5250 Golden Avenue
Riverside, CA 92505
- – beds
- – baths
- – sqft
- ~3 acre lot
- 1951 build
- – on site
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Offering 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.
Listed By CRMLS_CA / ALBERT LE / LE INVESTMENT GROUP
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Last updated Apr 25, 2024
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MLS# IV19140274 —
Walk Score®
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Soundscore™
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Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
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Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
11/5/19
Nov 5, 2019
|
Sold | CRMLS_CA | $1,500,000 | -14.3% |
10/18/19
Oct 18, 2019
|
Pending | CRMLS_CA | $1,750,000 | |
10/1/19
Oct 1, 2019
|
Price Changed | CRMLS_CA | $1,750,000 | -5.4% |