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Listed by Eric Chen • CB RICHARD ELLIS
$3,350,000
Est. payment /mo
14,529 SqFt
Pending
3060 Panorama Road Riverside, CA 92506
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Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 14,529 sqft
Price per Sqft $230
MLS Listing ID CV-25042378
Year Built 1968
Lot Size 2.590 Acres
Property Sub-Type Apartment
Property Description
We are proud to present an exceptional opportunity to acquire a unit 12-Unit multifamily property located at 3060 Panorama Road in the city of Riverside. Running adjacent to the 91 Freeway, off of Central Avenue and Ivy Street, the property consists of ?14,529 SF of rentable square feet and is situated on a generous ?112,820 SF hillside lot. The property boasts mature landscaping with lovely mountain views, and onsite carport and surface parking. The units are spacious with an average size of 1,211 SF and feature upgraded fully equipped kitchens with electric stoves and oven ranges, dishwashers, in-unit washer and dryer hook-ups, horizontal blinds, AC/heating, modern fixtures, large walk-in closets, spacious patios or balconies, and a combination of stylish plank wood and carpet flooring throughout. 3060 Panorama Road offers a central location with convenient access to the Metrolink Downtown Riverside Commuter Rail Station. The property is also close to shopping centers, theaters, restaurants, and trendy shops, catering to diverse needs and providing excellent entertainment options. The Inland Empire, and Riverside in particular, presents a compelling opportunity for multifamily investors seeking portfolio expansion. Riverside benefits from a robust and growing workforce, anchored by the presence of major regional distribution centers. These hubs of commerce attract a consistent influx of new residents seeking employment, creating a reliably strong and stable demand for rental housing. The area's economic foundation, driven by logistics and distribution, provides a level of stability that can be particularly appealing to investors looking for long-term growth and minimal vacancy risk. Furthermore, the Inland Empire, while experiencing growth, often offers more competitive entry points compared to other Southern California markets, making it an attractive option for investors looking to diversify their holdings or enter the multifamily market. 3060 Panorama Road is a stable income-producing asset in the Inland Empire, promising a strong return on investment. Whether you're a first-time investor seeking to enter the market, a seasoned investor looking to expand your portfolio, or considering a 1031 Exchange, this property offers exceptional stability and long-term value.
Location
State CA
County Riverside
Area 252 - Riverside
Zoning R3
Interior
Heating Central
Cooling Central Air
Laundry Gas Dryer Hookup, Inside, Washer Hookup
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Sidewalks
Building
Lot Description 11-15 Units/Acre
Sewer Public Sewer