3681 Cranford Ave Riverside, CA 92507

This exceptional multifamily investment opportunity comprises a 138-unit portfolio strategically located in Riverside and Loma Linda, California. The portfolio consists of four buildings, totaling 109,267 square feet, built between 1964 and 1977, with extensive renovations completed in 2022. The buildings feature a mix of studio, one-bedroom, and two-bedroom units, offering a balanced rental mix. The Riverside properties boast a desirable location less than 1.5 miles from major freeways, providing convenient access to employment centers and amenities. The Loma Linda property is situated near the 10 Freeway, the VA Hospital, and numerous retail options. Both locations benefit from strong workforce rental markets and offer significant upside potential. The properties feature amenities such as pools, community laundry rooms, and ample parking, including carports and assigned parking. Individual units are separately metered for gas and electric. The portfolio boasts a current NOI of $1,663,867 and a pro-forma NOI of $2,077,877, representing a 5.5% cap rate and a pro-forma cap rate of 6.87%, respectively. The asking price is $30,250,000, or $219,202.90 per unit. The properties are fee simple ownership and are currently 100% occupied. This turnkey asset presents a compelling investment opportunity with significant potential for future growth and strong rental income. The recent renovations, including new roofs, exterior paint, asphalt, secure gated access, and select interior upgrades, ensure a well-maintained and attractive property for residents. The properties are professionally managed, minimizing operational concerns for the investor. This portfolio offers a rare combination of location, strong rental demand, and recent capital improvements, making it an ideal investment for discerning buyers.