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Tax Credit-SRO/Affordable Conversion 23090 Sunnymead Blvd 62 Unit Apartment Building $10,750,000 ($173,387/Unit) 7.73% Cap Rate Moreno Valley, CA 92553
Investment Highlights
- 10-Year Ownership Tax Credit Potential!
- Attractive and Well Maintained Modern Construction!
- Per City Planning, Affordable or SRO is Allowed for Conversion!
- Seller Familiar with the Conversion Process!
- Excellent Location Near Freeway and Nearby Significant Commercial/Retail Development!
- Pro Forma 7.76 CAP Rate for Non Profit and 6.3 CAP for For Profit
Executive Summary
POTENTIAL TAX CREDITS - OWNED FOR MORE THAN 10 YEARS BY SELLER.
SELLER HAS JUST AUTHORIZED PRICE ADJUSTMENT OF $750,000 FROM THE ORIGINAL LISTING PRICE OF $11,500,000, EFFECTIVE 4/2/2026
Currently an operating La Quinta Inn, the property is a Potential Conversion of the Existing Hotel to Affordable Housing or SRO Permanent Housing.
The Current Zoning may allow the Conversion to Affordable/SRO Housing per the City of Moreno Valley Planning Department, with a CUP (Please see enclosed Zoning/Conversion Section)
Built in 2009 and situated on approximately 1.36 acres of land, the Property comprises 62 rooms and is three stories in height, with approximately 29,669 square feet of floor space, with a concrete parking surface.
ALL PROPERTY SHOWINGS ARE TO BE BY APPOINTMENT ONLY AND COORDINATED WITH THE LISTING AGENT.. THE MANAGEMENT IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED NOR ASKED FOR A TOUR OF THE PROPERTY INTERIOR
SELLER HAS JUST AUTHORIZED PRICE ADJUSTMENT OF $750,000 FROM THE ORIGINAL LISTING PRICE OF $11,500,000, EFFECTIVE 4/2/2026
Currently an operating La Quinta Inn, the property is a Potential Conversion of the Existing Hotel to Affordable Housing or SRO Permanent Housing.
The Current Zoning may allow the Conversion to Affordable/SRO Housing per the City of Moreno Valley Planning Department, with a CUP (Please see enclosed Zoning/Conversion Section)
Built in 2009 and situated on approximately 1.36 acres of land, the Property comprises 62 rooms and is three stories in height, with approximately 29,669 square feet of floor space, with a concrete parking surface.
ALL PROPERTY SHOWINGS ARE TO BE BY APPOINTMENT ONLY AND COORDINATED WITH THE LISTING AGENT.. THE MANAGEMENT IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED NOR ASKED FOR A TOUR OF THE PROPERTY INTERIOR
Property Facts
| Price | $10,750,000 | Building Class | A |
| Price Per Unit | $173,387 | Lot Size | 1.36 AC |
| Sale Type | Investment | Construction Status | Proposed |
| Cap Rate | 7.73% | Building Size | 29,669 SF |
| Sale Condition | Redevelopment Project | No. Stories | 3 |
| No. Units | 62 | Year Built | 2026 |
| Property Type | Multifamily | Parking Ratio | 2.29/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Specific Plan 204 CC - Specific Plan 204 CC - Will allow for Affordable or SRO Conversion | ||
| Price | $10,750,000 |
| Price Per Unit | $173,387 |
| Sale Type | Investment |
| Cap Rate | 7.73% |
| Sale Condition | Redevelopment Project |
| No. Units | 62 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | A |
| Lot Size | 1.36 AC |
| Construction Status | Proposed |
| Building Size | 29,669 SF |
| No. Stories | 3 |
| Year Built | 2026 |
| Parking Ratio | 2.29/1,000 SF |
| Zoning | Specific Plan 204 CC - Specific Plan 204 CC - Will allow for Affordable or SRO Conversion |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Microwave
- Refrigerator
- Carpet
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 62 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Good public transit
60/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 292-250-024 | Improvements Assessment | $3,283,095 |
| Land Assessment | $1,278,551 | Total Assessment | $4,561,646 |
Property Taxes
Parcel Number
292-250-024
Land Assessment
$1,278,551
Improvements Assessment
$3,283,095
Total Assessment
$4,561,646
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Tax Credit-SRO/Affordable Conversion | 23090 Sunnymead Blvd
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