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Key Details
Sold Price $3,200,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CV22181525
Sold Date 11/01/22
Bedrooms 9
HOA Y/N No
Lot Size 0.790 Acres
Property Description
We are pleased to present for sale The Colonial Manor, a unique and one-of-a-kind Multi-Family asset. The subject property boasts an excellent unit mix of (1) 3-Bed/2-Bath "Owner's Unit," (2) 2-Bed/2-Bath units, (10) 2-Bed/2-Bath units, and (1) 1-Bed/1-Bath unit. This is the first time the property has been offered for sale since its initial construction in 1974. The tenants enjoy a glass-door security coded entryway, gated onsite parking, a private recreational room, a common garden area, and an onsite laundry facility. While the current owners have rarely raised rental rates given the longevity of their ownership, the city of Rialto rental market has offered strong rental demand and rental rate growth over the last decade, most recently with rents growing by 15.2% in 2021 and poised to grow at a 7.8% rate this year (per CoStar Group). With market rental rates in place, there is an approximate 55% upside in rental income, ideal for an investor looking for a "value-add" asset.
We are pleased to present for sale The Colonial Manor, a unique and one-of-a-kind Multi-Family asset. The subject property boasts an excellent unit mix of (1) 3-Bed/2-Bath "Owner's Unit," (2) 2-Bed/2-Bath units, (10) 2-Bed/2-Bath units, and (1) 1-Bed/1-Bath unit. This is the first time the property has been offered for sale since its initial construction in 1974. The tenants enjoy a glass-door security coded entryway, gated onsite parking, a private recreational room, a common garden area, and an onsite laundry facility. While the current owners have rarely raised rental rates given the longevity of their ownership, the city of Rialto rental market has offered strong rental demand and rental rate growth over the last decade, most recently with rents growing by 15.2% in 2021 and poised to grow at a 7.8% rate this year (per CoStar Group). With market rental rates in place, there is an approximate 55% upside in rental income, ideal for an investor looking for a "value-add" asset.
Location
State CA
County San Bernardino
Area Rialto (92376)
Zoning Assessor
Building
Lot Description Curbs, Sidewalks
Story 2
Level or Stories 2 Story
Others
Acceptable Financing Cash
Space Rent $2,350
Listing Terms Cash
Financing Cash
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Kobe Zimmerman
Berkshire Hathaway Home Services California Properties
kobezimmerman@bhhscalifornia.com +1(858) 753-3353Our team is ready to help you sell your home for the highest possible price ASAP
Bought with KRISTOPHER GERMAN • RE/MAX 2000 REALTY