$1,200,000
$1,250,000
4.0%For more information regarding the value of a property, please contact us for a free consultation.
0.7 Acres Lot
SOLD DATE : 04/17/2014
Key Details
Sold Price $1,200,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV14000553
Sold Date 04/17/14
HOA Y/N No
Year Built 1986
Lot Size 0.697 Acres
Property Description
Arrow Garden Apartments is a rare multi-family investment opportunity located in the city of Fontana’s west region. Currently the rents for two bedrooms are $75 or 7.8% below the market rates of $950/Month. Three bedrooms two baths is $350 or 28% below the market rate of $1,225/month. Upon bringing up the current rents to market rate level, this property will generate an additional $1,050/month income and the annual gross income would be at $120,600. The laundry income is approx. $250/month collected for the owner since the laundry machines are owned. Arrow Gardens Apartments is situated on a rare 30,360 SF lot, with 20 assigned parking plus 2 visitors parking that are well served the tenants. Historically, this apartment building has long term tenants averaged lease term over 5 years. This is an ideal investment opportunity for an investor to own a newer built, pride of ownership type of asset in the west Fontana rental market, with healthy rent increases to apply for higher returns in the next 24 months.
Location
State CA
County San Bernardino
Area 699 - Not Defined
Zoning R3
Interior
Heating Forced Air
Cooling Central Air
Flooring Carpet
Fireplace No
Appliance Gas Cooktop, Disposal
Laundry Common Area
Exterior
Parking Features Assigned, Guest
Pool None
Community Features Suburban
Roof Type Composition
Total Parking Spaces 22
Private Pool No
Building
Lot Description Back Yard, Lawn, Landscaped, Rectangular Lot
Story Two
Entry Level Two
Sewer Septic Tank
Water Public
Architectural Style Patio Home
Level or Stories Two
Others
Tax ID 0230072320000
Security Features Fire Sprinkler System
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Dalida Lim • Payone Realty
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
880 Roosevelt Suite 250, Irvine, California, 92620, United States