10545 Magnolia Ave Riverside, CA 92505

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.