10545 Magnolia Ave Riverside, CA 92505-1804
- Hotels
- 18,226 SF
- 0.77 lot acres
Jul 09, 2020
Current Use by Public Records
- Days inn by wyndham riverside / Inn
- Days Inn by Wyndham Riverside Tyler Mall / Inn / Hotel
Property Details for 10545 Magnolia Ave
- Year built
- 1992
- Construction
- WOOD
- Lot size
- 0.77 lot acres
- Property size
- 18,226 SF
- Zone code
- R106
- Property type
- 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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Riverside
- County
- Riverside
- State
- California
- Longitude
- -117.466
- Latitude
- 33.9099
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
