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Listed by Cindy Chin • Cindy Chin Realty
$5,798,000
Est. payment /mo
15,510 SqFt
Active
3573 Columbia Avenue Riverside, CA 92501
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UPDATED:
12/03/2024 09:11 PM
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Active
Purchase Type For Sale
Square Footage 15,510 sqft
Price per Sqft $373
MLS Listing ID CROC24239190
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1988
Lot Size 49299.441 Acres
Property Description
***SELLER FINANCING AVAILABLE with below market Competitive Interest Rate.*** The Villas at Columbia is an 18-unit apartment community located just 1.5 miles from the heart of downtown Riverside. Built in 1988, the property sits on a 1.23-acre parcel and features gated access, covered parking, and ample space for potential ADU additions. Per CA State Law, 4-6 ADUs are allowed to be converted or built based on existing number of units. The allowable floor area for each ADU ranges from 150 sf to 800 sf. ADUs add considerable NOI and value-added. (Buyers shall complete their independent due diligence on ADUs.) In the past six months, 11 of the units have undergone comprehensive renovations, including updated flooring, fresh paint, modernized kitchens with new appliances and cabinetry, and fully remodeled bathrooms. Each unit is equipped with air conditioning, fireplaces, ceiling fans, and other appealing design features. The property includes a tentative map and fully processed DRE/HOA documents, enabling a seamless conversion to for-sale condominiums at the owner's discretion. This presents a unique opportunity to unlock significant additional value through a condo conversion strategy. Each unit is individually metered for electricity and gas, with tenants covering these costs. The
Location
State CA
County Riverside
Interior
Heating Other
Cooling Central Air
Fireplace No
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