(949) 789-4555
Villas at Columbia
VILLAS AT COLUMBIA
City of Riverside
THE OPPORTUNITY
The subject property, Villas at Columbia, is an 18-unit apartment community in the City of Riverside, only 1.5 miles from the city core downtown. The apartment homes are situated on a 1.23-acre parcel featuring covered parking and a gated entry. The large site allows for adding ADUs to the property. The homes were built in 1988. Over the last six months, 11 of the units were fully renovated with new flooring, paint, kitchen appliances and cabinets, and all new bathrooms. Ceiling fans and other attractive details complement the renovations. All units are air-conditioned and have fireplaces.
The property has an existing tentative map and the ownership has processed DRE/HOA documents that will allow for a conversion of the units to for-sale condos at the discretion of the ownership. It should be noted that considerable value may be recognized in the conversion of the subject units to condos.
INVESTMENT HIGHLIGHTS
- 11 units fully upgraded with new flooring, paint, kitchens and baths.
- Well-located community with extensive open space and garden areas.
- Quick access to the 91 and 60 freeways.
- Desirable unit mix with 1 bedroom/ 1.5 bath units with lofts and 2 bedroom/ 2 bath units with and without lofts.
- Average unit size 862 SF.
- Considerable upside to increase current rents to market.
- Potential to add ADUs.
- The existing condo map and DRE approvals with individual metering for utilities allow a buyer to complete a condo conversion as a possible value add approach.
