First time the property traded hands in 45 years
Riverside, Calif. – May 19, 2020 – CBRE announced the sale of a 36-unit multifamily property in Riverside, Calif. to an unidentified local buyer for $5.5 million.
The corner lot property, located at 3801 Madison Street & 7469 Magnolia Avenue, 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 percent. This is the first time the property traded hands in more than 45 years.
“We discovered some cash-flow issues during the due diligence process,” said Chen. “Thanks to our team’s expertise and diligence and the willingness of the seller to step up to provide competitive lending, we were able to close this transaction in spite of challenges.”
Added Torgerson, “This is a great example of overcoming difficulties and marrying a motivated seller with a willing buyer during these unprecedented times. In order to make this deal work for all parties involved, we were able to successfully negotiate a slight reduction in price and for the seller to carry interest-only financing at very competitive terms. Truly a win-win for all.”