3080 Elgin Dr - Multi-Family FOR SALE


Riverside, CA 92507- University
$1,030,000 USD
626-679-7947
3080 Elgin Dr, Riverside, CA for Sale
$1,030,000 USD
Multi-Family - FOR SALE
1/11
null | 4.02% Cap Rate

3080 Elgin Dr
Riverside, CA 92507
University


HIGHLIGHTS

  • First Time on Market in 38 Years | 2 Blocks from UCR
  • Proven Location with Untapped Upside | 100% 2BR/1.5BA Townhouse Style Units with Detached Garages
  • 63.80% Upside in Rents | 8.04% Pro Forma CAP Rate
  • Individually Metered for Gas & Electricity | Private Patios for All Units | Common Area Pool
  • On-Site Laundry Facility (Machines Owned) | Detached Private Garages & Open Space Parking Available
  • Convenient Regional Connectivity to Surrounding Employment Centers via Interstate 215, State Route 60 & State Route 91

OVERVIEW

DRIVE BY ONLY. DO NOT DISTURB TENANTS. We are pleased to present 3080 Elgin Drive, a four-unit multifamily investment located in Riverside's University submarket, approximately two blocks from the University of California, Riverside (UCR). First offered for sale in 38 years, the property provides an investor with a rare opportunity to acquire a well-located asset with significant upside. The property consists entirely of 2BR / 1.5BA townhouse style units averaging approximately 1,050 square feet. Amenities include detached garages, private patios, on-site laundry and access to a common area pool. Gas and electricity are individually metered. Current scheduled rents range from $1,200 to $1,700 per month versus provided market-rent assumptions upwards of $2,375 per unit. The underwriting reflects scheduled rent growth from $69,600 to $114,000 and NOI growth from $41,457 to $84,525, creating a compelling value-add opportunity for an investor focused on long-term income growth. The location benefits from proximity to UCR, a growing student population and convenient regional connectivity via I-215, SR-60 and SR-91, supporting rental demand from students, families and working professionals alike.

FOR SALE DETAILS

PRICE

$1,030,000 USD

PRICE/SF

$245 USD /SF

# OF UNITS

4

PRICE/UNIT

$257,500

CAP RATE

4.02%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

100% 2 BR/1.5BA TWNHS Units Two Blocks to UCR

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,276 SF

ZONING

-

APN/PARCEL ID

250-121-011

ASK ABOUT THIS PROPERTY

Sean HwangboSean HwangboMore Info
626-679-7947

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

Sean HwangboSean HwangboMore Info
626-679-7947

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