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Key Details
Sold Price $1,750,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV20215693
Sold Date 12/23/20
HOA Y/N No
Year Built 1950
Lot Size 0.550 Acres
Acres 0.55
Property Description
We are pleased to offer for sale this 9 unit investment property located in the city of Ontario. Comprised of 3 separate buildings, the unit composition is ALL 2Bed/1Bath units. The first structure is a 1950's built single family cottage with private yard and laundry hookups. The remaining 2 buildings were constructed in 1982 and offer central A/C and heat. All tenants pay for electricity & gas, while the owner pays for water and trash. The offering is comprised of 2 lots (total size 23,580 sqft), the first being the lot on which the structures currently exist, and then an additional lot to the rear which may allow for additional development (buyer and buyer's agent to verify.) Offered at a current 13.34 GRM and a 4.82% CAP Rate, the offering is already a lucrative opportunity for a new investor, not to mention the additional 30% upside in rental rates that exists given the low rents in place. Ontario has only seen vacancy tighten and rental rates climb given it is a desirable rental location for tenants, and a great opportunity for investors looking for the path of appreciation.
Location
State CA
County San Bernardino
Area 686 - Ontario
Rooms
Ensuite Laundry Common Area, Inside
Interior
Laundry Location Common Area,Inside
Fireplace No
Laundry Common Area, Inside
Exterior
Garage Assigned
Pool None
Community Features Curbs, Gutter(s), Sidewalks
Parking Type Assigned
Total Parking Spaces 24
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 1049531350000
Energy Description 823.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash to Loan
Special Listing Condition Standard
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Bought with KRISTOPHER GERMAN • RE/MAX 2000