10545 Magnolia AveRiverside, CA 92505

Property Details for 10545 Magnolia Ave

Year built

1992

Construction

WOOD

Lot size

0.77 AC

Property size (Sq ft)

18,226 SF

Zone code

R106

Property type

Hospitality properties

Property subtype

Hotels

APN

143-290-026

APU

143290026

Description

This exceptional investment opportunity presents a 68-unit, three-story apartment building ideally situated in Riverside, California, at 10545 Magnolia Ave, 92505. The property, built in 1992, boasts 18,226 square feet of net rentable space on a 34,424 square foot lot. Currently zoned MU-U, the City of Riverside Planning Department has expressed strong support for conversion into affordable senior housing or senior care facilities, making this a compelling redevelopment project. The building features 68 parking spaces, one for each unit. The asking price is $11,525,000, translating to $169,485 per unit and $632.34 per square foot. The pro-forma NOI is $658,350, yielding a 5.71% cap rate (non-profit). This well-maintained property offers excellent street exposure and convenient access to the 91 Freeway, placing it near significant commercial and medical developments. The property's existing infrastructure provides a solid foundation for a seamless conversion, maximizing the potential return on investment. This is a fee simple ownership opportunity. The APN is 143290026.

• CAP approach

  CAP return

  Valuation

  6%

  $5,689,664

  6.5%

  $5,251,998

  7%

  $4,876,855

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,513,538

  Geo Method

  $15,075,262

• Alternative Use

  Use

  Valuation

  Residential

  $5,733,656

  Hospitality

  $5,251,998

  Educational

  $4,369,600

  Medical

  $4,519,878

  Retail

  $6,797,156

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9099

Longitude

-117.466

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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