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95u | 3.5 Acres | No City Rent Control 2 Multifamily Properties Offered at $23,000,000 in Riverside, CA
Investment Highlights
- 95 units on 3.5 acres of land in fantastic Riverside location across street from Canyon Crest Town Centre
- 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
- Minutes to UC Riverside, Downtown Riverside, Canyon Crest Country Club and more
- Attractively priced at $242K per unit and $253 per square foot
- Long-term ownership: First time on the market in over 13 years
Executive Summary
Link to the Document Center: https://properties.berkadia.com/via-zapata-properties-487536
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.
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 (3 minutes from Downtown Redlands and University of Redlands)
https://properties.berkadia.com/kimberly-487272/
61 units minutes to Historic Downtown Upland
https://properties.berkadia.com/amber-court-properties-492804/
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.
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 (3 minutes from Downtown Redlands and University of Redlands)
https://properties.berkadia.com/kimberly-487272/
61 units minutes to Historic Downtown Upland
https://properties.berkadia.com/amber-court-properties-492804/
Property Facts
| Price | $23,000,000 | Status | Active |
| Price / SF | $278.89 / SF | Number of Properties | 2 |
| Sale Condition | Bulk/Portfolio Sale | Individually For Sale | 2 |
| Cap Rate | 5.30% | Total Building Size | 82,470 SF |
| Sale Type | Investment | Total Land Area | 2.08 AC |
| Price | $23,000,000 |
| Price / SF | $278.89 / SF |
| Sale Condition | Bulk/Portfolio Sale |
| Cap Rate | 5.30% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 2 |
| Total Building Size | 82,470 SF |
| Total Land Area | 2.08 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Canyon Crest Hills
1005 Via Zapata, Riverside, CA 92507 |
Multifamily | 42,870 SF | 1974 | $10,800,000 |
|
Casa Verde Apartment Homes
955 Via Zapata, Riverside, CA 92507 |
Multifamily | 39,600 SF | 1971 | $12,200,000 |
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95u | 3.5 Acres | No City Rent Control
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