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5358 Howard Street

Ontario, CA 91762
  • $2,575,000
  • STATUS: Active
  • ON SITE: 8 Days
  • ID#: CV23091638
UPDATED: 34 min ago
$2,575,000
  • 0
    BEDS
  • 0.81
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Listing Agent(s): Kristopher German of Re/Max 2000 Realty (626-956-0188)


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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2023-06-03T07:41:16.697. 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 deemed reliable but is not guaranteed accurate by the MLS or Randy Horowitz & Associates | Century 21 Peak. Licensed in the State of California, USA.
www.randyhorowitzandassociates.com/homes/139911975
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5358 Howard Street Ontario, CA 91762

  • Price: $2,575,000
  • Status: Active
  • On Site: 8 Days
  • Updated: 34 min ago
  • ID#: CV23091638
0
Beds
0
Baths
0
½ Baths
0.81
Acres
1963
Built
Neighborhood:
686 - Ontario
County:
San Bernardino
Area:
686 - Ontario
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.
Exterior Features

Entry Level 1 Entry Location Front Lot Features 6-10 Units/Acre Number Of Separate Electric Meters 7 Open Parking Spaces 14 Parking Features Garage Parking Total 21 Pool Features None Pool Private YN No Property Attached YN No

Interior Features

Appliances Gas Range Common Walls No Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Flooring Tile Heating See Remarks Heating YN Yes

Property Features

Additional Parcels YN No Cap Rate 5.51 Common Interest Community Apartment Community Features CurbsGutter(S)Sidewalks Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 193020 Gross Scheduled Income 193020 Insurance Expense 2714 Land Lease YN No Laundry Features Washer HookupElectric Dryer HookupGas Dryer Hookup Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Maintenance Expense 3500 Net Operating Income 141861 New Construction YN No New Taxes Expense 28882 Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Operating Expense 45369 Other Expense 4050 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Septic Tank Special Listing Conditions Standard Tenant Pays ElectricityGas Trash Expense 2576 Vacancy Allowance 5791 Water Sewer Expense 1846 Water Source Public Zoning Rs-20M



Based on information from California Regional Multiple Listing Service, Inc. as of 2023-06-03T07:41:16.697. 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 deemed reliable but is not guaranteed accurate by the MLS or Randy Horowitz & Associates | Century 21 Peak. Licensed in the State of California, USA.
 
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Randy Horowitz & Associates | Century 21 Peak
1241 E. 16th St.
Upland CA, 91784
Listing Agent(s): Kristopher German of Re/Max 2000 Realty (626-956-0188)