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Key Details
Sold Price $1,100,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID EV22012939
Sold Date 06/02/22
Bedrooms 12
HOA Y/N No
Lot Size 1.320 Acres
Property Description
We have six units managed by the same company for 7 years, all but one are long term tenants with strong rent rolls. Rents could stand a 10.000% increase this year regarding rent cap law. We have had no major repair issues reported in the last few years. The rental income would support a loan with a gross rents at about 78K a year and features and incredible buildable plane into the near future. Actual cost and accounting available. This property and current income at about 7k per month, we also find real value is based on it's location on Mentone Blvd and shared property lines with other owner developers. Our engineer believes we can build 27 units at this location, access to sewer is about a block away, the county will not issue any septic at the time of investigation but it's only a matter of time before we have a sewer connection at the street and the ability to build without having to tap in down the block. The prospectus on the build would be approximately 27 One thousand square foot two bedroom apartments which should bring $1,500.00 a month at $40,500.00 gross monthly revenues. We estimate the construction to be about $174.00 per square foot or $4.6 Million dollars. This location is a main road connection with incredible future possibilities.
We have six units managed by the same company for 7 years, all but one are long term tenants with strong rent rolls. Rents could stand a 10.000% increase this year regarding rent cap law. We have had no major repair issues reported in the last few years. The rental income would support a loan with a gross rents at about 78K a year and features and incredible buildable plane into the near future. Actual cost and accounting available. This property and current income at about 7k per month, we also find real value is based on it's location on Mentone Blvd and shared property lines with other owner developers. Our engineer believes we can build 27 units at this location, access to sewer is about a block away, the county will not issue any septic at the time of investigation but it's only a matter of time before we have a sewer connection at the street and the ability to build without having to tap in down the block. The prospectus on the build would be approximately 27 One thousand square foot two bedroom apartments which should bring $1,500.00 a month at $40,500.00 gross monthly revenues. We estimate the construction to be about $174.00 per square foot or $4.6 Million dollars. This location is a main road connection with incredible future possibilities.
Location
State CA
County San Bernardino
Area Mentone (92359)
Zoning Assessor
Exterior
Garage Unit1:Assigned
Building
Story 2
Sewer Septic Installed
Level or Stories 2 Story
Others
Acceptable Financing Cash
Space Rent $78,024
Listing Terms Cash
Financing Conventional
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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 General NONMEMBER • NONMEMBER MRML