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Tax Credits - Senior/Senior Living Conversion 3663 La Sierra Ave 122 Unit Apartment Building $26,382,889 CAD ($216,253 CAD/Unit) 6.55% Cap Rate Riverside, CA 92505
INVESTMENT HIGHLIGHTS
- POTENTIAL TAX CREDITS - 10 PLUS YEARS OWNERSHIP!
- Riverside Kaiser Permanente visible from Parking Lot
- Well Maintained with Large Lot with more than Abundant Parking - 2.1 Acres with Perimeter Fencing (Not Entrance)
- The City of Riverside has Enthusiastically Provided Preliminary Approval for Conversion to Senior Living/Housing
- 2 Story with Open Greenbelt and Visibility from the 91 Freeway
- Seller is Familiar with the Conversion Process and will Cooperate with the Buyer!
EXECUTIVE SUMMARY
POTENTIAL TAX CREDITS - 10 PLUS YEARS CONSECUTIVE YEARS OF OWNERSHIP!
PRICE IMPROVEMENT FROM $20,600,000 TO $18,900,000
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.
PRICE IMPROVEMENT FROM $20,600,000 TO $18,900,000
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.
PROPERTY FACTS
AMENITIES
SITE AMENITIES
- Pool
- Laundry Service
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 122 | - | - |
1 1
Walk Score®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 138-470-022 | Improvements Assessment | $4,132,410 CAD |
| Land Assessment | $1,598,504 CAD | Total Assessment | $5,730,913 CAD |
PROPERTY TAXES
Parcel Number
138-470-022
Land Assessment
$1,598,504 CAD
Improvements Assessment
$4,132,410 CAD
Total Assessment
$5,730,913 CAD
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Tax Credits - Senior/Senior Living Conversion | 3663 La Sierra Ave
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