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University Gardens Apartments 3681-3725 Cranford Ave 88 Unit Apartment Building $16,995,000 ($193,125/Unit) 6.10% Cap Rate Riverside, CA 92507
Investment Highlights
- 59 of 88 units have been completely rehabbed with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity & shower
- Earthquake retro and seismic upgrades
- Priced below replacement cost (under $253 per foot)
- Day One 9.4 GRM & 6.10% Cap Rate
- Less than 1.5 miles from 91 and 215 freeways
- Balanced unit mix of 2, 1 bedroom and studio units priced at $193,125 per unit
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,803,600
|
$17.14
|
| Other Income |
$29,376
|
$0.28
|
| Vacancy Loss |
$54,108
|
$0.51
|
| Effective Gross Income |
$1,778,868
|
$16.90
|
| Taxes |
$181,989
|
$1.73
|
| Operating Expenses |
$559,515
|
$5.32
|
| Total Expenses |
$741,504
|
$7.05
|
| Net Operating Income |
$1,037,364
|
$9.86
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $1,803,600 |
| Annual Per SF | $17.14 |
| Other Income | |
|---|---|
| Annual | $29,376 |
| Annual Per SF | $0.28 |
| Vacancy Loss | |
|---|---|
| Annual | $54,108 |
| Annual Per SF | $0.51 |
| Effective Gross Income | |
|---|---|
| Annual | $1,778,868 |
| Annual Per SF | $16.90 |
| Taxes | |
|---|---|
| Annual | $181,989 |
| Annual Per SF | $1.73 |
| Operating Expenses | |
|---|---|
| Annual | $559,515 |
| Annual Per SF | $5.32 |
| Total Expenses | |
|---|---|
| Annual | $741,504 |
| Annual Per SF | $7.05 |
| Net Operating Income | |
|---|---|
| Annual | $1,037,364 |
| Annual Per SF | $9.86 |
Property Facts
| Price | $16,995,000 | Building Class | C |
| Price Per Unit | $193,125 | Lot Size | 2.99 AC |
| Sale Type | Investment | Building Size | 67,202 SF |
| Cap Rate | 6.10% | Average Occupancy | 99% |
| Gross Rent Multiplier | 9.4 | No. Stories | 3 |
| No. Units | 88 | Year Built | 1966 |
| Property Type | Multifamily | Parking Ratio | 1.89/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3 - Opportunity Zone | ||
| Price | $16,995,000 |
| Price Per Unit | $193,125 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 9.4 |
| No. Units | 88 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.99 AC |
| Building Size | 67,202 SF |
| Average Occupancy | 99% |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 1.89/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 - Opportunity Zone |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Microwave
- Ceiling Fans
- Kitchen
- Oven
- Range
- Tub/Shower
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Pool
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | $1,491 | 580 |
| 1+1 | 58 | $1,621 | 704 |
| 2+2 | 23 | $1,995 | 970 |
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Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (75)
Property Taxes
| Parcel Numbers | Total Assessment | $13,665,098 | |
| Land Assessment | $2,231,034 | Annual Taxes | $181,989 ($2.71/SF) |
| Improvements Assessment | $11,434,064 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$2,231,034
Improvements Assessment
$11,434,064
Total Assessment
$13,665,098
Annual Taxes
$181,989 ($2.71/SF)
Tax Year
2025
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University Gardens Apartments | 3681-3725 Cranford Ave
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