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3401 Ramona Drive

Riverside, CA 92506
  • $10,550,000
  • STATUS: Active
  • ON SITE: 2 Days
  • ID#: CV24098181
New On Site 2 Days Ago
UPDATED: 106 min ago
$10,550,000
  • 0
    BEDS
  • 1.81
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1972
County:

School Ratings & Info

Listing Agent(s): Eric Chen of CB RICHARD ELLIS (909-418-2000)


Description

We are proud to present an exceptional opportunity to acquire a well-maintained apartment complex located at 3401 Ramona Drive in Riverside. This 35,504 SF building sits on a generous 78,844 SF lot. The property is situated at the intersection of Ramona Drive and Olivewood Avenue. 3401 Ramona Drive is conveniently located within minutes to Riverside City College and the University of California Riverside. It provides easy access to the 91 Freeway, Downtown Riverside Metrolink train station, Riverside Community Hospital, Riverside Plaza and a variety of other shopping centers, restaurants, retailers, and parks, all just a short distance away. Showcasing mature and lush landscaping, 3401 Ramona Drive resides in a quiet residential neighborhood in Riverside. The property features a secured parking entrance gate, covered parking and surface parking stalls, a swimming pool, and an on-site laundry facility. Units feature kitchens with dishwashers and electric cooking systems, wood plank and carpet flooring throughout the units, central A/C system for the two-bedrooms and wall A/C for the one-bedrooms, ceiling fans, vertical blinds, and private balconies or patios. Five buildings have brand new roofs, and all 44 units have new windows, screens, and patio doors. Eight of the units (Units 36-44) were subject to a fire in 2017 with the previous owner and all were completely remodeled.Neighboring cities include Moreno Valley, Jurupa Valley, Fontana, Colton, and San Bernardino. Significant local landmarks within a 20-mile radius include: Downtown Riverside, University of California, Riverside (UCR), UC Riverside Botanic Gardens, Mount Rubidoux, Mission Inn Hotel and Resort, Riverside Plaza, Magnolia Town Center, the Moreno Valley Mall, California Baptist University (CBU), Fox Performing Arts Center, and the March Field Air Museum, to name a few.3401 Ramona Drive is an admirable Inland Empire income-producing property and a great long-term investment. The property offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-18T13:33:57.603. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or First Team Real Estate. Licensed in the State of California, USA.
www.theashleycooperteam.com/homes/150568710
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3401 Ramona Drive Riverside, CA 92506

  • Price: $10,550,000
  • Status: Active
  • On Site: 2 Days
  • Updated: 106 min ago
  • ID#: CV24098181
0
Beds
0
Baths
0
½ Baths
1.81
Acres
1972
Built
Neighborhood:
252 - Riverside
County:
Riverside
Area:
252 - Riverside
Property Description
We are proud to present an exceptional opportunity to acquire a well-maintained apartment complex located at 3401 Ramona Drive in Riverside. This 35,504 SF building sits on a generous 78,844 SF lot. The property is situated at the intersection of Ramona Drive and Olivewood Avenue. 3401 Ramona Drive is conveniently located within minutes to Riverside City College and the University of California Riverside. It provides easy access to the 91 Freeway, Downtown Riverside Metrolink train station, Riverside Community Hospital, Riverside Plaza and a variety of other shopping centers, restaurants, retailers, and parks, all just a short distance away. Showcasing mature and lush landscaping, 3401 Ramona Drive resides in a quiet residential neighborhood in Riverside. The property features a secured parking entrance gate, covered parking and surface parking stalls, a swimming pool, and an on-site laundry facility. Units feature kitchens with dishwashers and electric cooking systems, wood plank and carpet flooring throughout the units, central A/C system for the two-bedrooms and wall A/C for the one-bedrooms, ceiling fans, vertical blinds, and private balconies or patios. Five buildings have brand new roofs, and all 44 units have new windows, screens, and patio doors. Eight of the units (Units 36-44) were subject to a fire in 2017 with the previous owner and all were completely remodeled.Neighboring cities include Moreno Valley, Jurupa Valley, Fontana, Colton, and San Bernardino. Significant local landmarks within a 20-mile radius include: Downtown Riverside, University of California, Riverside (UCR), UC Riverside Botanic Gardens, Mount Rubidoux, Mission Inn Hotel and Resort, Riverside Plaza, Magnolia Town Center, the Moreno Valley Mall, California Baptist University (CBU), Fox Performing Arts Center, and the March Field Air Museum, to name a few.3401 Ramona Drive is an admirable Inland Empire income-producing property and a great long-term investment. The property offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
Exterior Features

Entry Level 1 Entry Location 1 Lot Features Lot Over 40000 Sqft Number Of Separate Electric Meters 44 Parking Total 0 Pool Features Community Pool Private YN No Property Attached YN Yes Spa Features None Spa YN No

Interior Features

Common Walls 2+ Common Walls Cooling Central AirWall/Window Unit(s) Cooling YN Yes Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.1 Common Interest Community Apartment Community Features CurbsSidewalksPool Fuel Expense 16476 Garage YN No Gross Income 771108 Gross Scheduled Income 771108 Insurance Expense 28600 Land Lease YN No Laundry Features Common Area Levels OneTwo Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan Maintenance Expense 28600 Net Operating Income 432627 New Construction YN No New Taxes Expense 118821 Number Of Separate Gas Meters 44 Number Of Separate Water Meters 1 Number Of Units Leased 44 Operating Expense 315348 Other Expense 8800 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 1500 Total Actual Rent 765828 Trash Expense 12240 Vacancy Allowance 23133 Water Sewer Expense 25992 Water Source Public Zoning R3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-18T13:33:57.603. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or First Team Real Estate. Licensed in the State of California, USA.
 
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Listing Agent(s): Eric Chen of CB RICHARD ELLIS (909-418-2000)