3573 Columbia Avenue, Riverside, CA 92501
-
Listed Price :
$5,798,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
-
Year Built :
1988
Property Description
***SELLER FINANCING AVAILABLE with below market Competitive Interest Rate.***
The Villas at Columbia is an 18-unit apartment community located just 1.5 miles from the heart of downtown Riverside. Built in 1988, the property sits on a 1.23-acre parcel and features gated access, covered parking, and ample space for potential ADU additions. Per CA State Law, 4-6 ADUs are allowed to be converted or built based on existing number of units. The allowable floor area for each ADU ranges from 150 sf to 800 sf. ADUs add considerable NOI and value-added. (Buyers shall complete their independent due diligence on ADUs.) In the past six months, 11 of the units have undergone comprehensive renovations, including updated flooring, fresh paint, modernized kitchens with new appliances and cabinetry, and fully remodeled bathrooms. Each unit is equipped with air conditioning, fireplaces, ceiling fans, and other appealing design features. The property includes a tentative map and fully processed DRE/HOA documents, enabling a seamless conversion to for-sale condominiums at the owner's discretion. This presents a unique opportunity to unlock significant additional value through a condo conversion strategy. Each unit is individually metered for electricity and gas, with tenants covering these costs. The owner currently pays for trash, water, and sewer, and there is no RUBS program in place, offering potential buyers an opportunity to enhance operational efficiency and increase income. The unit mix is highly desirable, featuring one-bedroom units with lofts and two-bedroom units with and without lofts. Uniquely, all one-bedroom units include 1.5 bathrooms, an uncommon feature in the market. Additionally, loft units command a notable rental premium compared to non-loft options.
Interior Features
| Laundry Information |
| Location(s) |
Washer Hookup, Electric Dryer Hookup, Gas Dryer Hookup |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
| Interior Information |
| Cooling Type |
Central Air |
Listing Information
| Address |
3573 Columbia Avenue |
| City |
Riverside |
| State |
CA |
| Zip |
92501 |
| County |
Riverside |
| Listing Agent |
Cindy Chin DRE #01921826 |
| Courtesy Of |
Cindy Chin Realty |
| List Price |
$5,798,000 |
| Status |
Active |
| Type |
Commercial |
| Subtype |
Multi Family |
| Structure Size |
N/A |
| Lot Size |
N/A |
| Year Built |
1988 |
Listing information courtesy of: Cindy Chin, Cindy Chin Realty. *Based on information from the Association of REALTORS/Multiple Listing as of Dec 5th, 2024 at 5:07 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
