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University Gardens Apartments 3681-3725 Cranford Ave 88 Unit Apartment Building $17,599,000 ($199,989/Unit) 5.79% 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?t and seismic upgrades
- Priced below replacement cost (under $262 per foot)
- Day One 9.7 GRM & 5.79% Cap Rate
- Less than 1.5 miles from 91 and 215 freeways
- Balanced unit mix of 2, 1 bedroom and studio units priced at $199,989 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 |
$199,989
|
$1.90
|
| Operating Expenses |
$559,515
|
$5.32
|
| Total Expenses |
$759,504
|
$7.22
|
| Net Operating Income |
$1,019,364
|
$9.69
|
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 | $199,989 |
| Annual Per SF | $1.90 |
| Operating Expenses | |
|---|---|
| Annual | $559,515 |
| Annual Per SF | $5.32 |
| Total Expenses | |
|---|---|
| Annual | $759,504 |
| Annual Per SF | $7.22 |
| Net Operating Income | |
|---|---|
| Annual | $1,019,364 |
| Annual Per SF | $9.69 |
PROPERTY FACTS
| Price | $17,599,000 | Building Class | C |
| Price Per Unit | $199,989 | Lot Size | 2.99 AC |
| Sale Type | Investment | Building Size | 67,202 SF |
| Cap Rate | 5.79% | Average Occupancy | 99% |
| Gross Rent Multiplier | 9.7 | No. Stories | 3 |
| No. Units | 88 | Year Built | 1966 |
| Property Type | Multifamily | Parking Ratio | 2.05/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3 - Opportunity Zone | ||
| Price | $17,599,000 |
| Price Per Unit | $199,989 |
| Sale Type | Investment |
| Cap Rate | 5.79% |
| Gross Rent Multiplier | 9.7 |
| 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 | 2.05/1,000 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 | $199,989 ($2.98/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
$199,989 ($2.98/SF)
Tax Year
2025
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University Gardens Apartments | 3681-3725 Cranford Ave
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