3663 La Sierra Ave - Apartments FOR SALE


Riverside, CA 92505- La Sierra
$20,620,000 USD
310-704-9109
3663 La Sierra Ave, Riverside, CA for Sale
$20,620,000 USD
Apartments - FOR SALE
1/22
null | 6% Cap Rate

3663 La Sierra Ave
Riverside, CA 92505
La Sierra


HIGHLIGHTS

  • POTENTIAL TAX CREDITS - 10 PLUS YEARS OWNERSHIP!
  • The City of Riverside has Enthusiastically Provided Preliminary Approval for Conversion to Affordable Housing
  • Kaiser Permanente visible from Parking Lot and Excess Parking
  • Easy Access for Guests and Visitors from the 91 Freeway (La Sierra Offramp)
  • Well Maintained with Large Lot with more than Abundant Parking - 2.1 Acres with Perimeter Fencing (Not Entrance)
  • Potential to Expand/Reposition Existing Areas for Permanent Living

OVERVIEW

POTENTIAL TAX CREDITS - 10 PLUS YEARS CONSECUTIVE YEARS OWNERSHIP! The Property is an opportunity to convert to a use that satisfies the need for Affordable Housing. Comprised of 122 rooms totaling 37,717 square feet, The Property is well maintained and situated on an approximately 2.1-acre lot. Built in 1983 and initially built with more rooms than it currently has, the property offers perimeter fencing that can include a gated entry from the entrance. A large parking lot with more than 1 to 1 parking is included, a swimming pool area that can be transitioned to alternative use, and an attractive central green belt that offers the potential for outdoor living. The Seller has previously sold a property converted to permanent housing and is aware of the necessary process for conversion. ALL PROPERTY SHOWINGS WILL BE BY APPOINTMENT ONLY AND THROUGH THE LISTING AGENT, LUIS VAZQUEZ AT 310-704-9109. THE MANAGEMENT IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED OR ASKED TO SHOW ROOMS OR THE FACILITY. A COMPLETE PHYSICAL INSPECTION WILL BE ALLOWED AFTER AN ACCEPTED OFFER.

FOR SALE DETAILS

PRICE

$20,620,000 USD

PRICE/SF

$556 USD /SF

# OF UNITS

122

PRICE/UNIT

$169,016

CAP RATE

6%

% LEASED

-

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

POTENTIAL TAX CREDITS -SR/AFFORDABLE HOUSING

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

-

PARKING SPACES

145

LAND DETAILS

LAND ACRES

2.11 AC

LAND SF

91,912 SF

ZONING

CG

APN/PARCEL ID

138-470-022

ASK ABOUT THIS PROPERTY

Luis VazquezSPERRYMore Info
310-704-9109

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Luis VazquezSPERRYMore Info
310-704-9109

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.