For Sale
$6,300,000

716 Phillips StOntario, CA 91762

15-Unit Townhome Complex, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 15-unit townhome community in Ontario, CA, boasting 17,070 square feet on a substantial 47,916 square foot lot. The property, built in 1984, comprises five two-story buildings, each housing spacious 2-bedroom, 2.5-bathroom townhomes averaging nearly 1,200 square feet. Each unit features in-unit laundry, patios/balconies, and a 2-car garage. The property's prime location offers convenient access to major freeways (10 and 60), numerous retail amenities (Target, Home Depot, In-N-Out, etc.), and popular attractions (Victoria Gardens, Toyota Arena, Top Golf). Currently generating a NOI of $278,121 (4.41% cap rate), a pro-forma NOI of $360,965 (5.73% cap rate) is projected, reflecting significant upside potential through increased rental income. The individually parceled units offer flexibility for future sales, either as a whole or individually. The large lot size presents potential for future development (buyer to verify). The asking price is $6,300,000 ($420,000 per unit and $369.07 per square foot). Additional income streams from a utility reimbursement program further enhance the property's value. This is a rare opportunity to acquire a well-located, value-add multifamily property with substantial upside potential in a rapidly growing area. The property's APN is 1049-583-55 through 1049-583-69.

Highlights

  • Seller financing available (contact broker for details).
  • Below-market opportunity to acquire 15 individually parceled townhouse units; allows for bulk or individual unit sales.
  • All units are large 2-bedroom, 2.5-bathroom townhomes, approximately 1,200 square feet each.
  • Excellent location in Ontario, CA, a rapidly growing Inland Empire city, near Toyota Arena, Topgolf, Victoria Gardens, Ontario Mills, Claremont Village, and Ontario Airport.
  • Strong 4.41% cap rate for a 1980s property with 15 individual parcels.
  • Amenities include ample on-site parking, two-car garages, patios/balconies, community space, and in-unit laundry.

Property Details for 716 Phillips St

Property type
Apartment buildings
Square Feet
17,070 SF
Year Built
1984
Buildings
5
Stories
2
Units
15

Location Insight

City
Ontario
County
San Bernardino
State
California
Latitude
34.049886
Longitude
-117.661387
716 Phillips St, Ontario, California

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716 Phillips St
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