690 S Riverside Ave Rialto, CA 92376

This 38-unit value-add apartment is located in the City of Rialto, a very fast growing City in the Southern California Inland Empire. Current cap rate is around 6%, rents are considerably below market. It has a striking upside potential through a seasoned management and the pro forma cap rate is almost 9%. It is very close to Rialto Downtown, City Hall, Walmart, and several newly developed shopping centers with many nationwide merchants. Metro Link station nearby which can go to Downtown LA Union Station and transfer to Pasadena, West LA, Orange County, and throughout Southern California. Rialto is a hub of many big brands’ distribution center, included Target, Amazon, Staples, Monster, and more; which have been creating a lot of employments. Thus the local population and economy keep growing.
The property is surrounded by newly developed townhouses. The property has ± 29,783 SF building situated on a ±68,389 SF lot, it was built in 1964. This gated community has four two-story buildings with 36 units plus 2 one-story units. All units are 2 bedrooms + 1 bathroom, average unit size over 700 SF; total 64 carport and outside parking spaces. Each unit has separated meters for electricity and gas, windows A/C, wall heating, and individual water heater. Laundry rooms (vendor owns washers and dryers), common area security cameras, two buildings and carports have new roof last year. Approximate half of the units have updates. All 3 vacant units are doing replacements and upgrades to catch up the market rent, and the management is screening potential tenants in the waiting list.
Easy access to FWY 10, 210, 215, 15. Well maintained and managed, this lucrative sizable multifamily asset is waiting for an investor who is looking to acquire a real estate with high return and great appreciation over time!
Drive by only, absolutely do not disturb/contact tenants. Walkthrough only be provided upon accepted offer.