716 Phillips StOntario, CA 91762

Property Details for 716 Phillips St

Year built

1984

Property size (Sq ft)

17,070 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Ontario

County

San Bernardino

State

California

Latitude

34.0499

Longitude

-117.661

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