May 13, 2006
72-Unit Apartment Building for sale in Riverside
I own (together with 3 partners) a 72-unit building in Riverside, California. Because two of the partners want to liquidate this investment now, we have drastically reduced the price of the property for a quick sale. Originally we offered it for sale at $10,500,000. It is now an excellent “Buy” at $9,150,000.
I do not expect to have many Grow-a-brain readers as potential investors in such local Inland Empire building, but here’s my offer to the many real estate bloggers (and other webmasters) who read this site: If you link to this post, and if you’re able to generate a lead among your clients who’ll send me an accepted offer for the property, I will pay you $15,000 referral fee, at close of escrow. So please spread the word (or call me to discuss a protected arrangement).
Here are some details regarding the subject:
The Countrywood Apartments on 11300 Magnolia Ave, Riverside, 92505.
Down payment: $2,950,000
Financing Quote for the project from Fidelity Bancorp: 5.95% 5 year fixed 30 yr. am., all due in 10 (LIBOR) $36,973 per month P&I
Current Gross Scheduled Rental Income: $65,305/monthly $783,660 Annually
Allowance for Vacancies & Credit Losses (5%) $39,183
Gross Scheduled Income $744,477
Operating Expense allowance (35%) $260,567
Net Operating Income Estimates $483,910
CAPITALIZATION RATE (CAP RATE): 5.288%
Gross Rent Multiplier (GRM): 11.67 x Gross
UPSIDE / MARKET RENT DATA 27 2/2’s @ $1095/ $32,265
45 1/1’s @ $ 895/mo. $40,275
Laundry Income/mo. $ 954
Total Market Rent $73,494 / $881,928 yr.
MARKET RENT GRM (GROSS RENT MULTIPLIER): 11.33 X GROSS
MARKET RENT CAPITALIZATION RATE (CAP RATE): 5.898 %
This very well-maintained property consists of a 72-Unit Garden-Style Apartment project, with 27 2-Bedroom 2 Bath of 960 sq. ft. (25,920) and 45 1-Bedroom 1 Bath units averaging 655 sq. ft. (29,475) for a total of 55,395 in total lease-able square footage. Security gated 2-story frame and stucco construction throughout. The buildings all have pitched, asphalt shingle roofing. The project offers a Pool, Spa, Laundry and Recreational Facilities on site. Built in 1987. One exit away from the Tyler Galleria.
Please share this information with your qualified prospects. Email me at realhanan (at) yahoo (dot) com, or call me on my cell for more details.
See you in escrow.
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Tracked on May 14, 2006 12:45:14 PM
» Grow-a-brain Webmaster Sells Southern California Apartment Building from BlogArizona.com - An Arizona Real Estate Blog
Grow-a-brain webmaster Hanan Levin is selling a 72-unit garden-style apartment building in Riverside, California. The Countrywood Apartments at 11300 Magnolia Ave, Riverside, CA 92505 is offered for sale at $9,150,000. Hanan owns the building with two ... [Read More]
Tracked on May 20, 2006 8:37:27 PM
Tracked on May 25, 2006 9:10:05 AM
I'll buy it at a 6.5% cap on your $483,910 NOI estimate.
Posted by: jeff at May 13, 2006 11:07:21 AM
Thanks so much for naming us as a blog of the day this week. Not only did your mention bring us a lot of traffic (always good), it also alerted us to your great list of blogs. Mil gracias.
Posted by: Almendro at May 13, 2006 2:41:58 PM
i represent europeen buyer they buy any properties at GRM X 9
do you have any rent control can we increase rent b4 operation
Posted by: joseph levy at May 20, 2006 9:56:29 PM
did you sell your apartment building?
Posted by: david at Jul 21, 2006 3:18:05 PM
wow, your suggestion is such a great deal! actually i prefer to rent house in california. but after a few years i'd like to have the one you are selling.
Posted by: rent house in california at Aug 3, 2006 6:45:53 AM
Is this still on the market?
Posted by: robn at Aug 28, 2006 12:48:31 PM
Is this property still for sale? I'm very interested.
Posted by: Michael at Dec 2, 2006 6:11:43 PM
In order to better serve the homeless and working poor in Boulder County, two nonprofit organizations will merge at the end of March to strengthen fundraising and provide better services to those in need.
Posted by: Linc at Aug 15, 2008 9:05:27 PM
i like your blog
Posted by: John Marker, Sr. at Aug 26, 2008 10:32:39 AM