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Listed by TREVOR CASEY • REGIONCY REAL ESTATE
$755,000
Est. payment /mo
3,090 SqFt
Active
545 North 2nd Banning, CA 92220
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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.
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
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