145 Grove Street, Rialto, CA 92376
  • MLS#: CV24236870 ( Apartment )
  • Street Address: 145 Grove Street
  • Viewed: 4
  • Price: $4,275,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1974
  • Bldg sqft: 0
  • Days On Market: 60
  • Additional Information
  • County: SAN BERNARDINO
  • City: Rialto
  • Zipcode: 92376
  • Provided by: RE/MAX 2000 REALTY
  • Contact: Kristopher Kristopher
  • California Regional MLS IDX
  • DMCA Notice
  • 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.
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Features
Architectural Style
  1. Colonial
Building Area Total
  1. 13610.00
Carport Spaces
  1. 16.00
Commoninterest
  1. Community Apartment
Common Walls
  1. 2+ Common Walls
Cooling
  1. Central Air
Country
  1. US
Electric Expense
  1. 1800.00
Entry Location
  1. Ground
Fuel Expense
  1. 775.00
Garage Spaces
  1. 0.00
Gardner Expense
  1. 4200.00
Heating
  1. Central
Insurance Expense
  1. 13931.00
Laundry Features
  1. Common Area
Laundry Income
  1. 3540.00
Lot Features
  1. 0-1 Unit/Acre
  2. Corner Lot
  3. Garden
  4. Lot 20000-39999 Sqft
Netoperatingincome
  1. 235955.00
Newtaxesexpense
  1. 50084.00
Number Of Separate Electric Meters
  1. 16
Number Of Separate Gas Meters
  1. 16
Otherexpense
  1. 2250.00
Otherexpensedescription
  1. Reserves
Parcel Number
  1. 0127543010000
Parking Features
  1. Carport
  2. Gated
  3. On Site
Pool Features
  1. None
Postalcodeplus4
  1. 5049
Professionalmanagementexpense
  1. 0.00
Property Type
  1. Apartment
Property Condition
  1. Turnkey
  2. Updated/Remodeled
Security Features
  1. Gated Community
Sewer
  1. Public Sewer
Sourcesystemid
  1. CRM
Sourcesystemkey
  1. 427575911:CRM
Tenant Pays
  1. Electricity
  2. Gas
Totalactualrent
  1. 29253.00
Totalexpenses
  1. 107984.00
Trash Expense
  1. 6294.00
Uncovered Spaces
  1. 4.00
Vacancyallowance
  1. 10637
Water Sewer Expense
  1. 17400.00
Water Source
  1. Public
Year Built
  1. 1974
Year Built Source
  1. Assessor