22869-22877 Adrienne Ave. Well maintained 12 units with center courtyard. Located in great rental area. Always rented and always full. Excellent unix mix of one, two, and three bedrooms. 4.89% cap rate on existing rents. Gated parking in the rear of the property. Seller increasing rents to bring 2025 income to $147,092 and cap rate to 5.2%. One 3 bedroom unit rented to the on-site manager at a reduced rate. Proforma income of $156,692 could be obtained by self-managing property. Close to Cottonwood Golf Center, 99 Cents Store, TJ Maxx, BJ's Restaurant, Chili Grill, Ross, Banks and Moreno Valley Mall.
Incredible opportunity to build your dream home on this well-situated large lot that includes two separate units. Welcome all builders and homeowners to create their own design and build your new home while enjoying the rental on two already built units on this property. The Topography report has been completed along with the soil's reports showing favorable building conditions for the addition of up to several units. Enjoy the short distance to all amenities including shopping, entertainment and neighborhood outings.
Courtesy: DEVINE REALTY GROUP, INC.
There are total 6 acres of land and 6 apartments, selling as land value as you can build additional houses and apartments on this property, it is an excellent location for development. Rental income effective Feb 1,2024 will be $8285 which is way below market rent ,Market rent for 2 bd is $2100 and 3 bd 2800 . Market rent could be $12000+ per month
Moreno Valley is located in California. Moreno Valley, California has a population of 208,371. Moreno Valley is more family-centric than the surrounding county with 36.42% of the households containing married families with children. The county average for households married with children is 35.14%.
The median household income in Moreno Valley, California is $73,635. The median household income for the surrounding county is $76,066 compared to the national median of $69,021. The median age of people living in Moreno Valley is 31.5 years.
The average high temperature in July is 97 degrees, with an average low temperature in January of 37.9 degrees. The average rainfall is approximately 12.3 inches per year, with 0 inches of snow per year.
