Conversion to Affordable/Senior Housing | 10545 Magnolia Ave
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Conversion to Affordable/Senior Housing 10545 Magnolia Ave
68 Unit Block of Flats £9,040,325 (£132,946/Unit) 5.70% Net Initial Yield Riverside, CA 92505
Investment Highlights
- City Planning Supports Conversion to Affordable Housing/Senior Living/Senior Care
- Constructed in 1992, offering Modern Amenities
- Pro Forma 5.7 CAP Rate as a Senior/Affordable Housing Apartment Conversion
- Well-maintained 68 Room Property with Elevator
- High Street Visibility Near Kaiser Hospital and with Easy 91 Freeway Access
Executive Summary
Built in 1992, The 'Affordable Housing/Senior Housing Conversion Opportunity' is an existing Days Inn Hotel with 68 Rooms in a 3-story Building with approximately 18,166 Square Feet located on an approximate 34,424 Square Foot Lot. The City of Riverside Planning Department has enthusiastically indicated that the current Zoning will allow for a conversion to permanent Affordable Housing/Senior Housing/Senior Care.
Location:
This Affordable Housing Conversion Opportunity is located on Highly Exposed Magnolia Avenue just West of the 91 Freeway in the City of Riverside. The Location offers appealing amenities to prospective Tenants conducive to permanent residency.
Site Visits:
ALL PROPERTY SHOWINGS AND VISITS ARE TO BE COORDINATED THROUGH THE LISTING AGENT LUIS VAZQUEZ 310-704-9109. THE HOTEL STAFF IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED. SELLER HAS REQUESTED THAT ANY BUYER WHO DISCUSSSES THE SALE WITH THE HOTEL STAFF BE DISQUALIFIED FROM OFFER ACTIVITY
Location:
This Affordable Housing Conversion Opportunity is located on Highly Exposed Magnolia Avenue just West of the 91 Freeway in the City of Riverside. The Location offers appealing amenities to prospective Tenants conducive to permanent residency.
Site Visits:
ALL PROPERTY SHOWINGS AND VISITS ARE TO BE COORDINATED THROUGH THE LISTING AGENT LUIS VAZQUEZ 310-704-9109. THE HOTEL STAFF IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED. SELLER HAS REQUESTED THAT ANY BUYER WHO DISCUSSSES THE SALE WITH THE HOTEL STAFF BE DISQUALIFIED FROM OFFER ACTIVITY
Property Facts
| Price | £9,040,325 | Property Subtype | Apartment |
| Price Per Unit | £132,946 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.80 AC |
| Net Initial Yield | 5.70% | Construction Status | Proposed |
| Sale Conditions | Design & Build | Building Size | 18,226 SF |
| No. Units | 68 | Number of Floors | 3 |
| Property Type | Residential | Parking Ratio | 3.73/1,000 SF |
| Price | £9,040,325 |
| Price Per Unit | £132,946 |
| Sale Type | Investment |
| Net Initial Yield | 5.70% |
| Sale Conditions | Design & Build |
| No. Units | 68 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.80 AC |
| Construction Status | Proposed |
| Building Size | 18,226 SF |
| Number of Floors | 3 |
| Parking Ratio | 3.73/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 68 | - | - |
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Walk Score ®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 143-290-026 | Improvements Assessment | £4,183,329 |
| Land Assessment | £958,101 | Total Assessment | £5,141,430 |
PROPERTY TAXES
Parcel Number
143-290-026
Land Assessment
£958,101
Improvements Assessment
£4,183,329
Total Assessment
£5,141,430
zoning
| Zoning Code | C2, Riverside (Commercial) |
| C2, Riverside (Commercial) |
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Conversion to Affordable/Senior Housing | 10545 Magnolia Ave
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