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3681 Cranford Ave Riverside, CA 92507

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For Sale
$17,599,000

67,202 SF multifamily property with upside potential in Riverside.

Property Features for 3681 Cranford Ave

General Information

Standard status
Active

Building Details

Year built
1965

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Listing Contact
Jonathan Mitchell
Source: Corcoran

Listing Agency: KIDDER MATHEWS OF CALIFORNIA, INC Listing Agent: Jonathan Mitchell

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Riverside Multifamily Investment Opportunity

Constructed in 1964, this multifamily property, known as The University Gardens, offers approximately 67,202 square feet of rentable space. The property is in good condition, benefiting from recent interior and exterior renovations by the current ownership. The unit mix includes two-bedroom, one-bedroom, and studio units. Situated on approximately 3 acres, the property provides tuck-under parking, carports, open on-site parking, and street parking. Each unit is separately metered for gas and electric. Community laundry rooms, pools, and a rental office are available. Select units feature remodeled interiors with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting, and ceiling fans. Earthquake retrofit and seismic upgrades have been completed, along with newer roofs and rain gutters. Located less than 1.5 miles from the 91 and 215 freeways, this property presents a potential investment opportunity with realistic rental upside.
Location Intelligence

Current Use by Public Records

Tru 2 Lyfe ... Recording Studio University Gardens Apartment Building

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Riverside
County
Riverside
State
California
Longitude
-117.3444306
Latitude
33.9772996

FAQs

What type of property is this?
Apartment building - 67,202 SF multifamily property with upside potential in Riverside.
Where is this apartment building located?
The property is located at 3681 Cranford Ave Riverside, CA.
What is the asking price?
The asking price for this property is $17,599,000.
What are key features of this property?
This property features: - Significant rental upside (10%) potential.; - Priced below replacement cost (under $262 per foot).; - Recent renovations to interiors and exteriors.
More about this property
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