123 S Cypress Ave, Ontario, CA 91762

Property Description

Built in 1952, the property consists of 1, 3-bed/1-bath house and 4, 1-bed/1-bath single story units in a separate building. The total lot size is 7,650 sq.ft. with 3,056 rentable sq. ft. The front house includes a gated entrance, fenced yard, and a 1-car, attached garage. The 4, 1-bedroom units have driveway access through the rear of the property. The 2 buildings are individually metered for gas and electricity, and the owner is responsible for water and trash. Each unit is equipped with upgraded water heaters, wood and tile flooring, dual pane windows, and paint. The subject property has a laundry room that is currently not in use, which presents the new owner with the opportunity to expand their income. The capitalization rate is already at 6%, but with the additional laundry room income, and rental increases, this offering has a very attractive potential pro forma return of 6.37% in a market with stabilized renter profile. The Cypress Avenue Apartments is located close to Interstate 10 between Mountain and Euclid Ave. This is the only apartment within a 3 block radius surrounded by commercial/industrial properties, which provide great employment opportunities to the tenants