1480 Seventh St, Riverside, CA 92507

$400,000 Price Reduction. Built in 1977, the properties consist of approximately 22,798 of rentable square feet and is in good condition since the current ownership has made several recent significant renovations to the interiors & exteriors. The balanced unit mix consists of 3 bedroom, 2 bedroom, and 1 bedroom units. The property is situated on approximately 0.82 acres of land that include tuck under parking, carports, open on-site parking in addition to the 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, and ceiling fans throughout. Most of the “heavy lifting” is complete and should appeal to an investor looking for a turnkey asset surrounded by tremendous job opportunity and 10% realistic rental upside.

Riverside is in the county seat of Riverside County; California and it is the most populous in the county. The United States Census Bureau estimated its 2019 population at ±325,000, making Riverside the 12th most-populous city in California. Riverside is in Southern California, adjacent to the 60, 91 & 215 freeways and ±38 miles to Disneyland, ±69 miles to LAX Airport and ±54 miles to Palm Springs. Founded in 1883, the city is part of the Greater Los Angeles Area, the second largest metropolitan area in the United States, with almost ±18 million residents in 2020. Downtown Riverside is a very densely populated area consisting of University California of Riverside, Luxury Hotels, Office, Retail, restaurants, and entertainment all within a short distance of the subject properties. The local apartment market in the city of Riverside remains strong, and thus this opportunity offers an investor the ability to capture quality residents seeking a well-located neighborhood with convenient access to a wide variety of employment opportunities, retail, transportation and educational amenities. The overall demand for well-located apartments will be a key driver in the continued growth in Riverside, California.