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Normandy Apartments 1480 7th St 25 Unit Apartment Building $5,995,000 ($239,800/Unit) 5.35% Cap Rate Riverside, CA 92507
Investment Highlights
- Balanced unit mix of 3, 2 & 1 bedroom units
- Less than 1.5 miles from 91 & 215 freeways
- 10% realistic rental upside
- Recent capital improvements including newer roof, exterior paint, new asphalt, new secure gated access & select newly renovated interiors
- ±1 mile to University of California, Riverside
- 18 of 25 units have been completely rehabbed with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity & shower
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$554,772
|
$27.74
|
| Other Income |
$8,346
|
$0.42
|
| Vacancy Loss |
$16,643
|
$0.83
|
| Effective Gross Income |
$546,475
|
$27.32
|
| Taxes |
$66,989
|
$3.35
|
| Operating Expenses |
$158,817
|
$7.94
|
| Total Expenses |
$225,806
|
$11.29
|
| Net Operating Income |
$320,669
|
$16.03
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $554,772 |
| Annual Per SF | $27.74 |
| Other Income | |
|---|---|
| Annual | $8,346 |
| Annual Per SF | $0.42 |
| Vacancy Loss | |
|---|---|
| Annual | $16,643 |
| Annual Per SF | $0.83 |
| Effective Gross Income | |
|---|---|
| Annual | $546,475 |
| Annual Per SF | $27.32 |
| Taxes | |
|---|---|
| Annual | $66,989 |
| Annual Per SF | $3.35 |
| Operating Expenses | |
|---|---|
| Annual | $158,817 |
| Annual Per SF | $7.94 |
| Total Expenses | |
|---|---|
| Annual | $225,806 |
| Annual Per SF | $11.29 |
| Net Operating Income | |
|---|---|
| Annual | $320,669 |
| Annual Per SF | $16.03 |
Property Facts
| Price | $5,995,000 | Building Class | C |
| Price Per Unit | $239,800 | Lot Size | 0.82 AC |
| Sale Type | Investment | Building Size | 22,576 SF |
| Cap Rate | 5.35% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.8 | No. Stories | 2 |
| No. Units | 25 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 2.66/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3, Riverside | ||
| Price | $5,995,000 |
| Price Per Unit | $239,800 |
| Sale Type | Investment |
| Cap Rate | 5.35% |
| Gross Rent Multiplier | 10.8 |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.82 AC |
| Building Size | 22,576 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.66/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3, Riverside |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Ceiling Fans
- Refrigerator
- Tub/Shower
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,576 | 709 |
| 2+1 | 23 | $1,867 | 898 |
| 3+1 | 1 | $2,010 | 948 |
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Walk Score®
Very Walkable (78)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Number | 250-190-014 | Total Assessment | $3,960,087 |
| Land Assessment | $725,085 | Annual Taxes | $66,989 ($2.97/SF) |
| Improvements Assessment | $3,235,002 | Tax Year | 2025 Payable 2026 |
Property Taxes
Parcel Number
250-190-014
Land Assessment
$725,085
Improvements Assessment
$3,235,002
Total Assessment
$3,960,087
Annual Taxes
$66,989 ($2.97/SF)
Tax Year
2025 Payable 2026
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Normandy Apartments | 1480 7th St
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