95 Units on 3.5 Acres | No City Rent Control
$242K Per Unit & $253 PSF | Value-Add | 5 Mins to UC Riverside
Marketing description
Link to the Document Center: https://properties.berkadia.com/via-zapata-properties-487536
Berkadia is excited to exclusively offer for sale an incredible value-add opportunity to purchase 95 units near UC Riverside with NO city rent control. Comprised of two properties: 955 Via Zapata (54 Units) and 1005 Via Zapata (41 Units). These contiguous properties are being offered for a combined $242K per unit and $253 PSF with a market cap rate of 6.9%. This is the first time these properties have been on the market in over 13 years (can be sold together or individually). The property has park-like grounds with two swimming pools, gazebo entertainment area, community room, and laundry facilities. 6-minute walk to Canyon Crest Town Centre: Ralphs Fresh Fare, Handels Homemade Ice Cream, East Coast Bagel, Georgie’s Mediterranean Cuisine, Allie’s Hallmark Shop, Uptown Candy Shop, Nekter Juice Bar, Donut Tyme, Canyon Crest Cleaners, Chase Bank and More.
ADDITIONAL PORTFOLIO OPPORTUNITIES:
If you are interested in acquiring a larger portfolio from the same ownership, these properties can be purchased with two other value-add opportunities with NO city rent control: 54 units on over 2.5 acres, just three minutes from University of Redlands (the Kimberly Apartments); and/or 61 units in Upland, just seven minutes from the Claremont Colleges (Amber Court & Amber Pines).
Investment highlights
- 95 units on 3.5 acres of land in fantastic Riverside location across street from Canyon Crest Town Centre
- Minutes to UC Riverside, Downtown Riverside, Canyon Crest Country Club and more
- Value-add opportunity with no city rent control
- Going-in cap rate of 5.3%; market cap rate of 6.9%
- Attractively priced at $242K per unit and $253 per square foot
- Spacious units averaging over 900 square feet
- Long-term ownership: First time on the market in over 13 years
- Proven rental upside of $389/u/month; rents approximately 22% under market
- ADDITIONAL VALUE-ADD OPPORTUNITIES with No Rent Control: 54 units on over 2.5 acres, just three minutes from University of Redlands (the Kimberly Apartments); and/or 61 units in Upland, just seven minutes from the Claremont Colleges (Amber Court & Amber Pines).
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