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$5,798,000
32 Days On Site

3573 Columbia Avenue
Riverside, CA 92501

For Sale|Multi Family|Active
0
Beds
0
Full Baths
0
Partial Baths
15,510
SqFt
$374
/SqFt
1988
Built
County:
Riverside
Listed by Cindy Chin of Cindy Chin Realty [email protected]

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3573 Columbia Avenue3573 Columbia Avenue3573 Columbia Avenue3573 Columbia Avenue
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***SELLER FINANCING AVAILABLE with below market Competitive Interest Rate.*** The Villas at Columbia is an 18-unit apartment community located just 1.5 miles from the heart of downtown Riverside. Built in 1988, the property sits on a 1.23-acre parcel and features gated access, covered parking, and ample space for potential ADU additions. Per CA State Law, 4-6 ADUs are allowed to be converted or built based on existing number of units. The allowable floor area for each ADU ranges from 150 sf to 800 sf. ADUs add considerable NOI and value-added. (Buyers shall complete their independent due diligence on ADUs.) In the past six months, 11 of the units have undergone comprehensive renovations, including updated flooring, fresh paint, modernized kitchens with new appliances and cabinetry, and fully remodeled bathrooms. Each unit is equipped with air conditioning, fireplaces, ceiling fans, and other appealing design features. The property includes a tentative map and fully processed DRE/HOA documents, enabling a seamless conversion to for-sale condominiums at the owner's discretion. This presents a unique opportunity to unlock significant additional value through a condo conversion strategy. Each unit is individually metered for electricity and gas, with tenants covering these costs. The owner currently pays for trash, water, and sewer, and there is no RUBS program in place, offering potential buyers an opportunity to enhance operational efficiency and increase income. The unit mix is highly desirable, featuring one-bedroom units with lofts and two-bedroom units with and without lofts. Uniquely, all one-bedroom units include 1.5 bathrooms, an uncommon feature in the market. Additionally, loft units command a notable rental premium compared to non-loft options.

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Listing Snapshot
Price 
$5,798,000
Days On Site 
32 Days
Bedrooms 
N/A
Inside Area (SqFt) 
15,510 sqft
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
53,579 Acres
Year Built 
1988
MLS® Number 
OC24239190
Status 
Active
Property Tax 
N/A
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
a month agoStatus changed to Active
a month agoListing updated with changes from the MLS®
a month agoListing first seen on site
General Features
Acres 
53579
Number Of Stories 
2
Property Sub Type 
Multi Family
Security 
Gated Community
Special Circumstances 
Standard
SqFt Total 
15510
Water Source 
Other
Interior Features
Appliances 
Dryer
Cooling 
Central Air
Heating 
Central
Laundry Features 
Washer HookupElectric Dryer HookupGas Dryer Hookup
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Community Features
Community Features 
Gated
Financing Terms Available 
CashFHA
MLS Area 
252 - Riverside


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. The 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, the 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.

Neighborhood & Commute
Source: Walkscore
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