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Listed by TREVOR CASEY • REGIONCY REAL ESTATE
$ 755,000
Est. payment | /mo
3,090 SqFt
$ 755,000
Est. payment | /mo
3,090 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,090 sqft
Price per Sqft $244
MLS Listing ID CRIG25227871
HOA Y/N No
Year Built 1949
Lot Size 0.380 Acres
Property Sub-Type Other
Source Datashare California Regional
Property Description
This six-unit multifamily property at 545 N 2nd St, Banning, CA, presents an exceptional value-add opportunity for investors seeking strong returns and significant upside potential in a growing market. The property consists entirely of (6) 1-bedroom, 1-bathroom units, all of which are individually metered for gas and electric, providing ease of management and lower owner expenses. The building offers an immediate pathway to increased income: Current Occupancy: 2 units are currently rented at $1,540 each, generating a total Gross Monthly Income of $3,080. Immediate Vacancy Fill: Two existing units are vacant and ready to be filled. By leasing these at the current market rate of $1,540 per month, the investor can achieve a current Cap Rate of ±6.83% (based on a hypothetical purchase price). The significant value-add component lies in the rear two units: Rehabilitation Opportunity: Two units in the rear of the property are fire-damaged and require rehabilitation. Once all six units are renovated and leased at the prevailing market rate, the proforma annual gross income is projected at $108,480 and an exceptional proforma Cap Rate of 11.18%. Situated in Banning, CA, offering proximity to local amenities and potential for tenant demand from the surrounding Inland Empire area. Ideal f
Location
State CA
County Riverside
Interior
Heating Wall Furnace, None
Cooling Wall/Window Unit(s)
Flooring Vinyl
Fireplace No
Laundry No Hookups
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Vander Meulen Real Estate Group
Broker, REALTOR® | Lic# 00842213 | Lic# 02150745