3761 Harvill Ln – TOWNHOUSE-STYLE APARTMENT IN CORONA SUBMARKET

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3761 Harvill Ln, Riverside, CA 92503
Posted: 6 months ago
$1,680,000

Property Description

  • 14 Bedrooms
  • 10 Bathrooms
Description

INVESTMENT HIGHLIGHTS

  • Corona Submarket (Riverside Address)
  • Excellent Unit Mix: (2) 3 Bed / 2.5 Bath (townhouse-style), (2) 2 Bed / 1 Bath (townhouse-style), and (4) 1 Bed / 1 Bath
  • New Piping Throughout, New Exterior Paint and Woodworking, Granite Countertops
  • Approx. 20% Upside in Rental Income
  • Large Units: 1,270 SF 3-Bedroom, 1,020 SF 2-Bedroom, 760 SF 1-Bedroom (est.)
  • Great Location at McKinley & Magnolia with Nearby Universities, Walmart, Costco, 99 Ranch Market

EXECUTIVE SUMMARY

AGGREGATE INVESTMENT PARTNERS is pleased to present the opportunity to purchase this 8 units townhouse-style apartment. 3761 Harvill Lane is conveniently located in a quiet residential area close to the intersection of Mckinley Street and Magnolia Avenue. This asset offers an investor an excellent opportunity to own in the thriving Corona submarket (note: address is in the city of Riverside). This investment offers an impressive cap rate of ±4.49% current / ±5.86% Pro-forma, with approx. 20% upside in rental income. Property sold “As-Is” in its present condition, Seller will not pay or make any repairs/replacements. Drive-by only, please do not disturb tenants.
3761 Harvill Lane has a total building size of ±7,620 SF, sitting on a ±10,176 SF lot. The property offers an excellent unit mix of (2) 3 Bed / 3 Bath (townhouse-style), (2) 2 Bed / 1 Bath (townhouse-style), and (4) 1 Bed / 1 Bath. The units are spacious, with estimated 1,270 SF 3-bedroom, 1,020 SF 2-bedroom, 760 SF 1-bedroom units. The townhouse-style units have outdoor patios. There is a total of 14 parking spaces, consists of 10 garages and 4 open spaces. Features include granite countertops, new piping throughout, new exterior paint and woodworking. Buyer to verify all information herein. Broker/Agent and Seller does not guarantee its accuracy.
The property provides easy access to the 91 and 15 freeways. Furthermore, it is conveniently located within minutes of walk to Villegas Middle School, University of Riverside, La Sierra University, Walmart Supercenter, Costco Wholesale, and 99 Rancho Market.

PROPERTY FACTS

  • Price
    $1,680,000
  • Building Class
    C
  • Price Per Unit
    $210,000
  • Lot Size
    0.24 AC
  • Sale Type
    Investment
  • Building Size
    7,620 SF
  • Cap Rate
    4.49%
  • Average Occupancy
    100%
  • Gross Rent Multiplier
    14.02
  • No. Stories
    2
  • No. Units
    8
  • Year Built
    1975
  • Property Type
    Multifamily
  • Parking Ratio
    1.84/1,000 SF
  • Property Subtype
    Apartment
  • Opportunity Zone
    No
  • Apartment Style
    Low Rise

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Steve Chang

Senior Aggregate Investment Partners

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