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210-Unit Value-Add Portfolio in So Cal 1005 Via Zapata 210 Unit Apartment Building $55,095,000 ($262,357/Unit) 5.30% Cap Rate Riverside, CA 92507
Investment Highlights
- Tour Dates (By Appointment): Redlands & Riverside - April 14; Upland – April 28
- Tremendous Value-Add Opportunity same long-term ownership for all properties
- Spacious Home-Like Units Averaging Over 1,100 Square Feet; some townhouse-style units
- Rare Opportunity to purchase 210 units in desirable inland empire locations (Redlands, Riverside, and Upland)
- Over $340/Unit/Month in Rental Upside Potential; market cap rate close to 7% with no city rent control restrictions
- Desirable Locations near downtown areas, major shopping destinations, dining, entertainment, outdoor recreation, & highly rated universities/colleges
Executive Summary
Tour Dates (By Appointment):
Redlands & Riverside - April 9 & 14
Upland – April 28
Berkadia is excited to exclusively offer for sale a 210-Unit Value-Add portfolio in Southern California with No City Rent Control. This portfolio is comprised of 6 properties totaling 210 units, all located in desirable inland empire locations, including Riverside (95 units; 2 adjacent properties; 1971/72 YB), Redlands (54 units; 1 property; 1964 YB), and Upland (61 units; 3 properties on the same block; 1962/65 & 1975 YB). Owned by the same long-term ownership (some owned for over 20 years), the portfolio offers a tremendous value-add opportunity with over $340/unit/month in rental upside potential and a market cap rate close to 7%.
The properties feature spacious home-like units averaging over 1,000sf with some townhouse-style units, and an attractive unit mix of studio, one-, two-, and three-bedroom units. All 6 properties are in desirable locations near downtown areas, major shopping destinations, dining, entertainment, and outdoor recreation. Minutes to highly rated universities and colleges, including UC Riverside and University of Redlands.
Note: Unit SF shown are estimates to be verified by Buyer.
The properties Can be Purchased Together, Individually, or In Any Combination.
LINKS TO ALL PROPERTIES:
95 units on 3.5 acres (across street from Canyon Crest Town Centre; minutes to Downtown Riverside and UC Riverside)
https://properties.berkadia.com/via-zapata-properties-487536/
54 units on over 2.5 acres (3 minutes from Downtown Redlands and University of Redlands)
https://properties.berkadia.com/kimberly-487272/
61 units minutes to Historic Downtown Upland
https://properties.berkadia.com/amber-court-properties-492804/
Redlands & Riverside - April 9 & 14
Upland – April 28
Berkadia is excited to exclusively offer for sale a 210-Unit Value-Add portfolio in Southern California with No City Rent Control. This portfolio is comprised of 6 properties totaling 210 units, all located in desirable inland empire locations, including Riverside (95 units; 2 adjacent properties; 1971/72 YB), Redlands (54 units; 1 property; 1964 YB), and Upland (61 units; 3 properties on the same block; 1962/65 & 1975 YB). Owned by the same long-term ownership (some owned for over 20 years), the portfolio offers a tremendous value-add opportunity with over $340/unit/month in rental upside potential and a market cap rate close to 7%.
The properties feature spacious home-like units averaging over 1,000sf with some townhouse-style units, and an attractive unit mix of studio, one-, two-, and three-bedroom units. All 6 properties are in desirable locations near downtown areas, major shopping destinations, dining, entertainment, and outdoor recreation. Minutes to highly rated universities and colleges, including UC Riverside and University of Redlands.
Note: Unit SF shown are estimates to be verified by Buyer.
The properties Can be Purchased Together, Individually, or In Any Combination.
LINKS TO ALL PROPERTIES:
95 units on 3.5 acres (across street from Canyon Crest Town Centre; minutes to Downtown Riverside and UC Riverside)
https://properties.berkadia.com/via-zapata-properties-487536/
54 units on over 2.5 acres (3 minutes from Downtown Redlands and University of Redlands)
https://properties.berkadia.com/kimberly-487272/
61 units minutes to Historic Downtown Upland
https://properties.berkadia.com/amber-court-properties-492804/
Property Facts
| Price | $55,095,000 | Apartment Style | Low-Rise |
| Price Per Unit | $262,357 | Building Class | C |
| Sale Type | Investment | Building Size | 261,080 SF |
| Cap Rate | 5.30% | Average Occupancy | 98% |
| No. Units | 210 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment | ||
| Zoning | R-3, Riverside | ||
| Price | $55,095,000 |
| Price Per Unit | $262,357 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 210 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 261,080 SF |
| Average Occupancy | 98% |
| No. Stories | 3 |
| Year Built | 1974 |
| Zoning | R-3, Riverside |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Microwave
- Storage Space
- Heating
- Kitchen
- Range
Site Amenities
- Fitness Center
- Laundry Facilities
- Picnic Area
- Spa
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 442 |
| 1+1 | 26 | - | 686 - 1,116 |
| 2+1 | 21 | - | 924 - 1,021 |
| 2+1.5 | 10 | - | 1,246 - 1,328 |
| 2+2 | 109 | - | 996 - 1,486 |
| 3+1.5 | 5 | - | 1,120 - 1,246 |
| 3+2 | 8 | - | 945 - 1,962 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $4,003,498 | |
| Land Assessment | $797,699 | Total Assessment | $4,801,197 |
Property Taxes
Parcel Numbers
Land Assessment
$797,699
Improvements Assessment
$4,003,498
Total Assessment
$4,801,197
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210-Unit Value-Add Portfolio in So Cal | 1005 Via Zapata
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