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Palm Vista 4830 Palm Ave 24 Unit Apartment Building $6,250,000 ($260,417/Unit) 5.50% Cap Rate Riverside, CA 92501
Investment Highlights
- Almost All Large Two Bedroom/Two Bath and Three Bedroom Units with Central A/C
- All Electric Units with Individual Electric Meters and Water Heaters
- 2:1 Parking Ratio and Most Units Have Patios or Balconies
- Excellent Riverside Location, Walking Distance to Downtown Riverside
- Priced at $250/Sq. Ft. and Approximate 7% Cap on Market Rents
Executive Summary
We are pleased to present the Palm Vista Apartments, a 23 + 1 unit multifamily property situated on over half an acre in Riverside, CA. The community consists primarily of spacious two- and three-bedroom units arranged around a landscaped outdoor courtyard. Located directly across from Ryan Bonaminio Sports Park and adjacent to the Historic Woods District, the property offers residents a quiet yet well-connected living experience. Units feature central A/C, electric cooking, individual electric meters and water heaters, with most units offering large patios or balconies. Common area amenities include a laundry facility, covered parking with secure storage, and a barbecue and picnic area. Additionally, the property provides a 2:1 parking ratio with 24 covered parking with storage and 23 open parking spaces. With a cap rate of 6.6% on market rents, Palm Vista Apartments presents a compelling, income-producing investment opportunity.
Property Facts
| Price | $6,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $260,417 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.55 AC |
| Cap Rate | 5.50% | Building Size | 21,850 SF |
| Gross Rent Multiplier | 11.26 | Average Occupancy | 96% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2007 |
| Property Subtype | Apartment | Parking Ratio | 2.15/1,000 SF |
| Zoning | R-3 - Restricted Density Multiple Dwelling | ||
| Price | $6,250,000 |
| Price Per Unit | $260,417 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 11.26 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.55 AC |
| Building Size | 21,850 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2007 |
| Parking Ratio | 2.15/1,000 SF |
| Zoning | R-3 - Restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Balcony
- Patio
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,525 | 500 |
| 1+1 | 5 | $1,612 | 800 |
| 2+2 | 14 | $1,881 | 925 |
| 3+2 | 4 | $1,801 | 1,100 |
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Property Taxes
| Parcel Number | 217-140-035 | Improvements Assessment | $3,574,839 |
| Land Assessment | $1,731,890 | Total Assessment | $5,306,729 |
Property Taxes
Parcel Number
217-140-035
Land Assessment
$1,731,890
Improvements Assessment
$3,574,839
Total Assessment
$5,306,729
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Palm Vista | 4830 Palm Ave
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