3575 Ottawa Avenue

Closed 2/15/16

Last Sold Price

$1,100,000

3 beds10 baths6,970 sqft$158/sqft

3575 Ottawa Ave, Riverside, CA 92507

Description

Highlights; Competitive Offering CAP Rate of 6.01 % With a ProForma CAP Rate of 6.42 %, Competitive Offering GRM of 10.77 With a ProForma GRM of 10.39, New Vinyl Windows, Tuck Under Garages, Conservative 10% Upside In Potential Rental Income Per Rental Survey, 100 % Occupied Asset, Rental Comparables Illustrate a 98 % Occupancy Area. The Ottawa Street Apartment is situated on a corner lot totaling 24,000 Sq. Ft. This ten unit apartment community is composed of 5 one bedroom / one bathroom units &...Highlights; Competitive Offering CAP Rate of 6.01 % With a ProForma CAP Rate of 6.42 %, Competitive Offering GRM of 10.77 With a ProForma GRM of 10.39, New Vinyl Windows, Tuck Under Garages, Conservative 10% Upside In Potential Rental Income Per Rental Survey, 100 % Occupied Asset, Rental Comparables Illustrate a 98 % Occupancy Area. The Ottawa Street Apartment is situated on a corner lot totaling 24,000 Sq. Ft. This ten unit apartment community is composed of 5 one bedroom / one bathroom units & 5 two bedroom / one bathroom units. The property has been updated throughout the years, recent improvements include new vinyl windows throughout. The current tenants are long term & the building is 100% occupied. In the heart of the City of Riverside, the property is ideally located, one block north of University Avenue, which represents a main thoroughfare between Historic Downtown Riverside, Riverside Community College and The University of California Riverside. University Avenue has been an emphasis of development, with new retail and office spaces steadily moving east, towards Downtown. With initiatives by the City to implement street cars running from Downtown to the UCR Campus, a train station in the neighborhood is also expected in the near future.

LISTING CLOSED: 02/15/2016 12:00 AM

Listed by ALBERT LE • DRE #01468313 • LE INVESTMENT GROUP

Property Details for 3575 Ottawa Avenue

Status

Closed

MLS #

IV15248158

Days on Market

Taxes

HOA Fees

Condo/Co-op Fees

Property Type

Multi Family

MLS Type

Residential Income

Year Built

1954

Lot Size

0.55 AC / 24,000 SF

County

Riverside County

Parking Spaces Total

Private Pool

Total Units

10.0

Building Type

Attached

Lot Size Source

Assessor

Living Area

6970

Assessor Parcel Number

211-153-006

Property Attached YN

true

Common Walls

2+ Common Walls

Average 1 Bed Area

700

Average 2 Bed Area

987

Building Area Total

6970

Pool

Parcel Number

211153006

Area

Riverside (252)

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Location

Listing Courtesy of LE INVESTMENT GROUP, ALBERT LE, DRE #01468313

Sold By Keller Williams Encino-Sherman Oaks, Anie Mayelian, DRE #00778825

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Building Information for 3575 Ottawa Avenue

Stories2Residences-Year Built1954Building Size-Lot Size0.55 AC / 24,000 SF

Payment Calculator

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$6,812 per month

30 year fixed, 6.55% Interest

Principal and Interest

$5,591

Property Taxes

$1,221

HOA Dues

The Payment Calculator is for illustrative purposes only.

