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University Gardens Apartments 3681-3725 Cranford Ave 88 Unit Apartment Building $24,420,724 CAD ($277,508 CAD/Unit) 5.79% 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?t and seismic upgrades
- Priced below replacement cost (under $262 per foot)
- Day One 9.7 GRM & 5.79% Cap Rate
- Less than 1.5 miles from 91 and 215 freeways
- Balanced unit mix of 2, 1 bedroom and studio units priced at $199,989 per unit
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$2,502,711
|
$23.78
|
| Other Income |
$40,763
|
$0.39
|
| Vacancy Loss |
$75,081
|
$0.71
|
| Effective Gross Income |
$2,468,393
|
$23.45
|
| Taxes |
$277,509
|
$2.64
|
| Operating Expenses |
$776,394
|
$7.38
|
| Total Expenses |
$1,053,903
|
$10.01
|
| Net Operating Income |
$1,414,490
|
$13.44
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $2,502,711 |
| Annual Per SF | $23.78 |
| Other Income (CAD) | |
|---|---|
| Annual | $40,763 |
| Annual Per SF | $0.39 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $75,081 |
| Annual Per SF | $0.71 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $2,468,393 |
| Annual Per SF | $23.45 |
| Taxes (CAD) | |
|---|---|
| Annual | $277,509 |
| Annual Per SF | $2.64 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $776,394 |
| Annual Per SF | $7.38 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $1,053,903 |
| Annual Per SF | $10.01 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,414,490 |
| Annual Per SF | $13.44 |
PROPERTY FACTS
| Price | $24,420,724 CAD | Building Class | C |
| Price Per Unit | $277,508 CAD | Lot Size | 2.99 AC |
| Sale Type | Investment | Building Size | 67,202 SF |
| Cap Rate | 5.79% | Average Occupancy | 99% |
| Gross Rent Multiplier | 9.7 | No. Stories | 3 |
| No. Units | 88 | Year Built | 1966 |
| Property Type | Multifamily | Parking Ratio | 2.05/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R3 - Opportunity Zone | ||
| Price | $24,420,724 CAD |
| Price Per Unit | $277,508 CAD |
| Sale Type | Investment |
| Cap Rate | 5.79% |
| Gross Rent Multiplier | 9.7 |
| 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 | 2.05/1,000 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 | $2,069 CAD | 580 |
| 1+1 | 58 | $2,249 CAD | 704 |
| 2+2 | 23 | $2,768 CAD | 970 |
1 1
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $18,961,963 CAD | |
| Land Assessment | $3,095,827 CAD | Annual Taxes | $277,509 CAD ($4.13 CAD/SF) |
| Improvements Assessment | $15,866,136 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,095,827 CAD
Improvements Assessment
$15,866,136 CAD
Total Assessment
$18,961,963 CAD
Annual Taxes
$277,509 CAD ($4.13 CAD/SF)
Tax Year
2025
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University Gardens Apartments | 3681-3725 Cranford Ave
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