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955 Via Zapata
Riverside, CA 92507
95u | 3.5 Acres | No City Rent Control · Multifamily Property For Sale
·
95 Units
Investment Highlights
- TOURS BY APPOINTMENT: April 9th and April 14th - Call to Schedule
- Value-add opportunity with no city rent control; Going-in cap rate of 5.3%; market cap rate of 6.9%
- Spacious units averaging over 900 square feet; Long-term ownership: First time on the market in over 13 years
- 95 units on 3.5 acres of land in fantastic Riverside location across street from Canyon Crest Town Centre; Minutes to UC Riverside and Downtown
- Attractively priced at $242K per unit and $253 per square foot; Proven rental upside of $389/u/mo; rents approximately 22% under market
- Additional opportunites from same Ownership: 54 units on over 2.5 acres (3 min from UC Redlands); 61 units in Upland (7 min to Claremont Colleges
Executive Summary
Link to the Document Center: https://properties.berkadia.com/via-zapata-properties-487536
Tour Dates: April 9th & 14th (by appointment)
Berkadia is excited to exclusively offer for sale an incredible value-add opportunity to purchase 95 units near UC Riverside with NO city rent control. Comprised of two properties: 955 Via Zapata (54 Units) and 1005 Via Zapata (41 Units). These contiguous properties are being offered for a combined $242K per unit and $253 PSF with a market cap rate of 6.9%. This is the first time these properties have been on the market in over 13 years (can be sold together or individually). The property has park-like grounds with two swimming pools, gazebo entertainment area, community room, and laundry facilities. 6-minute walk to Canyon Crest Town Centre: Ralphs Fresh Fare, Handels Homemade Ice Cream, East Coast Bagel, Georgie’s Mediterranean Cuisine, Allie’s Hallmark Shop, Uptown Candy Shop, Nekter Juice Bar, Donut Tyme, Canyon Crest Cleaners, Chase Bank and More. Minutes to UC Riverside, Downtown Riverside, Canyon Crest Country Club.
ADDITIONAL PORTFOLIO OPPORTUNITY:
If you are interested in acquiring a larger portfolio from the same ownership, these properties can be purchased with two other value-add opportunities with NO city rent control: 54 units on over 2.5 acres, just three minutes from University of Redlands (the Kimberly Apartments); and/or 61 units in Upland, just seven minutes from the Claremont Colleges (Amber Court & Amber Pines).
Tour Dates: April 9th & 14th (by appointment)
Berkadia is excited to exclusively offer for sale an incredible value-add opportunity to purchase 95 units near UC Riverside with NO city rent control. Comprised of two properties: 955 Via Zapata (54 Units) and 1005 Via Zapata (41 Units). These contiguous properties are being offered for a combined $242K per unit and $253 PSF with a market cap rate of 6.9%. This is the first time these properties have been on the market in over 13 years (can be sold together or individually). The property has park-like grounds with two swimming pools, gazebo entertainment area, community room, and laundry facilities. 6-minute walk to Canyon Crest Town Centre: Ralphs Fresh Fare, Handels Homemade Ice Cream, East Coast Bagel, Georgie’s Mediterranean Cuisine, Allie’s Hallmark Shop, Uptown Candy Shop, Nekter Juice Bar, Donut Tyme, Canyon Crest Cleaners, Chase Bank and More. Minutes to UC Riverside, Downtown Riverside, Canyon Crest Country Club.
ADDITIONAL PORTFOLIO OPPORTUNITY:
If you are interested in acquiring a larger portfolio from the same ownership, these properties can be purchased with two other value-add opportunities with NO city rent control: 54 units on over 2.5 acres, just three minutes from University of Redlands (the Kimberly Apartments); and/or 61 units in Upland, just seven minutes from the Claremont Colleges (Amber Court & Amber Pines).
Property Facts
| Price Per Unit | $242,105 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.30% | Lot Size | 2.08 AC |
| No. Units | 95 | Building Size | 39,600 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1971 |
| Zoning | R3 | ||
| Price Per Unit | $242,105 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 95 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.08 AC |
| Building Size | 39,600 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Refrigerator
- Range
- Walk-In Closets
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Grill
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 40 | - | 686 - 896 |
| 2+1.5 | 2 | - | 1,328 |
| 2+1 | 18 | - | 924 |
| 2+2 | 33 | - | 1,088 |
| 3+2 | 2 | - | 945 |
Property Taxes
| Parcel Number | 254-181-008 | Improvements Assessment | $5,194,161 |
| Land Assessment | $1,332,400 | Total Assessment | $6,526,561 |
Property Taxes
Parcel Number
254-181-008
Land Assessment
$1,332,400
Improvements Assessment
$5,194,161
Total Assessment
$6,526,561
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