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    Property profile & analytics

    3511 Chicago Ave Riverside, CA 92507-4462

    • Apartment buildings
    • 11,712 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Jan 08, 2025
    $3,600,000
    Value Estimations
    $3,130,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-1370584
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sunshine Apartments / Apartment Building
    • Castaneda’s drywall service / Hardware & Home Improvement / Interior Design

    Property Details for 3511 Chicago Ave

    Year built
    1959
    Construction
    WOOD
    Lot size
    0.50 lot acres
    Property size
    11,712 SF
    Zone code
    R3
    Property type
    Apartment buildings
    APN
    211-162-016
    APU
    211162016

    Description

    This exceptional value-add opportunity presents a 20-unit apartment building situated on a 0.51-acre lot in Riverside, California (92507), at 3511 Chicago Ave. The property, known as Sunshine Apartments, consists of two, two-story buildings totaling 26,000 square feet, with a net rentable area of 12,211 square feet. Currently boasting 100% occupancy, the property features spacious one-bedroom, one-bathroom units averaging approximately 600 square feet. Built in 1960 and extensively renovated in 2023, the complex includes a fully gated entrance, carports for all tenants, and a park-like common area. Recent upgrades include a new roof (installed March 2023) and replacement of all staircases and walkway balconies. An on-site laundry facility adds convenience and security for residents. The property currently generates a Net Operating Income (NOI) of $201,162, with a projected pro-forma NOI of $360,106, representing a 5.22% current cap rate and a projected 9.35% pro-forma cap rate. The asking price is $3,850,000, or $192,500 per unit, and $148.08 per square foot. This property offers significant upside potential for an investor seeking to enhance returns in a thriving Riverside location. The property's strong occupancy and recent renovations position it for immediate cash flow and long-term appreciation. Riverside's vibrant arts, culture, and recreational opportunities further enhance the property's desirability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,650,000
      6.5%
      $2,445,000
      7%
      $2,270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,864,000
      Market price range: $2.33M - $6.39M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $4,210,000
      Current use
      AUTO REPAIR, GARAGE
      $5,190,000
      Change: +23% Conversion: Difficult
      WAREHOUSE, STORAGE
      $3,800,000
      Change: -10% Conversion: Difficult
      MEDICAL BUILDING
      $3,420,000
      Change: -19% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.349
    Latitude
    33.9791
    CBSA code
    40140
    CBSA name
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $19,544
    $406,201
    $1,317,938
    $1,724,139
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      $585,000
      4.54 Acres

      1175 Blaine St

      APARTMENT HOUSE (5+ UNITS) • 4.54 Acres
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    • Value Estimation by Request
      0.19 Acres

      2454 14th St

      APARTMENT HOUSE (5+ UNITS) • 0.19 Acres
      2454 14th St, Riverside, CA 92507-5011
      View Details
    • Value Estimation
      $1,155,000
      6,024 SF

      1251 Massachusetts Ave

      APARTMENT HOUSE (5+ UNITS) • 6,024 SF
      1251 Massachusetts Ave, Riverside, CA 92507-7039
      View Details
    • Value Estimation
      $1,075,000
      7,040 SF

      3721 Watkins Dr

      APARTMENT HOUSE (5+ UNITS) • 7,040 SF
      3721 Watkins Dr, Riverside, CA 92507-4631
      View Details
    • Value Estimation
      $735,000
      3,700 SF

      790 Prescott Way

      APARTMENT HOUSE (5+ UNITS) • 3,700 SF
      790 Prescott Way, Riverside, CA 92507-9300
      View Details
    • Value Estimation
      $3,615,000
      21,405 SF

      5377 Quail Run Rd

      APARTMENT HOUSE (100+ UNITS) • 21,405 SF
      5377 Quail Run Rd, Riverside, CA 92507-6099
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Riverside Multifamily Investment Opportunity

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    Similar Nearby for Lease

    • Contact for pricing
      10,355 SF

      Industrial Buildings with Yard Space

      Two buildings with substantial yard space, close to freeways.
      1731-1755 Massachusetts Ave, Riverside, CA 92507
      View Details
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      946 SF

      Riverside Office Space Available

      Professional office space with furnished bullpen, offices, and conference rooms.
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      View Details
    • Contact for pricing
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      Free Standing Industrial Building

      Industrial building with office space and freeway access for lease.
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    • $1.25 SF/Yr
      3,120 SF

      Riverside Flex Space Available

      Flex space available for rent in Riverside, California.
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    • $1.95 SF/Yr
      66,865 SF

      Riverside Office Space for Lease

      Office spaces with balconies and freeway access available for lease.
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    • Contact for pricing
      81,140 SF

      Riverside Freestanding Warehouse with Secured Yard

      81,373 SF warehouse with secured yard for lease.
      1188 Mt Vernon Ave, Riverside, CA 92507
      View Details
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    Riverside, CA 92507-4462
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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