CA > Rialto
Rialto, CA 92376,145 W Grove ST
Rialto, CA 92376,145 W Grove ST
Rialto, CA 92376,145 W Grove ST
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$4,275,000
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0.79 Acres Lot
Active

145 W Grove ST Rialto, CA 92376

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Kary Manering

Kary Manering

+1(619) 796-3717

UPDATED:

12/10/2024 07:49 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV24236870

Construction Status Updated/Remodeled,Turnkey

HOA Y/N No

Year Built 1974

Lot Size 0.790 Acres

Property Description

We are pleased to present an exceptional turn-key investment opportunity in a prime multi-family asset, offering a rare combination of solid cash flow and substantial upside potential. The property features an attractive unit mix of (1) 3-Bedroom/2-Bathroom, (1) 2-Bedroom/2-Bathroom, (10) 2-Bedroom/1-Bathroom, and (3) 1-Bedroom/1-Bathroom units, making it well-suited for a diverse tenant base. Recent capital improvements have brought the property to a "like-new" condition, with 13 out of 15 units undergoing comprehensive renovations that include new flooring, kitchens, bathrooms, walk-in closets, appliances, and updated electrical subpanels. The exterior has also been extensively upgraded, with new HVAC systems, a remodeled entryway, refreshed landscaping, and all copper plumbing, ensuring long-term durability and tenant satisfaction.

Built in the 1970s, the property features colonial-style architecture and includes valuable amenities that enhance tenant experience, such as gated on-site parking, an on-site laundry facility, and a recreational room. For added privacy, the property offers a private entrance with an intercom system. Beyond the current upgrades, this property offers immediate value-add potential with approved plans for three ADUs, which will allow for increased rental income and overall asset appreciation.

Currently, the property boasts a Gross Rent Multiplier (GRM) of 12.06 and a Capitalization Rate (Cap Rate) of 5.52%, with plenty of upside as market rents continue to rise and the ADU plans are implemented. With the combination of significant recent capital expenditures, desirable tenant amenities, and the approved ADU plans, this asset is primed for both strong short-term returns and long-term value growth. This is an ideal opportunity for investors looking for a well-maintained, cash-flowing property with substantial upside potential.

Location

State CA

County San Bernardino

Area 272 - Rialto

Interior

Heating Central

Cooling Central Air

Fireplace No

Laundry Common Area

Exterior

Parking Features Carport, Gated, On Site

Carport Spaces 16

Pool None

Community Features Street Lights, Sidewalks, Gated

Total Parking Spaces 20

Private Pool No

Building

Lot Description 0-1 Unit/Acre, Corner Lot, Garden

Story 1

Sewer Public Sewer

Water Public

Architectural Style Colonial

New Construction No

Construction Status Updated/Remodeled,Turnkey

Others

Senior Community No

Tax ID 0127543010000

Security Features Gated Community

Energy Description 775.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

California Regional MLS (CRMLS)
Listed by Kristopher German • RE/MAX 2000 REALTY • 909-645-0443

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Kary Manering

Agent | License ID: 01999946

+1(619) 796-3717

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145 W Grove ST