145 W Grove ST new Save Request In-Person Tour Request Virtual Tour
Rialto,CA 92376
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
Garage 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
Lease Land No