3573 Columbia Avenue
Riverside, CA 92501
53,579.00 acres | #OC24239190
Description
The Villas at Columbia is an 18-unit apartment community located just 1.5 miles from the heart of downtown Riverside. Built in 1988, the property sits on a 1.23-acre parcel and features gated access, covered parking, and ample space for potential ADU additions.
In the past six months, 11 of the units have undergone comprehensive renovations, including updated flooring, fresh paint, modernized kitchens with new appliances and cabinetry, and fully remodeled bathrooms. Each unit is equipped with air conditioning, fireplaces, ceiling fans, and other appealing design features.
The property includes a tentative map and fully processed DRE/HOA documents, enabling a seamless conversion to for-sale condominiums at the owner's discretion. This presents a unique opportunity to unlock significant additional value through a condo conversion strategy.
Each unit is individually metered for electricity and gas, with tenants covering these costs. The owner currently pays for trash, water, and sewer, and there is no RUBS program in place, offering potential buyers an opportunity to enhance operational efficiency and increase income.
The unit mix is highly desirable, featuring one-bedroom units with lofts and two-bedroom units with and without lofts. Uniquely, all one-bedroom units include 1.5 bathrooms, an uncommon feature in the market. Additionally, loft units command a notable rental premium compared to non-loft options.
Property Details
- Lot DescriptionTwoToFiveUnitsAcre
- Stories2
Measurements
- Acres53579
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1988
Utilities / Energy Details
- Utility SourceOther
Community and Neighborhood Details
- CountyRiverside
Financial Details
- Original List Price$5,798,000
Other
- MLS #OC24239190
Location
Legal
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Cindy Chin (#OCCHINCIN)
Listing Office: Cindy Chin Realty (#OC14088)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
