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5/20/20
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A 36-unit multifamily property in Riverside sold for $5.5 mil, or $153k/unit. The corner lot property is located at 3801 Madison St and 7469 Magnolia Ave, on the northwest side of the 91 Fwy about three miles south of I-215.
The property sits within walking distance to Cal Baptist University and features 18 one-bedroom and 18 two-bedroom units. Amenities include a swimming pool, multiple on-site laundry facilities and ample covered and open off-street parking spaces.
The private San Diego-based seller, having owned the property free and clear, provided interest-only seller fixed-rate financing for five years at 3.75%. This is the first time the property traded hands in more than 45 years.
CBRE’s Eric Chen and Blake Torgerson represented the buyer in the transaction. According to Torgeson, in order to make the deal work for all parties involved, they negotiated a slight reduction in price and the seller agreed to carry interest-only financing at very competitive terms.
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