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Property Information for 3575 Ottawa Avenue

Income / Expense / Tax Details

Income Details

Gross Income: $8,820
Gross Scheduled Income: $105,840

Vacancy Allowance: 3250
Vacancy Allowance Rate: 3
Net Operating Income: $70,651
Gross Multiplier: 10.39
Cap Rate: 6.42

Expense Details

Operating Expense: $34,439
New Taxes Expense: $12,100

Gardener Expense: $600
Licenses Expense: $147
Pest Control Expense: $300
Electric Expense: $1,767
Insurance Expense: $2,674
Maintenance Expense: $4,800
Maintenance Percent: 7.00%
Professional Management Expense: $4,000
Trash Expense: $1,584
Water Sewer Expense: $2,703
Supplies Expense: $600

Tax / Assessment Info

Tax Tract Number: 153
Tax Lot: 6

Community / Development

Community Features: Curbs, Sidewalks, Street Lights, Storm Drains

Property / Structure Info

Exterior Features

Pool Features: None
Pool Description: None

Pool: N/K

Land/Lot Info

Lot Features: 11-15 Units/Acre
Number Of Units: 10

Levels: Two
Water: Meter on Property
Sewer: In Connected and Paid
Utilities: Sewer Connected
Water Source: Public

Parking Info

Garage Spaces: 5
Parking Garage Spaces: 5

Carport Spaces: 0

Unit Information

Unit 1

Unit Type Units Total: 5
Unit Type Beds Total: 1

Unit Type Baths Total: 1
Unit Type Furnished: Unfurnished
Unit Type Garage Spaces: 0
Unit Type Actual Rent: $820
Unit Type Total Rent: $4,000
Unit Type Pro Forma: 825
Unit Type Area Units: Square Feet
Unit Type Type: 1

Unit 2

Unit Type Units Total: 5
Unit Type Beds Total: 2

Unit Type Baths Total: 1
Unit Type Furnished: Unfurnished
Unit Type Garage Spaces: 5
Unit Type Garage Attached: Yes
Unit Type Actual Rent: $1,000
Unit Type Total Rent: $4,820
Unit Type Pro Forma: 1000
Unit Type Area Units: Square Feet
Unit Type Type: 2

Unit Information

Rent Controlled: No
Number Of Buildings: 2

Number Of Separate Electric Meters: 10
Number Of Separate Gas Meters: 1
Number Of Separate Water Meters: 10

Property History for 3575 Ottawa Avenue

Date	Event & Source	Price	Appreciation
Feb 15, 2016	Sold SDMLS #IV15248158	$1,100,000	—
Feb 15, 2016	Sold CRMLS #IV15248158	$1,100,000	—
Feb 15, 2016	Sold CLAW #IV15248158MR	$1,100,000	—
Feb 9, 2016	Sold (Public Record) Public Record #565277170	$1,100,000	+2.0% / yr
Dec 14, 2015	Pending CLAW #IV15248158MR		—
Dec 14, 2015	Pending CRMLS #IV15248158		—
Nov 17, 2015	Listed (Active) SDMLS #IV15248158	$1,100,000	—
Nov 17, 2015	Listed (Active) CRMLS #IV15248158	$1,100,000	—
Nov 17, 2015	Listed (Active) CLAW #IV15248158MR	$1,100,000	—
Oct 10, 2006	Sold CLAW #C617623MR	$916,500	—
Oct 10, 2006	Sold CRMLS #C617623	$916,500	—
Oct 10, 2006	Pending CLAW #C617623MR		—
Oct 10, 2006	Pending CRMLS #C617623		—
Aug 30, 2006	Sold (Public Record) Public Record #203423202	$916,500	—
Jul 19, 2006	Listed (Active) CRMLS #C617623	$999,000	—
Jul 19, 2006	Listed (Active) CLAW #C617623MR	$999,000	—

Date	Event & Source	Price
02/15/2016	Sold SDMLS #IV15248158	$1,100,000
02/15/2016	Sold CRMLS #IV15248158	$1,100,000
02/15/2016	Sold CLAW #IV15248158MR	$1,100,000
02/09/2016	Sold (Public Record) Public Record #565277170	$1,100,000 +2.0% / yr
12/14/2015	Pending CLAW #IV15248158MR	—
12/14/2015	Pending CRMLS #IV15248158	—
11/17/2015	Listed (Active) SDMLS #IV15248158	$1,100,000
11/17/2015	Listed (Active) CRMLS #IV15248158	$1,100,000
11/17/2015	Listed (Active) CLAW #IV15248158MR	$1,100,000
10/10/2006	Sold CLAW #C617623MR	$916,500
10/10/2006	Sold CRMLS #C617623	$916,500
10/10/2006	Pending CLAW #C617623MR	—
10/10/2006	Pending CRMLS #C617623	—
08/30/2006	Sold (Public Record) Public Record #203423202	$916,500
07/19/2006	Listed (Active) CRMLS #C617623	$999,000
07/19/2006	Listed (Active) CLAW #C617623MR	$999,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 3575 Ottawa Avenue

