545 N 2nd Active Save Request In-Person Tour Request Virtual Tour
Banning,CA 92220
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRIG25227871
Year Built 1949
Lot Size 0.380 Acres
Source California Regional MLS
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 a
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Interior
Heating No Heating,Wall Furnace
Cooling Window / Wall Unit
Laundry None
Exterior
Parking Features Carport
Garage Spaces 5.0
Pool None
Roof Type Composition
Building
Story One Story
Water District - Public
Others
Tax ID 540082003