NOT LISTED FOR SALE

1420 E Williams St Banning, CA 92220

3 Beds
2 Baths
7,560 Sq Ft
0.74 Acres

Last Sold July 15, 2022

Last sale price $1,490,000 $197 Per Sq Ft

78 Days on Market

Highlights

  • Gated Parking
  • Mountain View
  • Rectangular Lot
  • 0.74 Acre Lot
  • Mountainous Community
  • Back Yard

About This Home

As of July 2022

Fantastic 10-unit apartment building located in the city of Banning. This property consists of two buildings on two lots, offering a great unit mix: (8) two bedroom and one bathroom units & (2) one bedroom and one bath units. The $200k extensive interior and exterior renovation was done over the last 24 months. Some of the upgrades include but are not limited to new kitchens, updated bathrooms, new flooring interior painting, and a resurfaced parking lot. All units are currently below market rents. Each of the units have been updated to varying degrees as tenants have moved out. There is currently a 39% upside on rents. Conveniently located near a major highway and the Morongo Hotel & Casino.

Last Agent to Sell the Property

Daniel Escutia

Esen Real Estate Services License #01875256 Listed on: 04/28/2022

Last Buyer's Agent

David Covarrubias

MARCUS & MILLICHAP

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1960

Lot Details

  • 0.74 Acre Lot
  • Two or More Common Walls
  • Rectangular Lot
  • Back Yard
  • Density is 6-10 Units/Acre
  • 541170025

Home Design

  • Property Attached
  • Shingle Roof
  • Composition Roof

Interior Spaces

  • 7,560 Sq Ft Home
  • 1-Story Property
  • Mountain Views

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Parking

  • 15 Open Parking Spaces
  • 15 Parking Spaces
  • Parking Available
  • Driveway
  • Gated Parking

Outdoor Features

  • Exterior Lighting

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Legal Lot and Block 172 / 172
  • Tax Tract Number 186
  • Assessor Parcel Number 541170026
  • $74 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 10 Units
  • Mountainous Community

Building Details

  • 10 Separate Electric Meters
  • 10 Separate Gas Meters
  • 2 Separate Water Meters
  • Gross Income $107,400
  • Net Operating Income $102,419

Property Details

Home Type

Multi-Family

Year Built

Built in 1960

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 6.21
  • Price Per Unit: 165000
  • Property Attached: Yes
  • View: Yes
  • Zoning: R3
  • Property Type: Residential Income
  • Parcel Number: 541170026
  • Year Built: 1960
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 1
  • Common Walls: 2+ Common Walls
  • Levels: One
  • Price Per Square Foot: 197.09

Exterior Features

  • View: Mountain(s)
  • Pool Private: No
  • Roof: Composition, Shingle

Garage/Parking

  • Parking: Yes
  • Parking Features: Asphalt, Gated
  • Total Parking Spaces: 15.00
  • Uncovered Spaces: 15.00

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Mountainous, Street Lights

Lot Info

  • Additional Parcels: No
  • Additional Parcels Description: 541170025
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre, Back Yard, Lot 20000-39999 Sqft, Rectangular Lot
  • Lot Size Sq Ft: 32234.00
  • Lot Size Acres: 0.7400

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Gross Income: 107400.00
  • Gross Multiplier: 11.00
  • Gross Scheduled Income: 150000.00
  • Lot Size Area: 32234.0000 Square Feet
  • Net Operating Income: 102419.00
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Number Of Separate Water Meters: 2
  • Number Of Units Total: 10
  • Rent Control: No
  • Vacancy Allowance: 4500
  • Vacancy Allowance Rate: 3.00

Tax Info

  • Tax Block: 172
  • Tax Census Tract: 442.00
  • Tax Lot: 172
  • Tax Rate: 0.94
  • Tax Tract Number: 186
  • TaxOtherAnnualAssessmentAmount: 74.00

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/15/2022 07/15/22 Sold $1,490,000 -9.7% $197 / Sq Ft
05/09/2022 05/09/22 Price Changed $1,650,000 -2.9% $218 / Sq Ft
04/28/2022 04/28/22 For Sale $1,700,000 -- $225 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Daniel Escutia

    Seller's Agent in 2022

    Daniel Escutia

    Esen Real Estate Services

    (949) 702-0090

    2 in this area

    72 Total Sales

    Daniel Escutia
    Section Image
  • David Covarrubias

    Buyer's Agent in 2022

    David Covarrubias

    MARCUS & MILLICHAP

    (909) 456-3400

    1 in this area

    46 Total Sales

    David Covarrubias
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC22087408

California Regional Multiple Listing Service (CRMLS)

California Riverside County Banning 92220

1420 E Williams St, Banning, CA

This home is located at 1420 E Williams St, Banning, CA 92220 since 28 April 2022. This property was built in 1960. 1420 E Williams St is a home located in Riverside County with nearby schools including Banning High School.

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California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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