Pacific Partners of Marcus & Millichap is pleased to present this twenty-six apartment units & two retails units located at 23752-23798 Sunnymead Boulevard in Moreno Valley, California. This property is the first time being offered on market for the past 30 years.
Built in 1960, this 100% single story cottage style building is situated on a large lot of 4.03 acres with approximately 24,900 rentable square feet. The property consists of six, one-bedroom one-bathroom units averaging 950 square feet, fourteen, two-bedroom one bathroom units averaging 850 square feet, six, three-bedroom one-bathroom units averaging 1,017 square feet, and two retail units averaging 1,500 square feet. The property is located at a non-rent controlled area with over 50% potential upside in rent- pro-forma CAP rate is estimated at 8.22%. The location of the property is on Sunnymead Boulevard, a major traffic road with high visibility, and it has convenient access to Freeway I-60 and I-215.
The city of Moreno Valley is located at the intersection of FWY 60 and 215, and bordered by the city of Riverside and Redlands. The city contains a median household income of $54,299 and a median home price of $316,200. Recent year industrial warehouse development and high employment growth has completely transformed and revitalized the area. Moreno Valley is expected to become the future hub for fulfillment and distribution warehouse centers. According to the latest news release, another mega Amazon fulfillment center of 1 million square feet will be placed within 2 miles driving radius of Moreno Valley.
This investment opportunity offers a stable cash flow and an opportunity to increase rents through renovation in one of the strongest rental markets in the Inland Empire.
