SUNSHINE APARTMENTS | 3511 Chicago Ave
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SUNSHINE APARTMENTS 3511 Chicago Ave
20 Unit Apartment Building $3,795,000 ($189,750/Unit) 5.65% Cap Rate Riverside, CA 92507
Investment Highlights
- Historical High Occpupancy
- Gated Community
- 31% Upside
- Ease of Management
Executive Summary
KW Commercial is excited to present the Sunshine Apartments located in the heart of Riverside California. The Sunshine offers spacious 1 bedroom 1 bath units, that average about 600 sq ft of living space. The Property is fully gated, has carports for every tenant and a park- garden like common area. The roof is newer- being replaced just in March. All staircases and walkway balconies have been replaced this year – so most of the heavy lifting is done! The Structure is sound and with just a little dress up could be the jewel of the street. Great location and Huge Upside potential. Priced right and would make a perfect fit for any portfolio. ASSUMABLE 3.2% Financing!!!
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
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| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $3,795,000 | Apartment Style | Garden |
| Price Per Unit | $189,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 5.65% | Building Size | 12,211 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.2 | No. Stories | 2 |
| No. Units | 20 | Year Built/Renovated | 1962/2022 |
| Property Type | Multifamily | Parking Ratio | 1.67/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,795,000 |
| Price Per Unit | $189,750 |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 10.2 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 12,211 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1962/2022 |
| Parking Ratio | 1.67/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Hardwood Floors
Site Amenities
- Security System
- Gated
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | $1,550 | 595 |
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Walk Score ®
Very Walkable (74)
Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 211-162-016 | Improvements Assessment | $1,292,097 |
| Land Assessment | $398,237 | Total Assessment | $1,690,334 |
PROPERTY TAXES
Parcel Number
211-162-016
Land Assessment
$398,237
Improvements Assessment
$1,292,097
Total Assessment
$1,690,334
zoning
| Zoning Code | R3, Riverside |
| R3, Riverside |
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SUNSHINE APARTMENTS | 3511 Chicago Ave
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