3681 Cranford AVE, Riverside, CA 92507

$16,300,000

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Listed by Jonathan Mitchell, from Kidder Mathews of California, Inc
(If provided) CoList: from

Sold listing courtesy of Jonathan Mitchell from

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Sold Price: $16,300,000
List Price: $16,995,000
Closing Date: Aug 11, 2026
MLS#: CROC26004201
Status: SOLD
Levels: Three or More Stories
Lot Size: 2
Listing Area: 699 - Not Defined
Year Built: 1965

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Property Description

$600,000 Price Reduction. Day one 6.10% CAP Rate & 9.4 GRM. Built in 1964, The University Gardens consist of approximately 67,202 of rentable square feet and is in good condition since the current ownership has made several recent renovations to the interiors & exteriors. The unit mix consists of 2 Bedroom, 1 Bedroom & Studio units. The property is situated on approximately 3 acres of land that includes tuck under parking, carports, open on-site parking in addition to street parking. The property is also separately metered for gas and electric with a community laundry rooms, pools & rental office. Select units have been tastefully remodeled with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting & ceiling fans throughout. Most of the "heavy lifting" is almost complete and should appeal to an investor looking for an asset surrounded by tremendous job opportunity and 10% realistic rental upside. Priced way below replacement cost (under $253 per foot) & less than 1.5 miles from 91 and 215 freeways. Earthquake retrofit and seismic upgrades have been made & all newer roofs and rain gutters.

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Additional Information

Cooling System: Window / Wall Unit
Garage Parking: Assigned Spaces
Heating System: No Heating
Laundry Facilities: Laundry Area, Washer/Dryer - Leased, Community Facility
Levels: Three or More Stories
Lot Size: 2
Neighborhood: 699 - Not Defined
Pool Description: Community Facility
Unincorporated Yn: Yes

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The data relating to real estate for sale on this display comes in part from the Internet Data Exchange program of the MLSListingsTM MLS system. Real estate listings held by brokerage firms other than Bailey Properties are marked with the Internet Data Exchange and detailed information about them includes the names of the listing brokers and listing agents.
Based on information from MLSListings MLS as of . 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.