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Listed by Kristopher German • RE/MAX 2000 REALTY
$ 4,100,000
Est. payment /mo
Active
145 West Grove Street Rialto, CA 92376
13,610 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 13,610 sqft
Price per Sqft $301
MLS Listing ID CV-24236870
Style Colonial
Year Built 1974
Lot Size 0.790 Acres
Property Sub-Type Apartment
Property Description
6.03% Current CAP Rate & 11.27 GRM! We are pleased to present an exceptional turn-key investment opportunity in a prime multi-family asset, offering a rare combination of solid cash flow and substantial upside potential. The property features an attractive unit mix of (1) 3-Bedroom/2-Bathroom, (1) 2-Bedroom/2-Bathroom, (10) 2-Bedroom/1-Bathroom, and (3) 1-Bedroom/1-Bathroom units, making it well-suited for a diverse tenant base. Recent capital improvements have brought the property to a "like-new" condition, with 13 out of 15 units undergoing comprehensive renovations that include new flooring, kitchens, bathrooms, walk-in closets, appliances, and updated electrical subpanels. The exterior has also been extensively upgraded, with new HVAC systems, a remodeled entryway, refreshed landscaping, and all copper plumbing, ensuring long-term durability and tenant satisfaction. Built in the 1970s, the property features colonial-style architecture and includes valuable amenities that enhance tenant experience, such as gated on-site parking, an on-site laundry facility, and a recreational room. For added privacy, the property offers a private entrance with an intercom system. Beyond the current upgrades, this property offers immediate value-add potential with approved plans for three ADUs, which will allow for increased rental income and overall asset appreciation. Currently, the property boasts a Gross Rent Multiplier (GRM) of 11.27 and a Capitalization Rate (Cap Rate) of 6.03%, with plenty of upside as market rents continue to rise and the ADU plans are implemented. With the combination of significant recent capital expenditures, desirable tenant amenities, and the approved ADU plans, this asset is primed for both strong short-term returns and long-term value growth. This is an ideal opportunity for investors looking for a well-maintained, cash-flowing property with substantial upside potential.
Location
State CA
County San Bernardino
Area 272 - Rialto
Interior
Heating Central
Cooling Central Air
Laundry Common Area
Exterior
Parking Features On Site, Carport
Pool None
Community Features Sidewalks, Street Lights
Building
Lot Description Corner Lot, Garden, Lot 20000-39999 Sqft, 0-1 Unit/Acre
Sewer Public Sewer
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944