3080 Elgin Drive, Riverside, CA 92507
- $1,030,000
- List Price
- $1,030,000
- Status
- ACTIVE
- MLS#
- CV26204711
- Year Built
- 1964
- Lot Size
- 6,529
- Acres
- 0.15
- Lot Location
- 21-25 Units/Acre
- Days on Market
- 1
- Property Type
- Multifamily
- Property Sub Type
- Apartment
Property Description
We are pleased to present 3080 Elgin Drive, a four-unit multifamily investment located in Riverside's University submarket, approximately two blocks from the University of California, Riverside (UCR). First offered for sale in 38 years, the property provides an investor with a rare opportunity to acquire a well-located asset with significant upside. The property consists entirely of 2BR / 1.5BA townhouse style units averaging approximately 1,050 square feet. Amenities include detached garages, private patios, on-site laundry and access to a common area pool. Gas and electricity are individually metered. Current scheduled rents range from $1,200 to $1,700 per month versus provided market-rent assumptions upwards of $2,375 per unit. The underwriting reflects scheduled rent growth from $69,600 to $114,000 and NOI growth from $41,457 to $84,525, creating a compelling value-add opportunity for an investor focused on long-term income growth. The location benefits from proximity to UCR, a growing student population and convenient regional connectivity via I-215, SR-60 and SR-91, supporting rental demand from students, families and working professionals alike.
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Additional Information
- HOA
- 550
- Frequency
- Monthly
- Association Amenities
- Clubhouse, Maintenance Grounds, Maintenance Front Yard, Barbecue, Pool
- Pool Description
- Community, Association
- Fireplace Description
- Living Room
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- Garage Spaces Total
- 4
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 4
- Gross Scheduled Income
- $69,600
- Operating Expense
- 27255
Listing courtesy of Listing Agent: Sean Hwangbo (seanhwangbo@outlook.com) from Listing Office: TNG REAL ESTATE CONSULTANTS.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.