540 W Arrow new

Upland,CA 91786

$ 1850000

- Bed

- Bath

- SqFt


Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV24237138

HOA Y/N No

Year Built 1960

Lot Size 0.353 Acres

Property Description

PRICED TO SELL! Just listed in the highly sought-after community of Upland, priced competitively at $142k per unit. The subject property is comprised of 14 units spread over 8,451 rental square feet, on a spacious 15,400 square foot lot. The unit mix includes one 2-Bedroom/1-Bathroom unit, twelve 1-Bedroom/1-Bathroom units, and a Non-Conforming Studio.

This property has been under the same ownership since its original construction, a testament to its long-term value and stability. Tenant amenities include an onsite gated pool, a laundry facility, and ample car-port parking, enhancing its attractiveness in a prime rental location. Additionally, there is significant potential for repositioning the property with an 80% upside in rental income available through strategic management and potential rent adjustments.

One unit is currently vacant, offering an immediate opportunity for lease-up at market rate. Additionally, there is an onsite manager though not legally required, and could potentially serve as an additional vacancy to bring to market rate. Notably, all utilities are master metered, with the owner covering costs for water, trash, electricity, and gas, which could be reevaluated by a new investor to optimize operational efficiency. This is an ideal price point for the savvy investor experienced at repositioning value add properties.

Location

State CA

County San Bernardino

Area 690 - Upland

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Carport

Pool Private

Community Features Sidewalks

Private Pool Yes

Building

Lot Description 0-1 Unit/Acre

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 1046341190000

Energy Description 411.0

Acceptable Financing Cash to Existing Loan

Listing Terms Cash to Existing Loan

Special Listing Condition Standard

Lease Land No

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