Best Use
Apartment 5plus
$4.42M
$3.87M – $5.16M
NOI $309,534 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.81M
$6.84M – $9.12M
NOI $546,922 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
1,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 92507, CA
63,191
Population
19,739
Households
3.2
Avg Household Size
28
Median Age
32%
College-Educated
84%
High-School Grad
21.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$72,367
Median Household Income
$31,961
Median Earnings
$1,780
Median Rent
$503,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey apartment complex with recent renovations and rental upside.
Where is this apartment building located?
The property is located at 1480 7th Street Riverside, CA.
What is the asking price?
The asking price for this property is $5,595,000.
What are key features of this property?
This property features: Turnkey asset with recent significant interior and exterior renovations.; Balanced unit mix of 1, 2, and 3‑bedroom apartments.; Realistic 10% rental upside potential.
