5941 Limonite AveRiverside, CA 92509

Property Details for 5941 Limonite Ave

Year built

1964

Property size (Sq ft)

3,620 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Exceptional investment opportunity in Riverside, CA. This 4-unit apartment building, situated on an 8,712 sq ft lot, offers 3,620 sq ft of living space. The property features a mix of unit sizes including three-bedroom/one-bathroom, two-bedroom/one-bathroom, and two one-bedroom/one-bathroom units, providing flexibility for rental income or owner-occupancy. All four units have undergone recent renovations. The building boasts five carports and additional uncovered parking. Currently, the occupancy is 50%, presenting a significant opportunity to increase rental income. The asking price is $1,169,900, with a current NOI of $72,084 and a pro-forma NOI of $86,508, resulting in a current cap rate of 6.16% and a pro-forma cap rate of 7.39%. The property is zoned R3 and was built in 1964. Two units are currently vacant, ready for immediate lease-up. This centrally located property offers easy freeway access and ample outdoor space. The price per unit is $292,475. The property's address is 5941 Limonite Ave, Riverside, CA 92509, and the APN is 182-280-009.

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9934

Longitude

-117.423

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