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Palm Vista 4830 Palm Ave 24 Unit Apartment Building $8,671,250 CAD ($361,302 CAD/Unit) 5.50% Cap Rate Riverside, CA 92501
INVESTMENT HIGHLIGHTS
- Almost All Large Two Bedroom/Two Bath and Three Bedroom Units with Central A/C
- All Electric Units with Individual Electric Meters and Water Heaters
- 2:1 Parking Ratio and Most Units Have Patios or Balconies
- Excellent Riverside Location, Walking Distance to Downtown Riverside
- Priced at $250/Sq. Ft. and Approximate 7% Cap on Market Rents
EXECUTIVE SUMMARY
We are pleased to present the Palm Vista Apartments, a 23 + 1 unit multifamily property situated on over half an acre in Riverside, CA. The community consists primarily of spacious two- and three-bedroom units arranged around a landscaped outdoor courtyard. Located directly across from Ryan Bonaminio Sports Park and adjacent to the Historic Woods District, the property offers residents a quiet yet well-connected living experience. Units feature central A/C, electric cooking, individual electric meters and water heaters, with most units offering large patios or balconies. Common area amenities include a laundry facility, covered parking with secure storage, and a barbecue and picnic area. Additionally, the property provides a 2:1 parking ratio with 24 covered parking with storage and 23 open parking spaces. With a cap rate of 6.6% on market rents, Palm Vista Apartments presents a compelling, income-producing investment opportunity.
PROPERTY FACTS
| Price | $8,671,250 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $361,302 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.55 AC |
| Cap Rate | 5.50% | Building Size | 21,850 SF |
| Gross Rent Multiplier | 11.26 | Average Occupancy | 96% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2007 |
| Property Subtype | Apartment | Parking Ratio | 2.15/1,000 SF |
| Zoning | R-3 - Restricted Density Multiple Dwelling | ||
| Price | $8,671,250 CAD |
| Price Per Unit | $361,302 CAD |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 11.26 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.55 AC |
| Building Size | 21,850 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2007 |
| Parking Ratio | 2.15/1,000 SF |
| Zoning | R-3 - Restricted Density Multiple Dwelling |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $2,116 CAD | 500 |
| 1+1 | 5 | $2,236 CAD | 800 |
| 2+2 | 14 | $2,610 CAD | 925 |
| 3+2 | 4 | $2,499 CAD | 1,100 |
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PROPERTY TAXES
| Parcel Number | 217-140-035 | Improvements Assessment | $4,965,273 CAD |
| Land Assessment | $2,405,509 CAD | Total Assessment | $7,370,781 CAD |
PROPERTY TAXES
Parcel Number
217-140-035
Land Assessment
$2,405,509 CAD
Improvements Assessment
$4,965,273 CAD
Total Assessment
$7,370,781 CAD
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Palm Vista | 4830 Palm Ave
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