Riverside Multifamily Investment
For Sale
$16,995,000
3681 Cranford Avenue, Riverside, CA 92507
67,202 SF multifamily property with upside potential in Riverside.
Property Size67,202 SF
Lot Size3.00 Acres
Price / SF$252.89
Days on Market278
Property Features for 3681 Cranford Avenue
General Information
Standard status
Active
Size
67,202 SF
Lot size
3.00 Acres
Property subtype
Commercial
Amenities
Central air
Assigned Spaces
Community Facility
Laundry Area
No Heat Heating
Washer/Dryer - Leased
Window/Wall Unit Cooling
Building Details
Year Built
1965
Listing Agency:
KIDDER MATHEWS OF CALIFORNIA, INC
(949) 557-5000
Listed By:
JONATHAN MITCHELL · License #01227852
(714) 337-8405
Source:
Corcoran
Added: Jan 9
Changed: Aug 17
Last Checked: Aug 5 at 6:28AM
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.
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.
Key Highlights
- Significant rental upside (10%) potential.
- Priced below replacement cost (under $262 per foot).
- Recent renovations to interiors and exteriors.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$912,419
Cap Rate
5.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$18,248,380
$18.2M
Cap Rate 7%
$13,034,557
$13.0M
Cap Rate 9%
$10,137,989
$10.1M
Market Conditions
NOI Build-Up for 67,202 SF
Gross rent
$1.75M $26.04/SF
− Vacancy
−$91.0K −$1.35/SF
EGI
$1.66M $24.69/SF
− OpEx
−$746.5K −$11.11/SF
NOI
$912.4K $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%
$18,248,380
Cap Rate 7%
$13,034,557
Cap Rate 9%
$10,137,989
Alternative Uses
Best Use
Apartment 5plus
$13.03M
$11.41M – $15.21M
NOI $912,419 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$23.03M
$20.15M – $26.87M
NOI $1,612,171 @ 7.0% cap · market cap 9.49%
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 - 67,202 SF multifamily property with upside potential in Riverside.
Where is this apartment building located?
The property is located at 3681 Cranford Avenue Riverside, CA.
What is the asking price?
The asking price for this property is $16,995,000.
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.
