12-Unit Apartment
For Sale
$2,572,964
3060 Panorama Road, Riverside, CA 92506
Units include upgraded kitchens, private outdoor space, and in-unit laundry hookups.
Property Size14,529 SF
Lot Size2.59 Acres
Price / SF$177.09
Days on Market136
Property Features for 3060 Panorama Road
General Information
Standard status
Active
Size
14,529 SF
Net Rentable
14,529 SF
Lot size
2.59 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
12
Amenities
mature landscaping
mountain views
carport
surface parking
upgraded fully equipped kitchens
electric stoves and oven ranges
dishwashers
in-unit washer and dryer hook-ups
horizontal blinds
AC/heating
modern fixtures
large walk-in closets
spacious patios or balconies
plank wood and carpet flooring
Listing Agency:
CB RICHARD ELLIS
Listed By:
Eric Chen · License #01489184
(909) 418-2071
Source:
Cbre
Added: Jun 2
Changed: Oct 9
Last Checked: Oct 14 at 8:56PM
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 CB RICHARD ELLIS
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Investment Insights
Based on property information with market context.
This 12-unit apartment property at 3060 Panorama Road in Riverside contains approximately 14,529 rentable square feet on an approximately 112,820-square-foot hillside lot. Average unit size is 1,211 square feet. Interiors include upgraded kitchens with electric stoves, oven ranges, and dishwashers, along with air conditioning and heating, modern fixtures, horizontal blinds, walk-in closets, and a combination of plank wood and carpet flooring. Each unit also includes washer and dryer hookups and a patio or balcony. On-site parking includes carports and surface spaces, while mature landscaping and mountain views add to the physical setting.
The property runs alongside the 91 Freeway and is positioned off Central Avenue and Ivy Street. The Metrolink Downtown Riverside Commuter Rail Station is nearby, with shopping centers, theaters, restaurants, and shops also in the surrounding area. Riverside’s employment base includes major regional distribution centers serving the Inland Empire.
The property runs alongside the 91 Freeway and is positioned off Central Avenue and Ivy Street. The Metrolink Downtown Riverside Commuter Rail Station is nearby, with shopping centers, theaters, restaurants, and shops also in the surrounding area. Riverside’s employment base includes major regional distribution centers serving the Inland Empire.
Key Highlights
- 12‑unit multifamily property with approximately 14,529 SF of rentable area
- Approximately 112,820‑square‑foot hillside lot with mature landscaping and mountain views
- Average unit size of 1,211 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$225,767
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,515,340
$4.5M
Cap Rate 7%
$3,225,243
$3.2M
Cap Rate 9%
$2,508,522
$2.5M
Market Conditions
NOI Build-Up for 14,529 SF
Gross rent
$418.4K $28.80/SF
− Vacancy
−$8.0K −$0.55/SF
EGI
$410.5K $28.25/SF
− OpEx
−$184.7K −$12.71/SF
NOI
$225.8K $15.54/SF
Area
ZIP 92506
Vacancy
1.90%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,515,340
Cap Rate 7%
$3,225,243
Cap Rate 9%
$2,508,522
Alternative Uses
Best Use
Apartment 5plus
$3.23M
$2.82M – $3.76M
NOI $225,767 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.98M
$4.36M – $5.82M
NOI $348,919 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 92506, CA
45,185
Population
15,407
Households
2.9
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
2,789
Density / Sq Mi
$120,877
Median Household Income
$51,224
Median Earnings
$1,814
Median Rent
$634,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Units include upgraded kitchens, private outdoor space, and in-unit laundry hookups.
Where is this apartment building located?
The property is located at 3060 Panorama Road Riverside, CA.
What is the asking price?
The asking price for this property is $2,572,964.
What are key features of this property?
This property features: 12‑unit multifamily property with approximately 14,529 SF of rentable area; Approximately 112,820‑square‑foot hillside lot with mature landscaping and mountain views; Average unit size of 1,211 SF
