$8,950,000

38221 Camino Cinife

Murrieta CA, 92563

Description

CBRE is proud to exclusively present a multifamily opportunity located in the City of Murrieta! Murrieta Seniors Portfolio is a prime Murrieta 55+ offering located just east of the I-215 freeway, within close proximity of downtown Murrieta. The location offers convenient freeway access and is located in a mature, highly desirable, quiet, low-traffic sector of Murrieta, within 1 mile of shopping, restaurants and more. The area also offers convenient access to the neighboring cities of Temecula, Lake Elsinore and Hemet via the I-215, I-15 and 79 freeways. Access to South Orange County is provided using Highway 74 and Oceanside is accessible within an hour's drive on I-15. This unique offering features 41 individual manufactured homes operated as rentals. This provides an attractive housing alternative to seniors, who may prefer a more traditional home lifestyle without the drawbacks of apartment living or home ownership. The homes are well-maintained and offer significant rental upside for new ownership. The 41 properties within the portfolio total to 57,406 rentable square feet with a total land area of 4.65 Acres. The property offers an excellent mix of two-bedroom/two-bathroom and three-bedroom/ two-bathroom homes averaging 1,400 square feet. The property has historically high occupancy and is generating $56,765 in monthly rental income. There is a rental upside of approximately 20% that can be realized through renovation of the homes to bring them to market rates.

Details

MLS#CV19254175
Sub-TypeResale
StatusActive
Year1971
Days On Site41

Features

SQ Feet57,406
Units41
Building(s)1
Golf CourseYes

Market Activity 92563

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Area Information

StateCA
CountyRiverside
CityMurrieta
Zip Code92563
AreaSRCAR - Southwest Riverside County
Listing VS Median (in 92563)
Price:
$8,950,000
low | high
Med:
$435,000
100% of Average
SqFt:
57,406
low | high
Med:
1,493
100% of Average
$ / SqFt:
$156
low | high
Med:
$291
36.880376580467% of Average
On Site:
41
low | high
Med:
6
100% of Average
Listing Updated: 12/10/2019
MLS Number: CV19254175
Listing Provided By:
ERIC CHEN  of  CB RICHARD ELLIS
MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.