545 North 2nd Active Save Request In-Person Tour Request Virtual Tour
Banning,CA 92220
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 3,090 sqft
Price per Sqft $244
MLS Listing ID IG-25227871
Year Built 1949
Lot Size 0.380 Acres
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
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 Wall Furnace,None
Flooring Vinyl
Fireplaces Type None
Laundry None
Exterior
Parking Features Carport
Pool None
Community Features Biking,Curbs,Foothills,Mountainous,Park,Sidewalks,Storm Drains,Street Lights
Utilities Available Sewer Connected,Water Connected,Electricity Available
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer