$16,300,000
$16,995,000 4.1%
Est. payment /mo
3 Beds
4 Baths
2.99 Acres Lot
Sold on 08/11/2026
3681 Cranford Avenue Riverside, CA 92507
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Key Details
Sold Price $16,300,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID OC26004201
Bedrooms 3
Lot Size 2.990 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
$600,000 Price Reduction. Day one 6.10% CAP Rate & 9.4 GRM. Built in 1964, The University Gardens consist of approximately 67,202 of rentable square feet and is in good condition since the current ownership has made several recent renovations to the interiors & exteriors. The unit mix consists of 2 Bedroom, 1 Bedroom & Studio units. The property is situated on approximately 3 acres of land that includes tuck under parking, carports, open on-site parking in addition to street parking. The property is also separately metered for gas and electric with a community laundry rooms, pools & rental office. Select units have been tastefully remodeled with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting & ceiling fans throughout. Most of the heavy lifting is almost complete and should appeal to an investor looking for an asset surrounded by tremendous job opportunity and 10% realistic rental upside. Priced way below replacement cost (under $253 per foot) & less than 1.5 miles from 91 and 215 freeways. Earthquake retrofit and seismic upgrades have been made & all newer roofs and rain gutters.
Location
State CA
County Riverside
Zoning Public Rec
Interior
Cooling Wall/Window
Exterior
Pool Community/Common
View Y/N No
Building
Story 3
Others
Acceptable Financing Cash
Listing Terms Cash
Listed by Jonathan Mitchell, DRE#01227852 Kidder Mathews of California, Inc
Bought with Jonathan Mitchell Kidder Mathews of California, Inc
Bought with Jonathan Mitchell Kidder Mathews of California, Inc
NEARBY SCHOOL & BUSINESS
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