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1420 - 1424 E Williams Street

Banning, CA 92220
  • $1,650,000
  • STATUS: Active
  • ON SITE: 29 Days
  • ID#: OC22087408
$1,650,000
  • 0
    BEDS
  • 0.74
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1960
County:

School Ratings & Info

Listing Agent(s): Daniel Escutia of Esen Real Estate Services (949-310-3522)


Description

Fantastic 10-unit apartment building located in the city of Banning. This property consists of two buildings on two lots, offering a great unit mix: (8) two bedroom and one bathroom units & (2) one bedroom and one bath units. The $200k extensive interior and exterior renovation was done over the last 24 months. Some of the upgrades include but are not limited to new kitchens, updated bathrooms, new flooring interior painting, and a resurfaced parking lot. All units are currently below market rents. Each of the units have been updated to varying degrees as tenants have moved out. There is currently a 39% upside on rents. Conveniently located near a major highway and the Morongo Hotel & Casino.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T00:32:21.227. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
www.northsdrealty.com/homes/128158770
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1420 - 1424 E Williams Street Banning, CA 92220

  • Price: $1,650,000
  • Status: Active
  • On Site: 29 Days
  • ID#: OC22087408
0
Beds
0
Baths
0
½ Baths
0.74
Acres
1960
Built
Neighborhood:
263 - Banning/Beaumont/Cherry Valley
County:
Riverside
Area:
263 - Banning/Beaumont/Cherry Valley
Property Description
Fantastic 10-unit apartment building located in the city of Banning. This property consists of two buildings on two lots, offering a great unit mix: (8) two bedroom and one bathroom units & (2) one bedroom and one bath units. The $200k extensive interior and exterior renovation was done over the last 24 months. Some of the upgrades include but are not limited to new kitchens, updated bathrooms, new flooring interior painting, and a resurfaced parking lot. All units are currently below market rents. Each of the units have been updated to varying degrees as tenants have moved out. There is currently a 39% upside on rents. Conveniently located near a major highway and the Morongo Hotel & Casino.
Exterior Features

Lot Features 6-10 Units/AcreBack YardRectangular Lot Number Of Separate Electric Meters 10 Open Parking Spaces 15 Parking Features AsphaltGated Parking Total 15 Pool Features None Pool Private YN No Property Attached YN Yes Roof CompositionShingle View Mountain(S) View YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 6.21 Common Interest None Community Features CurbsMountainousStreet Lights Garage YN No Gross Income 107400 Gross Scheduled Income 150000 Insurance Expense 0 Land Lease YN No Laundry Features None Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Net Operating Income 102419 New Construction YN No Number Of Separate Gas Meters 10 Number Of Separate Water Meters 2 Operating Expense 0 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Trash Expense 0 Vacancy Allowance 4500 Vacancy Allowance Rate 3 Water Sewer Expense 0 Water Source Public Zoning R3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T00:32:21.227. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
 
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The Houston Team | Compass CA DRE#01991628
2100 Costa Del Mar
Carlsbad CA, 92009
Listing Agent(s): Daniel Escutia of Esen Real Estate Services (949-310-3522)