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7428-7438 Magnolia Ave 6 Unit Apartment Building $1,615,000 ($269,167/Unit) Riverside, CA 92504
Investment Highlights
- Two multifamily assets with nine total units in Riverside’s Wood Streets neighborhood.
- Several units remodeled with updated kitchens, bathrooms, and flooring.
- Zoned R-3-1500 with potential for ADU additions for added income.
- Recent upgrades include new vinyl windows, garage doors, and exterior improvements.
- Properties feature garages, carports, and ample open parking for residents.
- Strong occupancy history and stable cash flow with upside in rents.
Executive Summary
Two well-maintained garden-style multifamily properties are available for sale in Riverside, CA, offering a total of nine units across two prime locations: Jurupa Avenue and Magnolia Avenue. The portfolio features a desirable mix of one- and two-bedroom units, each providing stable cash flow with a strong historical occupancy rate. Recent capital improvements include fresh exterior paint, new vinyl windows, automated garage doors, and updated interiors in several units with new flooring, countertops, and bathrooms. Both properties are separately metered for gas and electric, with master water meters, and offer garages, carports, and open parking. Zoned R-3-1500, these assets present potential for additional ADU development (buyer to verify), creating further upside. Located in the historic Wood Streets neighborhood, the properties benefit from proximity to major employers, universities, and retail amenities, making them an attractive investment opportunity in a high-demand rental market.
Property Facts
| Price | $1,615,000 | Building Class | C |
| Price Per Unit | $269,167 | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 3,000 SF |
| No. Units | 6 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1958 |
| Apartment Style | Low-Rise | Parking Ratio | 1.83/1,000 SF |
| Zoning | R-3-1500 - Residential | ||
| Price | $1,615,000 |
| Price Per Unit | $269,167 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 3,000 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.83/1,000 SF |
| Zoning | R-3-1500 - Residential |
Amenities
Unit Amenities
- Air Conditioning
Site Amenities
- Laundry Facilities
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 230-121-004 | Improvements Assessment | $591,896 |
| Land Assessment | $159,809 | Total Assessment | $751,705 |
Property Taxes
Parcel Number
230-121-004
Land Assessment
$159,809
Improvements Assessment
$591,896
Total Assessment
$751,705
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7428-7438 Magnolia Ave
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