3573 Columbia Avenue Riverside, CA 92501

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 u...nits 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. Continue reading