Seller's Agent in 2019
Albert Le
LE INVESTMENT GROUP
(909) 256-7889
26 Total Sales
5250 Golden Ave Riverside, CA 92505
La Sierra Neighborhood
11
Beds
7
Baths
8,271
Sq Ft
3.22
Acres
About This Home
As of November 2019Offering Actual CAP Rate of 5.32 % With a Pro Forma CAP Rate of 6.68 %, The ProForma CAP Rate is Achievable By Increasing Rents to Market. Offering GRM of 13.97 With a Pro Forma GRM of 10.49. Development Potential With 3+ Acres Of Buildable Land. The Property Was Tentative Tract Mapped for 15 Homes With The City of Riverside (See Attached Tract Map). Conservative 15-20 % Upside in Potential Rental Income Per Rental Survey. Rental Comparables Illustrate a 100 % Occupancy Area. Located in a Quiet Residential Neighborhood. Non-Rent Control Community & Area. Two Blocks From La Sierra University. The properties consist of two lots that are adjacent to one another. This ten unit apartment property is composed of 2 one bedroom / one bathroom units, 6 two bedroom / one bathroom units and 2 three bedroom / two bathroom units. Not only does this property possess an attractive unit mix but the property has been tentative tracts in recent years for a possible development of 15+ single family homes with the City of Riverside. This asset allows a potential investor the unique opportunity to cashflow, increase rents, while working towards future development options.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1951
Lot Details
- 3.22 Acre Lot
- 1 Common Wall
- Density is 6-10 Units/Acre
- 141090032
Parking
- 10 Car Garage
Home Design
- 8,271 Sq Ft Home
- Property Attached
Bedrooms and Bathrooms
- 11 Bedrooms
- 7 Bathrooms
Laundry
- Laundry Room
- Gas And Electric Dryer Hookup
Location
- Suburban Location
Listing and Financial Details
- Tax Lot 7
- Tax Tract Number 2
- Assessor Parcel Number 141090005
Community Details
Overview
- 7 Buildings
- 10 Units
Building Details
- 6 Separate Electric Meters
- 6 Separate Gas Meters
- 6 Separate Water Meters
- Electric Expense $5,000
- Fuel Expense $1,200
- Gardener Expense $1,200
- Insurance Expense $2,253
- Maintenance Expense $6,605
- Other Expense $1,231
- Professional Management Expense $4,954
- Trash Expense $2,800
- Water Sewer Expense $5,400
- New Taxes Expense $17,675
- Operating Expense $48,318
- Gross Income $166,800
- Net Operating Income $116,814
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/05/2019 11/05/19 | Sold | $1,500,000 | -14.3% | $181 / Sq Ft |
| 10/11/2019 10/11/19 | Pending | -- | -- | -- |
| 10/01/2019 10/01/19 | Price Changed | $1,750,000 | -5.4% | $212 / Sq Ft |
| 07/31/2019 07/31/19 | For Sale | $1,850,000 | 0.0% | $224 / Sq Ft |
| 06/20/2019 06/20/19 | Pending | -- | -- | -- |
| 06/14/2019 06/14/19 | For Sale | $1,850,000 | -- | $224 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IV19140274
APN: 141-090-005
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