3401 Ramona Drive
3401 Ramona Drive
Description
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...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.
- Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717
Property Details for 3401 Ramona Drive
Location
Property Details for 3401 Ramona Drive
| Status | Active |
|---|---|
| MLS # | CV24098181 |
| Days on Market | 19 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1972 |
| County | Riverside County |
Location
Building Information for 3401 Ramona Drive
Payment Calculator
$65,291 per month
30 year fixed, 7.25% Interest
$57,576
$7,715
$0
Property Information for 3401 Ramona Drive
- Gross Income: $771,108
- Gross Scheduled Income: $771,108
- Vacancy Allowance: 23133
- Gross Operating Income: $747,975
- Net Operating Income: $432,627
- Laundry Income: $5,280
- Gross Multiplier: 13.68
- Cap Rate: 4.1
- Operating Expense: $315,348
- New Taxes Expense: $118,821
- Fuel Expense: $16,476
- Insurance Expense: $28,600
- Maintenance Expense: $28,600
- Professional Management Expense: $59,919
- Other Expense: $8,800
- Other Expense Description: Reserves
- Trash Expense: $12,240
- Water Sewer Expense: $25,992
- Supplies Expense: $1,500
- Total Expenses: $315,348
- Tax Tract Number: 030700
- Tax Census Tract: 307.00
- CFD/Mello-Roos Fee: $1,584
- Tax Lot: 1
- Community Features: Curbs, Sidewalks
- Laundry: Yes
- Laundry Features: Common Area
- Cooling: Central Air, Wall/Window Unit(s)
- Heating Type: Wall
- Heating: Wall Furnace
- Entry Location: 1
- Pool Features: Community
- Pool: Community/Common
- Spa Features: None
- Lot Features: Lot Over 40000 Sqft
- Number Of Units: 44
- Land Lease: No
- Land Lease Type: Fee
- Levels: One, Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Unit Type Units Total: 20
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,279
- Unit Type Total Rent: $306,996
- Unit Type Pro Forma: 1900
- Unit Type Type: 1
- Unit Type Units Total: 24
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,593
- Unit Type Total Rent: $458,832
- Unit Type Pro Forma: 2100
- Unit Type Type: 2
- Number Of Units Leased: 44
- Rent Controlled: Yes
- Number Of Buildings: 6
- Number Of Separate Electric Meters: 44
- Number Of Separate Gas Meters: 44
- Number Of Separate Water Meters: 1
Property History for 3401 Ramona Drive
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 3401 Ramona Drive
Schools near 3401 Ramona Drive
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 6 | |||
| Public - | 7 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | K to 12 |
Rating | School | Distance |
|---|---|---|
Pachappa Elementary School PublicK to 6 | ||
Central Middle School Public7 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Riverside Virtual PublicK to 12 |
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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Listing Courtesy of CB RICHARD ELLIS, ERIC CHEN, DRE #01489184
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.