955 Via Zapata - Apartments FOR SALE


Riverside, CA 92507- Canyon Crest
$23,000,000 USD
310-470-8963
955 Via Zapata, Riverside, CA for Sale
$23,000,000 USD
Apartments - FOR SALE
1/12
null | 5.3% Cap Rate

955 Via Zapata
Riverside, CA 92507
Canyon Crest


HIGHLIGHTS

  • TOURS BY APPOINTMENT: April 9th and April 14th - Call to Schedule
  • 95 units on 3.5 acres of land in fantastic Riverside location across street from Canyon Crest Town Centre; Minutes to UC Riverside and Downtown
  • Value-add opportunity with no city rent control; Going-in cap rate of 5.3%; market cap rate of 6.9%
  • Attractively priced at $242K per unit and $253 per square foot; Proven rental upside of $389/u/mo; rents approximately 22% under market
  • Spacious units averaging over 900 square feet; Long-term ownership: First time on the market in over 13 years
  • Additional opportunites from same Ownership: 54 units on over 2.5 acres (3 min from UC Redlands); 61 units in Upland (7 min to Claremont Colleges

OVERVIEW

Link to the Document Center: https://properties.berkadia.com/via-zapata-properties-487536 Tour Dates: April 9th & 14th (by appointment) Berkadia is excited to exclusively offer for sale an incredible value-add opportunity to purchase 95 units near UC Riverside with NO city rent control. Comprised of two properties: 955 Via Zapata (54 Units) and 1005 Via Zapata (41 Units). These contiguous properties are being offered for a combined $242K per unit and $253 PSF with a market cap rate of 6.9%. This is the first time these properties have been on the market in over 13 years (can be sold together or individually). The property has park-like grounds with two swimming pools, gazebo entertainment area, community room, and laundry facilities. 6-minute walk to Canyon Crest Town Centre: Ralphs Fresh Fare, Handels Homemade Ice Cream, East Coast Bagel, Georgie’s Mediterranean Cuisine, Allie’s Hallmark Shop, Uptown Candy Shop, Nekter Juice Bar, Donut Tyme, Canyon Crest Cleaners, Chase Bank and More. Minutes to UC Riverside, Downtown Riverside, Canyon Crest Country Club. ADDITIONAL PORTFOLIO OPPORTUNITY: If you are interested in acquiring a larger portfolio from the same ownership, these properties can be purchased with two other value-add opportunities with NO city rent control: 54 units on over 2.5 acres, just three minutes from University of Redlands (the Kimberly Apartments); and/or 61 units in Upland, just seven minutes from the Claremont Colleges (Amber Court & Amber Pines).

FOR SALE DETAILS

PRICE

$23,000,000 USD

PRICE/SF

$581 USD /SF

# OF UNITS

95

PRICE/UNIT

$242,105

CAP RATE

5.3%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

95u | 3.5 Acres | No City Rent Control

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1971

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.08 AC

LAND SF

90,523 SF

ZONING

R3

APN/PARCEL ID

254-172-002,254-172-007,254-172-008,254-181-008

ASK ABOUT THIS PROPERTY

Adrienne BarrBerkadiaMore Info
310-470-8963

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Adrienne BarrBerkadiaMore Info
310-470-8963

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