Seller's Agent in 2015
Albert Le
LE INVESTMENT GROUP
(909) 256-7889
26 Total Sales
1970 7th St Riverside, CA 92507
Eastside Neighborhood
2
Beds
3
Baths
30,780
Sq Ft
1.05
Acres
About This Home
As of May 2015-97% Occupancy Building, Rental Comps Illustrate a 97% Occupancy Area, Financeable Asset, Strong Operating History, Competitive ProForma CAP of 6.32%, Conservative 5% Upside in Rents. The property, situated on a 1.05 acre lot, consists of eighty one units, divided into 48 studios & 33 one bedroom/one bathroom units. This is a three story apartment complex with a steel frame & concrete block construction. The apartment community features secure gated parking, security camera system, keypad/intercom entrance, new gazebo, BBQs, pet & social areas, trash chutes, as well as an onsite laundry room. The property has underwent recent improvements such as: a New roof, furnished leasing office, New ventilation windows, The repair of 5 central ventilation fans, New elevator controls & new elevator interior, Complete tent and fumigation of the entire building, Exterior painting of the building and surrounding fences, Complete landscaping, Interior painting of all hallways, laundry room, and common areas. The unit updates include: New interior paint and carpeting, Cabinet and bathroom repairs, New patio screens, doors and locks
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1979
Lot Details
- 1.05 Acre Lot
- Two or More Common Walls
- Density is 36-40 Units/Acre
Parking
- 45 Parking Spaces
Home Design
- 30,780 Sq Ft Home
- Property Attached
Bedrooms and Bathrooms
- 2 Bedrooms
- 3 Bathrooms
Outdoor Features
- Exterior Lighting
Listing and Financial Details
- Tax Lot 92
- Tax Tract Number 305
- Assessor Parcel Number 211175007
Community Details
Overview
- 81 Units
Building Details
- 81 Separate Electric Meters
- 81 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $9,000
- Insurance Expense $15,912
- Maintenance Expense $39,557
- Professional Management Expense $34,565
- Trash Expense $6,600
- Water Sewer Expense $15,600
- New Taxes Expense $64,304
- Gross Income $51,050
- Net Operating Income $376,175
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 05/28/2015 05/28/15 | Sold | $5,500,000 | -7.6% | $179 / Sq Ft |
| 04/07/2015 04/07/15 | Pending | -- | -- | -- |
| 03/19/2015 03/19/15 | For Sale | $5,950,000 | -- | $193 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Albert Le
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IV15057952
APN: 211-175-007
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