Taxable ValueLand$358,824Additions$955,028Total$1,313,852

Tax Record2025$14,656 ($1,221 / month)

Home Facts

Total Finished SqFt6,555 SqFtAbove Grade Finished SqFt6,555 SqFtStories2Lot Size13,939 SqFtStyleMulti-Family Res (5+ Units)Year Built1951Year Renovated1951ZoningR3CountyRIVERSIDEAPN211-153-006

Schools near 3575 Ottawa Avenue

This home is within Riverside Unified School District.


Rating	School	Type	Grades	Distance
2/10	Longfellow Elementary School	Public - Serves this home	K to 6	0.3 mi
5/10	Matthew Gage Middle School	Public - Serves this home	7 to 8	3.0 mi
5/10	John W. North High School	Public - Serves this home	9 to 12	0.5 mi
2/10	Abraham Lincoln Continuation School	Public - Choice school	9 to 12	0.9 mi
6/10	REACH Leadership STEAM Academy	Charter - Choice school	K to 6	1.1 mi
7/10	Riverside Virtual School	Public - Nearby school	K to 12	1.3 mi


Rating	School	Distance
2/10	Longfellow Elementary School PublicK to 6 Serves this home	0.3 mi
5/10	Matthew Gage Middle School Public7 to 8 Serves this home	3.0 mi
5/10	John W. North High School Public9 to 12 Serves this home	0.5 mi
2/10	Abraham Lincoln Continuation School Public9 to 12 Choice school	0.9 mi
6/10	REACH Leadership STEAM Academy CharterK to 6 Choice school	1.1 mi
7/10	Riverside Virtual School PublicK to 12 Nearby school	1.3 mi

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Nearby home values

Address	Sold price	Beds	Baths	Sqft	Lot (Sqft)
This home: 3575 Ottawa Avenue, Riverside, CA 92507	$1,100,000	3	10	6,970	24,000
3571 Ottawa Avenue, Riverside, CA 92507	$170,000	2	1	724	7,405
3606 Ottawa Avenue, Riverside, CA 92507	$337,000	4	2.75	2,362	11,326
3590 Dwight Avenue, Riverside, CA 92507	$135,915	4	3	2,010	9,147
3625 Ottawa Avenue, Riverside, CA 92507	–	–	–	–	47,480
3580 Dwight Avenue, Riverside, CA 92507	$780,000	6	3	2,292	6,970
3572 Dwight Avenue, Riverside, CA 92507	–	2	1	1,840	6,970
3642 Ottawa Avenue, Riverside, CA 92507	–	3	1.75	1,425	6,970
3610 Dwight Avenue, Riverside, CA 92507	–	2	1	984	15,682
3622 Ottawa Avenue, Riverside, CA 92507	$650,000	5	3	–	9,583
3650 Ottawa Avenue, Riverside, CA 92507	$170,000	2	1	559	7,841
1869 Loma Vista Street, Riverside, CA 92507	$180,000	–	–	2,716	9,148
1872 Loma Vista Street, Riverside, CA 92507	$166,000	–	–	3,356	9,583
3642 Dwight Avenue, Riverside, CA 92507	$110,000	3	2	1,158	7,405
3550 Dwight Avenue, Riverside, CA 92507	$305,000	5	3	1,595	7,405
3658 Ottawa Avenue, Riverside, CA 92507	–	2	1	1,032	6,534

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of LE INVESTMENT GROUP, ALBERT LE, DRE #01468313

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

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