3401 Ramona Drive
Riverside, CA, 92506 $ 10,550,000
Bedrooms68 Baths2.0 Sq 35,504 Monthly Estimate*
$ 70,119
Listed by CB RICHARD ELLIS
for $10,550,000 with 68 bedrooms and 2 full baths. This 35,504 square foot home was built in 1972 on a lot size of 1.81.
We are proud to present an exceptional opportunity to acquire a well-maintained apartment complex located at 3401 Ramona Drive in Riverside. This ±35,504 SF building sits on a generous ±78,844 SF lot. The property is situated at the intersection of Ramona Drive and Olivewood Avenue. 3401 Ramona Drive is conveniently located within minutes to Riverside City College and the University of California Riverside. It provides easy access to the 91 Freeway, Downtown Riverside Metrolink train station, Riverside Community Hospital, Riverside Plaza and a variety of other shopping centers, restaurants, retailers, and parks, all just a short distance away. Showcasing mature and lush landscaping, 3401 Ramona Drive resides in a quiet residential neighborhood in Riverside. The property features a secured parking entrance gate, covered parking and surface parking stalls, a swimming pool, and an on-site laundry facility. Units feature kitchens with dishwashers and electric cooking systems, wood plank and carpet flooring throughout the units, central A/C system for the two-bedrooms and wall A/C for the one-bedrooms, ceiling fans, vertical blinds, and private balconies or patios. Five buildings have brand new roofs, and all 44 units have new windows, screens, and patio doors. Eight of the units (Units 36-44) were subject to a fire in 2017 with the previous owner and all were completely remodeled. Neighboring cities include Moreno Valley, Jurupa Valley, Fontana, Colton, and San Bernardino. Significant local landmarks within a 20-mile radius include: Downtown Riverside, University of California, Riverside (UCR), UC Riverside Botanic Gardens, Mount Rubidoux, Mission Inn Hotel and Resort, Riverside Plaza, Magnolia Town Center, the Moreno Valley Mall, California Baptist University (CBU), Fox Performing Arts Center, and the March Field Air Museum, to name a few. 3401 Ramona Drive is an admirable Inland Empire income-producing property and a great long-term investment. The property offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
See more
FeaturesGeneralSewer PublicSewer
Heating WallFurnace
Cooling CentralAir WallWindowUnits
Zoning R3
HOA 0.0
Garage Spaces 0.0
Pool Features Community
Year Built 1972
Stories 1
Levels One Two
Property SubType Apartment
Gross Income 771108.0
Community Features Curbs Sidewalks Pool
County Riverside
Net Operating Income 432627.0
Operating Expense 315348.0
Insurance Expense 28600.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions Take CA-60 E toward Riverside Merge onto CA-91 W toward Riverside Take Exit 63 toward 14th Merge onto Mulberry Street Turn Right onto 14th Street
City Riverside
Entry Location 1
View Y/N N
Senior Community Y/N N
NumberOfUnitsTotal 44
MLS Area 252 - Riverside
Lot Size Units SquareFeet
Lot Size Square Feet 78844.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Number of Units Leased 44
Street Name Ramona
Listing Terms Cash CashtoNewLoan
Spa Features None
Property Attached Y/N Y
Land Lease Y/N N
Home Warranty Y/N N
Fuel Expense 16476.0
Trash Expense 12240.0
Water Sewer Expense 25992.0
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N Y
Days on Market 10
Building Area Units SquareFeet
Standard Status Active
Year Built Source Assessor
Tax Lot 1
Total Actual Rent 765828.0
Property Sub Type Additional Apartment
Taxes 118821.0
Cap Rate 4.1
See more
ExteriorLot Features LotOver40000Sqft
Water Source Public
Total Parking 0.0
Lot Size Area 78844.0
Number of Buildings 6
Spa N
Building Area Total 35504.0
Street Suffix Drive
Lot Size Acres 1.81
Lot Size Source Assessor
Number of Separate Water Meters 1
Number of Separate Gas Meters 44
Number of Separate Electric Meters 44
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
See more
InteriorTotal Stories 1
Common Walls Item2CommonWalls
Basement (Y/N) N
Air Conditioning Y/N Y
Heating Y/N Y
Fireplace Y/N N
Laundry Features CommonArea
Entry Level 1
Electric On Property Y/N N
See more
* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $70,119
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Riverside, CA
Average List Price $1,410,337
Percent of Sale Price 87%
About Riverside, CA 322,488 Population
25% Since 2002
$ 60,101 Median Income
32.82 Median Age
35% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 5/16/2024 | $10,550,000 | | Listed Price |