23090 Sunnymead Blvd - Apartments FOR SALE


Moreno Valley, CA 92553- Moreno Valley West
$11,500,000 USD
310-704-9109
23090 Sunnymead Blvd, Moreno Valley, CA for Sale
$11,500,000 USD
Apartments - FOR SALE
1/13
null | 7.23% Cap Rate

23090 Sunnymead Blvd
Moreno Valley, CA 92553
Moreno Valley West


HIGHLIGHTS

  • 10-Year Ownership Tax Credit Potential! Seller Familiar with the Conversion Process! Well-Maintained and Located Propert
  • Seller Familiar with the Conversion Process!
  • Attractive and Well Maintained Modern Construction!
  • Excellent Location Near Freeway and Nearby Significant Commercial/Retail Development!
  • Per City Planning, Affordable or SRO is Allowed for Conversion!
  • Pro Forma 7.23 CAP Rate

OVERVIEW

POTENTIAL TAX CREDITS - OWNED FOR MORE THAN 10 YEARS BY SELLER. Currently an operating La Quinta Inn, the property is a Potential Conversion of the Existing Hotel to Affordable Housing or SRO Permanent Housing. The Current Zoning may allow the Conversion to Affordable/SRO Housing per the City of Moreno Valley Planning Department, with a CUP (Please see enclosed Zoning/Conversion Section) Built in 2009 and situated on approximately 1.36 acres of land, the Property comprises 62 rooms and is three stories in height, with approximately 29,669 square feet of floor space with a concrete parking surface. ALL PROPERTY SHOWINGS ARE TO BE BY APPOINTMENT ONLY AND COORDINATED WITH THE LISTING AGENT.. THE MANAGEMENT IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED NOR ASKED FOR A TOUR OF THE PROPERTY INTERIOR

FOR SALE DETAILS

PRICE

$11,500,000 USD

PRICE/SF

$131 USD /SF

# OF UNITS

62

PRICE/UNIT

$185,484

CAP RATE

7.23%

% LEASED

-

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Tax Credit-SRO/Affordable Conversion

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2025

PARKING SPACES

68

LAND DETAILS

LAND ACRES

1.36 AC

LAND SF

59,242 SF

ZONING

Specific Plan 204 CC

APN/PARCEL ID

292-250-024

ASK ABOUT THIS PROPERTY

Luis VazquezSPERRYMore Info
310-704-9109

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Luis VazquezSPERRYMore Info
310-704-9109

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.