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Listed by Cindy Chin • Cindy Chin Realty
$ 5,798,000
Est. payment | /mo
$ 5,798,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC-24239190
Year Built 1988
Property Sub-Type Multi Family
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 owner currently pays for trash, water, and sewer, and there is no RUBS program in place, offering potential buyers an opportunity to enhance operational efficiency and increase income. The unit mix is highly desirable, featuring one-bedroom units with lofts and two-bedroom units with and without lofts. Uniquely, all one-bedroom units include 1.5 bathrooms, an uncommon feature in the market. Additionally, loft units command a notable rental premium compared to non-loft options.
Location
State CA
County Riverside
Area 252 - Riverside
Interior
Heating Central, Combination
Cooling Central Air
Laundry Dryer Included, Gas & Electric Dryer Hookup, Washer Hookup
Building
Lot Description 2-5 Units/Acre