$10,850,000
SOLD JAN 27, 2025

8021 Mango Ave Fontana, CA 92336

3 Beds
3 Baths
41,880 Sq Ft
2.43 Acres

Recently Sold

$259 Per Sq Ft

17% Below List Price

159 Days on Market

About This Home

As of January 2025

True value-add opportunity by replacing current below market rents & continuing unit renovations. / 6.25% ProForma Cap Rate / ProForma Rents will be achieved with new lease ups. / Rents for subject property are approximately 40% under market per recent rental survey conducted. / Excellent Unit Mix of 70% 2-Bedroom, 2- Bathroom Units (40), & 30% 1-Bedroom, 1- Bathroom Units (16).

First time to the market in 30+ years. True value-add opportunity, with rents for subject property being approximately 40% under market. Welcome to this exceptional 56-unit apartment building the Mango Tree Apartments, ideally located in the heart of Fontana, CA. Built in 1985 and set on a generous 2.43-acre lot, this property offers a perfect blend of comfort and convenience for residents. The community features 16 spacious one-bedroom, one bathroom units and 40 two-bedroom, two-bathroom units. Residents benefit from private balconies, perfect for relaxing and enjoying the surroundings.

Last Agent to Sell the Property

Albert Le

LE INVESTMENT GROUP Brokerage Phone: 909-256-7889 License #01468313 Listed on: 08/14/2024

Last Buyer's Agent

Albert Le

LE INVESTMENT GROUP Brokerage Phone: 909-256-7889 License #01468313 Listed on: 08/14/2024

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1985

Lot Details

  • 2.43 Acre Lot
  • Two or More Common Walls
  • Density is 26-30 Units/Acre

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 41,880 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Parking

  • 56 Parking Spaces
  • 56 Carport Spaces

Location

  • Suburban Location

Listing and Financial Details

  • Legal Lot and Block 52O / L
  • Tax Tract Number 29
  • Assessor Parcel Number 0190241100000
  • $2,218 per year additional tax assessments

Community Details

Overview

  • 7 Buildings
  • 56 Units

Amenities

  • Laundry Facilities

Recreation

  • Community Pool

Building Details

  • Rent Control
  • 56 Separate Electric Meters
  • 56 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $36,089
  • Insurance Expense $25,208
  • Professional Management Expense $18,000
  • Trash Expense $10,000
  • Water Sewer Expense $36,089
  • New Taxes Expense $131,113
  • Operating Expense $394,779
  • Gross Income $1,214,400
  • Net Operating Income $781,212

Property Details

Home Type

Multi-Family

Year Built

Built in 1985

Lot Details

0

Listing Details

  • CapRate: 6.25
  • Professional Management Expense: 18000.00
  • Property Attached: Yes
  • Water Sewer Expenses: 36089.00
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 0190241100000
  • Year Built: 1985
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 259.07

Exterior Features

  • Pool Features: Community
  • Pool Private: No

Garage/Parking

  • Carport Spaces: 56.00
  • Total Parking Spaces: 56.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 10000.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 26-30 Units/Acre
  • Lot Size Sq Ft: 105850.80
  • Lot Size Acres: 2.4300

Multi Family

  • Electric Expense: 36089.00
  • Gross Income: 1214400.00
  • Gross Multiplier: 10.29
  • Gross Scheduled Income: 1214400.00
  • Insurance Expense: 25208.00
  • Laundry Income: 10167.00
  • Lot Size Area: 2.4300 Acres
  • Net Operating Income: 781212.00
  • Number Of Separate Electric Meters: 56
  • Number Of Separate Gas Meters: 56
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 56
  • Operating Expense: 394779.00
  • Rent Control: Yes
  • Total Expenses: 394779.00

Tax Info

  • New Taxes Expense: 131113.00
  • Tax Block: L
  • Tax Census Tract: 29.01
  • Tax Lot: 52O
  • Tax Tract Number: 29
  • TaxOtherAnnualAssessmentAmount: 2218.00

Range of Values:

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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
01/27/2025 01/27/25 Sold $10,850,000 -13.2% $259 / Sq Ft
11/05/2024 11/05/24 Price Changed $12,500,000 -3.8% $298 / Sq Ft
08/14/2024 08/14/24 For Sale $12,999,999 -- $310 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Albert Le

    Seller's Agent in 2025

    Albert Le

    LE INVESTMENT GROUP

    (909) 256-7889

    24 Total Sales

    Albert Le
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: IV24168540

California Regional Multiple Listing Service (CRMLS)
California San Bernardino County Fontana 92336

8021 Mango Ave, Fontana, CA

Sold

MultiFamily

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