1.1 Acres Lot
1.1 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV24215151
HOA Y/N No
Year Built 1984
Lot Size 1.100 Acres
Property Description
716 W Phillips St has an exceptional location. Tenants enjoy convenient access to several big-name retailers like In-N-Out, Target, Home Depot, Sams Club, Kaiser Permanente Medical Center, Harbor Freight, 24-Hour Fitness, and much more. Some local attractions within a 10-mile radius include Victoria Gardens, Top Golf, Toyota Arena, Claremont Village, and more. The property is also located within a 25-mile radius of several notable So Cal attractions in San Gabriel Valley, Anaheim and Riverside. Tenants also enjoy a short 1.4-mile drive to either the10 or 60 Freeway, granting access to Los Angels, Orange, and Riverside Counties.
716 W Phillips St offers a stellar unit mix of 100% 2-Bedroom/2.5-Bathroom townhomes. Each unit boasts a huge town-house style floorplan with nearly 1,200 SF each and is individually parceled. A new owner will benefit from this by having the option to keep as a bulk rental forever, sell off individually at once, or piece by piece throughout ownership. Each unit comes with built-in laundry appliances, patios & balconies, and access to individual 2-car garages. The nearly 48,000 SF lot gives ample space to tenants with large yards, community/open-garden space, and uncovered on-site parking. A savvy investor may be able to create future development opportunities since the buildings only occupy only 35% of the total lot (buyer to investigate).
Currently the property has the ability to generate approximately $31,926 in monthly rental income. Similar leased townhomes in the area achieved an effective rent of $2,600, allowing a new investor to capitalize on nearly 20% upside in rental income. Additional income at the property streams from a recently implemented utility reimbursement program – tenants currently split the cost of major expenses like water and trash evenly.
Location
State CA
County San Bernardino
Area 686 - Ontario
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dryer, Washer
Laundry Inside
Exterior
Garage Spaces 15.0
Garage Description 15.0
Pool None
Community Features Curbs, Sidewalks
Total Parking Spaces 15
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 1049583550000
Acceptable Financing Cash, Cash to New Loan, Owner Will Carry
Listing Terms Cash, Cash to New Loan, Owner Will Carry
Special Listing Condition Standard
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