Pending
$3,350,000
12 Units
9 Beds
9 Baths
14,529 Area(sq.ft.)
Lot: 112,820 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 1 | 1 | No | $ 1,595 | $ 19,140 | $ 1,700 |
| Unit 2 | 1 | 2 | 1 | No | $ 1,675 | $ 20,100 | $ 2,100 |
| Unit 3 | 1 | 2 | 2 | No | $ 2,095 | $ 25,140 | $ 2,300 |
| Unit 4 | 3 | 2 | 2 | No | $ 2,038 | $ 73,380 | $ 2,300 |
| Unit 5 | 6 | 2 | 3 | No | $ 1,837 | $ 132,240 | $ 2,350 |
| 12 | 23 | 28 | $ 22,501 | $ 1,077,960 | $ 27,100 |
| MLS #: | CV25042378MR |
| Days On Market: | 283 |
| Listing Date: | February 26, 2025 |
| County: | Riverside |
| Property Type: | Residential Income |
| Price per ft2: | $ 231 |
| Price per unit: | $ 279,167 |
| Year Built: | 1968 |
Property Details
We are proud to present an exceptional opportunity to acquire a unit 12-Unit multifamily property located at 3060 Panorama Road in the city of Riverside. Running adjacent to the 91 Freeway, off of Central Avenue and Ivy Street, the property consists of 14,529 SF of rentable square feet and is situated on a generous 112,820 SF hillside lot. The property boasts mature landscaping with lovely mountain views, and onsite carport and surface parking. The units are spacious with an average size of 1,211 SF and feature upgraded fully equipped kitchens with electric stoves and oven ranges, dishwashers, in-unit washer and dryer hook-ups, horizontal blinds, AC/heating, modern fixtures, large walk-in closets, spacious patios or balconies, and a combination of stylish plank wood and carpet flooring throughout. 3060 Panorama Road offers a central location with convenient access to the Metrolink Downtown Riverside Commuter Rail Station. The property is also close to shopping centers, theaters, restaurants, and trendy shops, catering to diverse needs and providing excellent entertainment options. The Inland Empire, and Riverside in particular, presents a compelling opportunity for multifamily investors seeking portfolio expansion. Riverside benefits from a robust and growing workforce, anchored by the presence of major regional distribution centers. These hubs of commerce attract a consistent influx of new residents seeking employment, creating a reliably strong and stable demand for rental housing. The area s economic foundation, driven by logistics and distribution, provides a level of stability that can be particularly appealing to investors looking for long-term growth and minimal vacancy risk. Furthermore, the Inland Empire, while experiencing growth, often offers more competitive entry points compared to other Southern California markets, making it an attractive option for investors looking to diversify their holdings or enter the multifamily market. 3060 Panorama Road is a stable income-producing asset in the Inland Empire, promising a strong return on investment. Whether you re a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | Yes |
| Gross Operating Income: | $ 256,500 |
| Total Annual Expense: | $ 89,700 |
| Net Operating Income: | $ 166,800 |
| Cap Rate: | 4.98% |
| Gross Rent Multiplier: | 12.41 |
| Actual Gross Rent: | $ 270,000 |
Structure
| Community Features: | Curbs, Sidewalks |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | R3 |
| Land Lease Type: | Fee |
| Total Parking: | 23 |
Interior
| AC/Cooling: | Central |
| Heating: | Central |
| Laundry: | Gas Dryer Hookup, Inside, Washer Hookup |
Exterior
| Pool: | No |
| Spa: | No |
Detailed Map
Schools
Find a great school for your child
Income
