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Updated about 8 years ago on . Most recent reply
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Riverside CA
Most Popular Reply
I've been a property manager in Riverside since 2007 and buying multifamilies since 2010 and experienced the housing recession first hand. The window of opportunity to cashflow in Riverside multifamily has closed as the market has recovered. It's in the later stages of expansion in the market cycle and considered a sellers market. You may be able to cashflow in the mid-single digits. Deals seem to be trading from 6-7cap. If you see an 8 or 9 cap, be cautious - do your numbers accurately and visit the neighborhood.
Multifamily and apartments are a desirable asset class, that tends to have buyers overpay. Yesterday an agent emailed his listing that sold for $103K per unit in San Bernardino - they were mostly bigger 3 bed units built in 1987. I sold a sixplex last year of all 2 beds for $83k per unit in San Bernardino, built 1957. The last multifamily purchase I did was in 2013 and it was shortly thereafter that values spiked. Since then I've been buying out of state.