5358 Howard Street, Ontario, CA 91762

$2,550,000
Sold Price
$2,550,000
List Price
$2,575,000
Closing Date
Aug 11, 2023
Status
CLOSED
MLS#
CV23091638
Year Built
1963
Lot Size
35,250
Acres
0.81
Lot Location
6-10 Units/Acre
Days on Market
62
Property Type
Multifamily
Property Sub Type
Apartment
Stories
One Level

Property Description

We are pleased to offer for sale this TURN-KEY, fully rehabbed, 7 unit multi-family residential property in the city of Ontario. The subject property consists of 7 individual cottage style units that are situated on an oversized 35,250 SqFt Lot. Over the course of the last year the current owners have extensively improved the property which includes; INTERIOR: New Electrical Throughout (New Electrical Sub-Panels, New Romex Wiring, New Recessed Lighting, New Decora Plugs and Switches), Majority of Plumbing Updated, New Tile Flooring Throughout, Fully Remodeled Kitchens, Fully Remodeled Bathrooms, New Interior Paint, Acoustic Ceiling Removal, New Dual-Pane Windows, 3 A/C Units per unit, New Ceiling Fans, New Entry and Interior Doors, EXTERIOR: New Roof and wood sheeting on (4) of the Units (remaining 3 roofs in good condition), New Exterior Paint and Stucco Repair, Xeriscape Landscaping Throughout for Minimal Water Expense, & New Exterior Lighting. The unit mix is comprised of 1(3Bed/1Bath) stand alone cottage and 5(2Bed/1Bath) stand alone cottages. The units are separately metered for electricity and gas while the owner pays for water and trash. Each unit has access to an attached 1 car garage with an additional 2 open parking spaces. Tenants enjoy interior washer/dryer hookups as well as private backyards with covered patios. The current CAP Rate based on existing rents is 5.5% with a current 13.34GRM. This property offers a new investor an opportunity to purchase a true pride of ownership asset, with excellent rental rates in place, and most importantly, stable monthly cash-flow with little to no maintenance required.

Additional Information

Appliances
Gas Range
Pool Description
None
Heat
See Remarks
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Garage Spaces Total
7
Sewer
Septic Tank
Water
Public
Attached Structure
Detached
Number Of Units Total
7
Gross Scheduled Income
$193,020
Operating Expense
45369

Listing courtesy of Listing Agent: KRISTOPHER GERMAN (kris@theapartmentdealer.com) from Listing Office: RE/MAX 2000 REALTY.

Listing sold by LIANGYING XU from UNIVERSAL ELITE INC.

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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.