$22,599,000
$1M PRICE DROP

3681 Cranford Ave Riverside, CA 92507

University Neighborhood

Estimated payment $143,004/month

Total Views 21,501
8 Beds
6 Baths
89,517 Sq Ft
$252 Price per Sq Ft

Highlights

  • 2.99 Acre Lot
  • Community Pool
  • Auto Driveway Gate
  • No HOA
  • Laundry Room
  • No Heating

About This Home

Built in 1964 and 1977, the properties consist of approximately 90,000 of rentable square feet, totaling 113 units and is in good condition since the current ownership has made several recent signiant renovations to the interiors & exteriors. The balanced unit mix consists of 3 bedroom, 2 Bedroom, 1 Bedroom & studio units. The property is situated on approximately 4 acres of land that include tuck under parking, carports, open on-site parking recently seismic retrofitted and in addition to the street parking. The property is also separately metered for gas and electric with
a community laundry rooms, pools & rental of?ce. Select units have been tastefully remodeled with new ?ooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting, and ceiling fans throughout. Most of the “heavy lifting” is complete and should appeal to
an investor looking for a turnkey asset surrounded by tremendous job opportunity and 14% realistic rental upside.

Listing Agent

Jonathan Mitchell

Kidder Mathews of California, Inc Brokerage Phone: 949-557-5000 License #01227852 Listed on: 03/21/2025

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1965

Lot Details

  • 2.99 Acre Lot
  • Two or More Common Walls
  • Density is 26-30 Units/Acre
  • 25017033, 250190014

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 89,517 Sq Ft Home
  • 3-Story Property

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 6 Bathrooms

Laundry

  • Laundry Room
  • Leased Washer and Dryer

Parking

  • 68 Open Parking Spaces
  • 209 Parking Spaces
  • 141 Carport Spaces
  • Parking Available
  • Auto Driveway Gate
  • Assigned Parking

Additional Features

  • Exterior Lighting
  • No Heating

Listing and Financial Details

  • Tax Lot 3
  • Tax Tract Number 250
  • Assessor Parcel Number 250170037
  • $1,459 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 3 Buildings
  • 113 Units

Amenities

  • Laundry Facilities

Recreation

  • Community Pool

Building Details

  • 113 Separate Electric Meters
  • 113 Separate Gas Meters
  • Electric Expense $18,532
  • Gardener Expense $27,790
  • Insurance Expense $59,701
  • Maintenance Expense $113,000
  • Other Expense $39,550
  • Pest Control $5,240
  • Pool Expense $17,001
  • Professional Management Expense $247,760
  • Trash Expense $33,322
  • Water Sewer Expense $44,215
  • New Taxes Expense $254,989
  • Operating Expense $944,245
  • Gross Income $2,279,963
  • Net Operating Income $1,412,212

Property Details

Home Type

Multi-Family

Year Built

Built in 1965

Lot Details

0

Listing Details

  • CapRate: 6.00
  • Other Phone Description: 9495575021
  • Price Per Unit: 199991
  • Professional Management Expense: 247760.00
  • Property Attached: Yes
  • Water Sewer Expenses: 44215.00
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 27790.00
  • Parcel Number: 250170037
  • Year Built: 1965
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 3
  • Entry Location: Street
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Three Or More
  • Price Per Square Foot: 252.45

Exterior Features

  • Pool Expense: 17001.00
  • Pool Features: Community
  • Pool Private: No

Garage/Parking

  • Carport Spaces: 141.00
  • Parking: Yes
  • Parking Features: Assigned, Auto Driveway Gate, Carport
  • Total Parking Spaces: 209.00
  • Uncovered Spaces: 68.00

Utilities

  • Heating: No
  • Laundry: Yes
  • Laundry Features: Common Area
  • Pest Control Expense: 5240.00
  • Sewer: Public Sewer
  • Trash Expense: 33322.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights

Lot Info

  • Additional Parcels: Yes
  • Additional Parcels Description: 25017033, 250190014
  • Land Lease: No
  • Lot Features: 26-30 Units/Acre, 31-35 Units/Acre
  • Lot Size Sq Ft: 130244.40
  • Lot Size Acres: 2.9900

Rental Info

  • Tenant Pays: Cable TV, Electricity

Multi Family

  • Average1 Bed Area: 704 Square Feet
  • Average2 Bed Area: 932 Square Feet
  • Average3 Bed Area: 990 Square Feet
  • Average Studio Area: 580 Square Feet
  • Electric Expense: 18532.00
  • Gross Income: 2279963.00
  • Gross Multiplier: 10.80
  • Gross Operating Income: 2356457.00
  • Gross Scheduled Income: 2390448.00
  • Insurance Expense: 59701.00
  • Laundry Equipment Own Lease: Lease
  • Laundry Income: 18120.00
  • Lot Size Area: 2.9900 Acres
  • Maintenance Expense: 113000.00
  • Net Operating Income: 1412212.00
  • Number Of Separate Electric Meters: 113
  • Number Of Separate Gas Meters: 113
  • Number Of Units Total: 113
  • Number Wall A C: 113
  • Number With Disposal: 113
  • Number With Range: 113
  • Operating Expense: 944245.00
  • Operating Expense Percent: 41.10
  • Other Expense: 39550.00
  • Other Expense Description: Reserves
  • Other Income1: 49757.00
  • Other Income Description: RUBS, Pet Rent
  • Rent Control: No
  • Total Expenses: 944245.00
  • Vacancy Allowance: 71713
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 254989.00
  • Tax Census Tract: 422.09
  • Tax Lot: 3
  • Tax Tract Number: 250...
  • TaxOtherAnnualAssessmentAmount: 1459.00

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/06/2025 05/06/25 Price Changed $22,599,000 -5.8% $252 / Sq Ft
03/21/2025 03/21/25 For Sale $23,995,000 -- $268 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC25062567

California Regional Multiple Listing Service (CRMLS)

APN: 250-170-037

California Riverside County Riverside 92507 University

3681 Cranford Ave, Riverside, CA

This home is located at 3681 Cranford Ave, Riverside, CA 92507 and is currently priced at $22,599,000, approximately $252 per square foot. This property was built in 1965. 3681 Cranford Ave is a home located in Riverside County with nearby schools including Longfellow Elementary School, University Heights Middle School, and John W. North High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Jonathan Mitchell
Listing Agent
Jonathan Mitchell
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Kidder Mathews of California, Inc
(951) 621-8917