3881 5th Street is located in the heart & robust rental market of Downtown Riverside, California. Built in 1938 and updated in 2022 & 2023. The property consists of 4,340 rentable square feet and is comprised of a unit mix of four 2 Bed / 1 Bath and two 1 Bed / 1 bath units. The property is situated on a 0.18-acre lot and includes 4 private garages with street parking also available. The property is separately metered for gas and electric with a community laundry room. The current ownership has renovated all the interiors including a new block wall and gates. Each unit was tastefully remodeled with new flooring, windows, cabinets, stove, microwave, countertops, sink, toilet, vanity, shower, AC, recessed lighting and ceiling fans throughout. The “heavy lifting” is complete and should appeal to an investor looking for a bite size, turnkey property located in Downtown Riverside surrounded by tremendous job opportunity within walking distance for the tenants to choose from.
Riverside is in the county seat of Riverside County; California and it is the most populous in the county. The United States Census Bureau estimated its 2019 population at 325,000, making Riverside the 12th most-populous city in California. Riverside is in Southern California, adjacent to the 60, 91 & 215 freeways and 38 miles to Disneyland, 69 miles to LAX Airport and 54 miles to Palm Springs . Founded in 1883, the city is part of the Greater Los Angeles Area, the second largest metropolitan area in the United States, with almost 18 million residents in 2020. Downtown Riverside is a very densely populated area consisting of Luxury Hotel, Office, Retail, restaurants and entertainment all within walking distance of the subject property. The local apartment market in the city of Riverside remains strong, and thus this property offers an investor the ability to capture quality residents seeking a well-located neighborhood with convenient access to a wide variety of employment opportunities, retail, transportation and educational amenities. The overall demand for well-located apartments will be a key driver in the continued growth in Riverside, California.
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