1195 SPRING STREET
6.85% Current Cap Rate & 7.65% Year 1 Cap Rate
One & Two Bedroom Floorplans
Single-Story Construction
5 Carport Parking Spaces & 4 Open Space Parking
On-Site Laundry Room
Individually Metered For Gas And Electricity
Property Description
Marcus & Millichap is pleased to exclusively present the opportunity to acquire a five-unit multifamily property built in 1962 with 3,264 rentable square feet on a 0.21 acre lot in the City of Riverside. The property features a highly functional unit mix of one and two bedroom floor plans, with single-story construction. The property has an on-site laundry room, wall-mounted air conditioner & heater units, & each unit is separately metered for gas and electricity. The property is on septic. Parking consists of 5 carport parking spaces and 4 open space parking. Riverside presents a compelling investment environment driven by a diverse employment base, continued population growth, and relative affordability compared to coastal markets. Major employment anchors include the County of Riverside, March Air Reserve Base, and the University of California, Riverside, which together support stable housing demand from government, military, academic, and healthcare professionals. Residents enjoy a strong quality of life with access to Downtown Riverside amenities such as the historic Mission Inn, the Fox Performing Arts Center, and outdoor recreation at California Citrus State Historic Park. Ongoing downtown reinvestment, including the Riverside Alive initiative featuring new residential, office, retail, hotel uses, and convention center expansion, further reinforces long-term economic growth and rental demand. With solid fundamentals, efficient unit layouts, limited utility exposure, and a growing Inland Empire market, 1195 Spring Street offers investors an attractive opportunity to acquire a stable, well-located multifamily asset positioned for durable income and long-term appreciation.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $885,000 |
| No. of Units: | 5 |
| Year Built: | 1962 |
| Building Size: | 3,264 Sq ft |
| Lot Size: | 0.12 Acres |
| Opportunity Zone: | No |
| Price per unit: | $177,000 |
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