$4,000,000
$4,100,000
2.4%For more information regarding the value of a property, please contact us for a free consultation.
0.42 Acres Lot
SOLD DATE : 10/01/2019
Key Details
Sold Price $4,000,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID IV18285184
Sold Date 10/01/19
HOA Y/N No
Year Built 1965
Lot Size 0.420 Acres
Acres 0.42
Property Description
Property Highlights; Offering Actual CAP Rate of 4.37 % / Attractive Market ProForma CAP Rate of 5.00 %, Actual GRM of 14.28, With a ProForma GRM of 13.19, Over $100,000 in capital expenditures invested in fully renovating 9 units, new copper plumbing (Type L), and shut off valves installed for the upper and lower units. Conservative 5-7 % Upside in Potential Rental Income Non-Rent Control Community & Area. Long Term Tenants With Upside in Potential Rental Income The Apartment is 100 % Occupied & Rental Comparables Illustrate a 98% Occupancy Area. Turn Key Financeable Asset. The Richland Apartments consist of (1) 1-bedroom 1-bath unit and (18) 2-bedroom 1-bath units on a 18,295 square foot lot. The two bedroom units are large and open being nearly 945 square feet each. The asset provides tenants with secured carport parking, storage, updated landscaping and an onsite laundry facility. The property is conveniently located near San Antonio Community Hospital which is the largest employer of Upland. Edison Elementary and Upland High School are within walking distance from this location. Public transportation such and the Upland Metrolink and Ontario Airport are conveniently located minutes away from the Richland Apartments.
Location
State CA
County San Bernardino
Area 690 - Upland
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Gas Cooktop
Laundry Common Area
Exterior
Carport Spaces 18
Fence Good Condition, Wood, Wrought Iron
Pool None
Community Features Suburban, Sidewalks
Utilities Available Sewer Connected
Roof Type Composition
Total Parking Spaces 18
Private Pool No
Building
Lot Description 16-20 Units/Acre, Drip Irrigation/Bubblers, Front Yard, Lawn, Landscaped, Paved, Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 1047221010000
Energy Description 540.0
Acceptable Financing Submit
Listing Terms Submit
Financing Cash to Loan
Special Listing Condition Standard
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Bought with ALBERT LE • LE INVESTMENT GROUP
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CEO | DRE# SA695240000 | DRE# 02100184