4603 Jurupa Ave Riverside, CA 92506

Property Details for 4603 Jurupa Ave

Property size

1,000 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of six rental units spread across four buildings located in desirable Riverside, CA. The portfolio comprises a mix of single-family homes and triplexes, offering a diversified investment strategy. Currently boasting 100% occupancy, the properties present immediate cash flow with significant upside potential. Recent renovations (2023 & 2024) in all units, including paint, flooring, and countertops, enhance the properties' value and appeal. The existing leases are month-to-month, allowing for immediate rent increases to market rates, projected to yield a pro-forma cap rate of 5.89% and a pro-forma NOI of $153,360. The current NOI stands at $143,160, with a 5.58% cap rate. Individual unit sizes range from 1,000 to 2,100 square feet, and the asking price is $2,715,000, translating to approximately $491 per square foot and $452,500 per unit. The properties are situated at 4603 Jurupa Ave, 5606-5608 Ivanhoe Ave, and 5011 Hedrick Ave, all within Riverside, CA (zip codes 92506, 92503, and 92505). The properties are zoned for multi-family and single-family use, offering flexibility for future development. The portfolio is offered fee simple, with no ground lease. One triplex features back patios and potential for expansion. The seller may consider selling individual units, subject to buyer review and permitting. This is a rare opportunity to acquire a well-maintained, high-performing multifamily portfolio with significant growth potential.