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Key Details
Sold Price $575,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID IV20231904
Sold Date 02/26/21
HOA Y/N No
Year Built 1970
Lot Size 8,712 Sqft
Acres 0.2
Property Description
*Must be purchased with adjoining parcel. APN#: 419-232-019. MLS#: IV20231883.* Offering An Actual CAP Rate of 5.00% with a ProForma CAP Rate of 5.48%. ProForma CAP Rate is Based on Leveling Off Current Rents. Offering An Actual GRM of 13.79 with a ProForma GRM of 12.82. The Property Was Extensively Renovated. Pride Of Ownership, Absolute Turn Key, Recent Capital Improvements Exceeding $85,000+. Improvements include but are not limited to, Counter Tops, Flooring, Cabinetry, Bathroom Vanities, Wall A/C Units, New Bathroom Faucets, Bathtubs, Sinks, Toilets, Water Heaters, Lighting, Window Frames, Updated Landscaping, Paint, and Doors. Residential Financing Available (Triplex on each Parcel). Rental Comparables Illustrate a 98% Occupancy Area. The Apartment is 100% Occupied With 100% Rent Collections. The American Avenue Apartments are located at 645-655 American Ave. Beaumont, CA. 92223. This 6 unit apartment community is composed of all 2 bedroom, 1 bath units that are approximately 918 sqft. The tenants are awarded with onsite covered parking and a laundry facility. The property sits on .40 acres conveniently located north of the 10 Freeway. The property centralized location offers many advantages, convenient public transportation, close proximity to schools, shopping, and employment. Major employers in the area include San Gorgonio Memorial Hospital, Cabazon Outlets, and Morongo Casino which are within 5-10 miles from the property.
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Zoning C2
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Garage Concrete, Covered, Carport
Carport Spaces 3
Pool None
Community Features Suburban, Sidewalks
Parking Type Concrete, Covered, Carport
Total Parking Spaces 5
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story One
Entry Level One
Sewer Septic Tank
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 419232018
Energy Description 180.0
Acceptable Financing Submit
Listing Terms Submit
Financing Cash
Special Listing Condition Standard
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Bought with EVELYN PAGANO • ACTION REAL ESTATE & DEVELOP
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