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University Gardens Apartments 3681-3725 Cranford Ave 88 Unit Apartment Building $23,233,016 CAD ($264,012 CAD/Unit) 6.10% Cap Rate Riverside, CA 92507
Investment Highlights
- 59 of 88 units have been completely rehabbed with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity & shower
- Earthquake retro and seismic upgrades
- Priced below replacement cost (under $253 per foot)
- Day One 9.4 GRM & 6.10% Cap Rate
- Less than 1.5 miles from 91 and 215 freeways
- Balanced unit mix of 2, 1 bedroom and studio units priced at $193,125 per unit
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$2,447,485
|
$23.26
|
| Other Income |
$39,863
|
$0.38
|
| Vacancy Loss |
$73,425
|
$0.70
|
| Effective Gross Income |
$2,413,924
|
$22.94
|
| Taxes |
$246,959
|
$2.35
|
| Operating Expenses |
$759,262
|
$7.21
|
| Total Expenses |
$1,006,221
|
$9.56
|
| Net Operating Income |
$1,407,703
|
$13.38
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $2,447,485 |
| Annual Per SF | $23.26 |
| Other Income (CAD) | |
|---|---|
| Annual | $39,863 |
| Annual Per SF | $0.38 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $73,425 |
| Annual Per SF | $0.70 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $2,413,924 |
| Annual Per SF | $22.94 |
| Taxes (CAD) | |
|---|---|
| Annual | $246,959 |
| Annual Per SF | $2.35 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $759,262 |
| Annual Per SF | $7.21 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $1,006,221 |
| Annual Per SF | $9.56 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,407,703 |
| Annual Per SF | $13.38 |
Property Facts
| Price | $23,233,016 CAD | Building Class | C |
| Price Per Unit | $264,012 CAD | Lot Size | 2.99 AC |
| Sale Type | Investment | Building Size | 67,202 SF |
| Cap Rate | 6.10% | Average Occupancy | 99% |
| Gross Rent Multiplier | 9.4 | No. Stories | 3 |
| No. Units | 88 | Year Built | 1966 |
| Property Type | Multifamily | Parking Ratio | 1.89/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3 - Opportunity Zone | ||
| Price | $23,233,016 CAD |
| Price Per Unit | $264,012 CAD |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 9.4 |
| No. Units | 88 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.99 AC |
| Building Size | 67,202 SF |
| Average Occupancy | 99% |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 1.89/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 - Opportunity Zone |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Microwave
- Ceiling Fans
- Kitchen
- Oven
- Range
- Tub/Shower
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Pool
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | $2,038 CAD | 580 |
| 1+1 | 58 | $2,216 CAD | 704 |
| 2+2 | 23 | $2,727 CAD | 970 |
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Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (75)
Property Taxes
| Parcel Numbers | Total Assessment | $18,600,522 CAD | |
| Land Assessment | $3,036,817 CAD | Annual Taxes | $246,959 CAD ($3.67 CAD/SF) |
| Improvements Assessment | $15,563,706 CAD | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$3,036,817 CAD
Improvements Assessment
$15,563,706 CAD
Total Assessment
$18,600,522 CAD
Annual Taxes
$246,959 CAD ($3.67 CAD/SF)
Tax Year
2025
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University Gardens Apartments | 3681-3725 Cranford Ave
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