716 W Phillips St - Apartments FOR SALE


Ontario, CA 91762
$6,000,000 USD
909-418-2071
716 W Phillips St, Ontario, CA for Sale
$6,000,000 USD
Apartments - FOR SALE
1/35
null | 4.8% Cap Rate

716 W Phillips St
Ontario, CA 91762


HIGHLIGHTS

  • Favorable Interest Only Seller Financing Available (contact broker for terms)
  • Rare Opportunity to Purchase 15 Individually Parceled Townhouse-Style Units Significantly Below Market Pricing
  • 100% Large 2-Bedroom/2.5-Bathroom Townhomes, Approximately 1,200 SF Per Unit
  • Exceptional Location – The City of Ontario is the Fastest Growing Community in the Inland Empire
  • Boasts a 4.80% CAP Rate, A Strong CAP Rate for an 1980s Product with 15 Individual Parcels
  • Great Amenities Offering Ample On-Site Parking, 2-Car Garages for Each Unit, Patios & Balconies, Open Community Space, In-Unit Laundry, and Much More

OVERVIEW

Seller Carry Financing Available, Call Listing Agent for Details. 716 W Phillips St, is a 15-townhome condominium community located in the City of Ontario. The property exceeds standard size with over 17,000 SF and spans across nearly 48,000 SF of land. 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.

FOR SALE DETAILS

PRICE

$6,000,000 USD

PRICE/SF

$351 USD /SF

# OF UNITS

15

PRICE/UNIT

$400,000

CAP RATE

4.8%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1984

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.1 AC

LAND SF

47,916 SF

ZONING

R3

APN/PARCEL ID

1049-583-55,1049-583-56,1049-583-57,1049-583-58,1049-583-59,1049-583-60,1049-583-62,1049-583-64,1049-583-67,1049-583-68,1049-583-69,1049-583-72

ASK ABOUT THIS PROPERTY

Eric ChenCBRE, Inc.More Info
909-418-2071

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Eric ChenCBRE, Inc.More Info
909-418-2071

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.