545 N 2nd Active Save Request In-Person Tour Request Virtual Tour
Banning,CA 92220
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Wilson
MLS Listing ID IG25227871
HOA Y/N No
Year Built 1949
Lot Size 0.380 Acres
Property Sub-Type Mixed Use
Property Description
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.
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Interior
Heating None,Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Vinyl
Fireplaces Type None
Fireplace No
Laundry None
Exterior
Parking Features Carport
Carport Spaces 5
Fence Security,Wrought Iron
Pool None
Community Features Biking,Curbs,Foothills,Mountainous,Park,Storm Drain(s),Street Lights,Sidewalks
Utilities Available Electricity Available,Sewer Connected,Water Connected
Roof Type Composition
Total Parking Spaces 5
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 540082003
Acceptable Financing Cash,1031 Exchange
Listing Terms Cash,1031 Exchange
Special Listing Condition Trust