Competitive Offering Actual CAP Rate of 4.15 % With a Pro Forma CAP Rate of 5.23 % / ProForma CAP Rate is Achievable Through Continued Market Rental Increases. In Addition The Current Owner Is Not Charging For Available Garage Space / Competitive Offering GRM of 14.17 With a Pro Forma GRM of 12.94 / 1st Time to The Market in 16+ Years. Pride of Ownership Property. / Huge Upside In Potential Rental Income. Conservative 7-10 % Upside in Potential Rental Income Per Rental Survey / / Rental Comparables Illustrate a 100 % Occupancy Area / Located in a Quiet Residential Neighborhood. Non-Rent Control Located Block From Riverside Community College. The properties consist of two lots that are adjacent to each other. This eight unit apartment property is composed of 5 one bedroom / one bathroom units, 2 two bedroom / one bathroom units and 1 two bedroom / one bathroom single family home.
The property is located in the historic Downtown Riverside sub market and is only a 10 minute walk away from the beautiful Fairmount Park. The immediate area consists mainly of single family residences with smaller apartment complexes. Home and apartment vacancy rates are very low at 3-7%, and most of the tenants of the subject property are long-term tenants who have lived there since the 1990s. Analysis shows that this rate is lower than 48.7% of the neighborhoods in the nation, approximately near the middle range for vacancies.