Villas at Columbia 3573 Columbia Ave

WD Land is pleased to exclusively present the Villas at Columbia, an 18-unit apartment community in the City of Riverside, only 1.5 miles from the city core downtown. The apartment homes are situated on a 1.23-acre parcel featuring covered parking and a gated entry. The large site allows for adding ADUs to the property. The homes were built in 1988. Over the last six months, 11 of the units were fully renovated with new flooring, paint, kitchen appliances and cabinets and all new bathrooms. Ceiling fans and other attractive details complement the renovations. All units are air conditioned and have fireplaces.
The property has an existing tentative map and the ownership has processed DRE/HOA documents that will allow for a conversion of the units to for-sale condos at the discretion of the ownership. It should be noted that considerable value may be recognized in the conversion of the subject units to condos.
The units are metered individually for electricity and gas which are paid by the tenants. The owner is responsible for trash, water and sewer. Ownership is not using a RUBS program allowing for additional operating efficiencies and income to be recognized by the buyer.
The current rents are well below market allowing a buyer the opportunity to quickly increase the NOI for the investment. Average current rents for the subject property are $1,833 compared to $2,166 for average market rents or a difference of $332/unit. See the following section with the Market Analysis and data for details.
The unit mix is highly attractive with the one-bedroom units offering lofts and the two-bedroom units have a mix with and without lofts. It is rare to find all one bedroom units with standard 1.5 baths as with The Villas at Columbia. The loft units command a considerable premium over the non-lofts in the market.