1316 N Holly Avenue, Colton, CA 92324

$500,000
Sold Price
$500,000
List Price
$500,000
Closing Date
May 20, 2022
Status
CLOSED
MLS#
EV22000662
Year Built
1961
Lot Size
5,460
Acres
0.1253
Lot Location
Front Yard
Days on Market
15
Property Type
Single Family Residential
Property Sub Type
Duplex
Stories
One Level

Property Description

We are proud to offer this duplex property built in 1961 situated in a residential neighborhood; approximately 1632 sq ft according to the assessor, with a unit mix composed of (2) 2 bedroom / 1 bath units. Each unit has 1-car garage/storage. Competitive offering with pro forma CAP RATE of 4.6%, and GRM of 7.2. Five-year holding period internal rate of return 7.51% Property shows great pride of ownership. New windows were installed and the building exterior was painted both 4 years ago. Tenants pay all utilities. Stable long-term tenants in place. Both units are rented under market value. Presenting an opportunity for the new owner to increase cash flow. The median household income date in Colton is approx $53,800 supporting market rents. Colton’s median home value is $365,000 making this property attractive for any buyer at $250,000 per unit. Colton, referred to as the hub of the Inland Empire, is located in a suburb 60 mins from Los Angeles, Palm Springs, and Big Bear. Strategically located next to the I-10 and the I-215 freeways connecting destinations in every direction. An hour from beaches, snow, and desert climates. The property is located 7 mins away from the West Valley Specific Plan (WVSP) or Hub City Centre (HCC) which is a project proposing to build a mix of uses on 48.3-acres adding 275 residential units, office space, commercial, public use, and transportation. Including 63.5 acres of open space for habitat conservation. Creating a mix of urban uses. Adding to the community where people can live, work, and shop. HCC is anchored by Arrowhead Regional Medical Center (ARMC) employing 3,800 people and servicing more than 1,600 visitors a day. Adjacent is the California University of Science and Medicine (CUSM) with Loma Linda University Medical Center and Kaiser Permanente less than six miles away. This project offers a population of 329,554 within 5 miles and 1,037,371 within 10 miles. The Colton Crossing rail system has been a logistic hub since the late 1800’s running West and East via Union Pacific & BNSF Railway North America’s leading freight transportation companies creating employment opportunities in logistics for this area.

Additional Information

Other Buildings
Storage
Appliances
Gas Oven
Pool Description
None
Fireplace Description
Kitchen, Living Room, None
Heat
Natural Gas, Wall Furnace
Cooling
Yes
Cooling Description
Electric, Wall/Window Unit(s)
View
Neighborhood
Exterior Construction
Stucco
Garage Spaces Total
2
Sewer
Public Sewer
Water
Public
Interior Features
AllBedroomsDown
Attached Structure
Attached
Number Of Units Total
2
Gross Scheduled Income
$25,200
Operating Expense
7958

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Listing Agent: DORANCE CREIGHTON JR. from Listing Office: CREIGHTON REAL ESTATE

Listing sold by ISABEL LOPEZ from KW VISION

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.