$755,000

545 N 2nd St Banning, CA 92220

Estimated payment $4,714/month

Total Views 2,227
6 Beds
6 Baths
3,090 Sq Ft
$244 Price per Sq Ft

Highlights

  • 0.38 Acre Lot
  • Cooling System Mounted To A Wall/Window
  • Foothills
  • No HOA
  • Park
  • 5-minute walk to Repplier Park

About This Home

This six-unit multifamily property at 545 N 2nd St, Banning, CA, presents an exceptional value-add opportunity for investors seeking strong returns and significant upside potential in a growing market. The property consists entirely of (6) 1-bedroom, 1-bathroom units, all of which are individually metered for gas and electric, providing ease of management and lower owner expenses. The building offers an immediate pathway to increased income: Current Occupancy: 2 units are currently rented at $1,540 each, generating a total Gross Monthly Income of $3,080. Immediate Vacancy Fill: Two existing units are vacant and ready to be filled. By leasing these at the current market rate of $1,540 per month, the investor can achieve a current Cap Rate of ±6.83% (based on a hypothetical purchase price). The significant value-add component lies in the rear two units: Rehabilitation Opportunity: Two units in the rear of the property are fire-damaged and require rehabilitation. Once all six units are renovated and leased at the prevailing market rate, the proforma annual gross income is projected at $108,480 and an exceptional proforma Cap Rate of 11.18%. Situated in Banning, CA, offering proximity to local amenities and potential for tenant demand from the surrounding Inland Empire area. Ideal for investors looking to execute a clear Rehab and Stabilize strategy to maximize equity and cash flow.

Listing Agent

Trevor Casey

REGIONCY REAL ESTATE Brokerage Phone: 909-754-0650 License #02053394 Listed on: 09/29/2025

Co-Listing Agent

Nathan Diones

REGIONCY REAL ESTATE Brokerage Phone: 909-754-0650 License #01767311

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1949

Lot Details

  • 0.38 Acre Lot
  • 1 Common Wall
  • Security Fence
  • Wrought Iron Fence
  • Density is 6-10 Units/Acre

Home Design

  • Property Attached
  • Entry on the 1st floor
  • Composition Roof

Interior Spaces

  • 3,090 Sq Ft Home
  • 1-Story Property
  • Vinyl Flooring

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 6 Bathrooms

Parking

  • 5 Parking Spaces
  • 5 Carport Spaces
  • Parking Available

Outdoor Features

  • Exterior Lighting

Utilities

  • Cooling System Mounted To A Wall/Window
  • Wall Furnace

Listing and Financial Details

  • Legal Lot and Block 4 / 225
  • Tax Tract Number 2341
  • Assessor Parcel Number 540082003
  • $73 per year additional tax assessments
  • Seller Considering Concessions

Community Details

Overview

  • No Home Owners Association
  • 5 Buildings
  • 6 Units
  • Foothills
  • Mountainous Community

Recreation

  • Park
  • Bike Trail

Building Details

  • 2 Leased Units
  • 6 Separate Electric Meters
  • 6 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $1,200
  • Insurance Expense $2,400
  • Trash Expense $2,400
  • Water Sewer Expense $2,731
  • New Taxes Expense $9,815
  • Operating Expense $18,639
  • Gross Income $73,920
  • Net Operating Income $85,617

Property Details

Home Type

Multi-Family

Year Built

Built in 1949

Lot Details

0

Listing Details

  • CapRate: 9.00
  • Property Attached: Yes
  • Subdivision Name Other: Wilson
  • Water Sewer Expenses: 2731.00
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 540082003
  • Year Built: 1949
  • AgentOnly_SellerConsiderConcessionYN: Yes
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 1
  • Common Walls: 1 Common Wall
  • Flooring: Vinyl
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 244.34

Exterior Features

  • Fence: Yes
  • Fencing: Security, Wrought Iron
  • Pool Private: No
  • Roof: Composition

Garage/Parking

  • Carport Spaces: 5.00
  • Parking: Yes
  • Parking Features: Carport
  • Total Parking Spaces: 5.00

Utilities

  • Utilities: Electricity Available, Sewer Connected, Water Connected
  • Laundry: No
  • Heating Type: Wall Furnace
  • Sewer: Public Sewer
  • Trash Expense: 2400.00
  • Water Source: Public
  • Cooling: Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Biking, Curbs, Foothills, Park, Mountainous, Sidewalks, Storm Drains, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 16553.00
  • Lot Size Acres: 0.3800
  • Latitude Manual: 33.93024600

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Gross Income: 73920.00
  • Gross Multiplier: 8.80
  • Gross Operating Income: 103056.00
  • Gross Scheduled Income: 108480.00
  • Insurance Expense: 2400.00
  • Lot Size Area: 16553.0000 Square Feet
  • Net Operating Income: 85617.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 2
  • Number Of Units Total: 6
  • Operating Expense: 17439.00
  • Operating Expense Percent: 16.00
  • Rent Control: No
  • Total Actual Rent: 3080.00
  • Total Expenses: 18639.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 9815.00
  • Tax Block: 225
  • Tax Lot: 4
  • Tax Tract Number: 2341
  • TaxOtherAnnualAssessmentAmount: 73.00

Map

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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 List to Sale Price per Sq Ft
09/29/2025 09/29/25 For Sale $755,000 -- $244 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: IG25227871

California Regional Multiple Listing Service (CRMLS)
California Riverside County Banning 92220

545 N 2nd St, Banning, CA

For Sale

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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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Trevor Casey
Listing Agent
Trevor Casey
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REGIONCY REAL ESTATE
(951) 724-5281