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Normandy Apartments 1480 7th St 25 Unit Apartment Building $5,595,000 ($223,800/Unit) 6.04% Cap Rate Riverside, CA 92507
Investment Highlights
- $400,000 Price Reduction
- Less than 1.5 miles from 91 & 215 freeways
- Balanced unit mix of 3, 2 & 1 bedroom units
- 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
|
$24.86
|
| Other Income |
$8,346
|
$0.37
|
| Vacancy Loss |
$16,643
|
$0.75
|
| Effective Gross Income |
$546,475
|
$24.49
|
| Taxes |
$60,989
|
$2.73
|
| Operating Expenses |
$147,307
|
$6.60
|
| Total Expenses |
$208,296
|
$9.33
|
| Net Operating Income |
$338,179
|
$15.15
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $554,772 |
| Annual Per SF | $24.86 |
| Other Income | |
|---|---|
| Annual | $8,346 |
| Annual Per SF | $0.37 |
| Vacancy Loss | |
|---|---|
| Annual | $16,643 |
| Annual Per SF | $0.75 |
| Effective Gross Income | |
|---|---|
| Annual | $546,475 |
| Annual Per SF | $24.49 |
| Taxes | |
|---|---|
| Annual | $60,989 |
| Annual Per SF | $2.73 |
| Operating Expenses | |
|---|---|
| Annual | $147,307 |
| Annual Per SF | $6.60 |
| Total Expenses | |
|---|---|
| Annual | $208,296 |
| Annual Per SF | $9.33 |
| Net Operating Income | |
|---|---|
| Annual | $338,179 |
| Annual Per SF | $15.15 |
Property Facts
| Price | $5,595,000 | Building Class | C |
| Price Per Unit | $223,800 | Lot Size | 0.82 AC |
| Sale Type | Investment | Building Size | 22,315 SF |
| Cap Rate | 6.04% | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.9 | No. Stories | 2 |
| No. Units | 25 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 2.69/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3, Riverside | ||
| Price | $5,595,000 |
| Price Per Unit | $223,800 |
| Sale Type | Investment |
| Cap Rate | 6.04% |
| Gross Rent Multiplier | 9.9 |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.82 AC |
| Building Size | 22,315 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.69/1,000 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 (79)
Bike Score®
Very Bikeable (77)
Property Taxes
| Parcel Number | 250-190-014 | Total Assessment | $3,960,087 |
| Land Assessment | $725,085 | Annual Taxes | $60,989 ($2.73/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
$60,989 ($2.73/SF)
Tax Year
2025 Payable 2026
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Normandy Apartments | 1480 7th St
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