545 N 2nd St Banning, CA 92220
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
REGIONCY REAL ESTATE Brokerage Phone: 909-754-0650 License #02053394 Listed on: 09/29/2025
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
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
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/10/2026 02/10/26 | Pending | -- | -- | -- |
| 01/15/2026 01/15/26 | Price Changed | $699,000 | -7.4% | $226 / Sq Ft |
| 01/12/2026 01/12/26 | For Sale | $755,000 | 0.0% | $244 / Sq Ft |
| 12/26/2025 12/26/25 | Off Market | $755,000 | -- | -- |
| 09/29/2025 09/29/25 | For Sale | $755,000 | -- | $244 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IG25227871
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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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