Seller's Agent in 2018
Albert Le
LE INVESTMENT GROUP
(909) 256-7889
26 Total Sales
4176 1st St Riverside, CA 92501
Downtown Riverside Neighborhood
6
Beds
4
Baths
5,950
Sq Ft
0.42
Acres
Highlights
- 18,085 Sq Ft lot
- No HOA
- Laundry Room
- Polytechnic High School Rated A-
About This Home
As of September 2018Competitive Offering Actual CAP Rate of 4.15 % With a Pro Forma CAP Rate of 5.23 % / ProForma CAP Rate is Achievable Through Continued Market Rental Increases. In Addition The Current Owner Is Not Charging For Available Garage Space / Competitive Offering GRM of 14.17 With a
Pro Forma GRM of 12.94 / 1st Time to The Market in 16+ Years. Pride of Ownership Property. / Huge Upside In Potential Rental Income. Conservative 7-10 % Upside in Potential Rental Income Per Rental Survey / / Rental Comparables Illustrate a 100 % Occupancy Area / Located in a Quiet Residential Neighborhood. Non-Rent Control Located Block From Riverside Community College. The properties consist of two lots that are adjacent to each other. This eight unit apartment property is composed of 5 one bedroom / one bathroom units, 2 two bedroom / one bathroom units and 1 two bedroom / one bathroom single family home. The property is located in the historic Downtown Riverside sub market and is only a 10 minute walk away from the beautiful Fairmount Park. The immediate area consists mainly of single family residences with smaller apartment complexes. Home and apartment vacancy rates are very low at 3-7%, and most of the tenants of the subject property are long-term tenants who have lived there since the 1990s. Analysis shows that this rate is lower than 48.7% of the neighborhoods in the nation, approximately near the middle range for vacancies.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1955
Lot Details
- 0.42 Acre Lot
- Two or More Common Walls
- Density is 6-10 Units/Acre
- 214042002
Parking
- 7 Open Parking Spaces
- 7 Car Garage
Home Design
- Property Attached
Interior Spaces
- 5,950 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 6 Bedrooms
- 4 Bathrooms
Location
- Suburban Location
Listing and Financial Details
- Tax Lot 11
- Tax Tract Number 21404
- Assessor Parcel Number 214042001
Community Details
Overview
- No Home Owners Association
- 4 Buildings
- 8 Units
Building Details
- 8 Leased Units
- 8 Separate Electric Meters
- 8 Separate Gas Meters
- 2 Separate Water Meters
- Electric Expense $1,007
- Fuel Expense $310
- Insurance Expense $2,000
- Professional Management Expense $3,830
- Trash Expense $860
- Water Sewer Expense $860
- New Taxes Expense $12,625
- Operating Expense $30,420
- Gross Income $96,600
- Net Operating Income $65,319
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/04/2018 09/04/18 | Sold | $1,150,000 | -8.0% | $193 / Sq Ft |
| 08/08/2018 08/08/18 | For Sale | $1,250,000 | -- | $210 / 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: IV18192731
APN: 214-042-001
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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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