571 Richland St, Upland, CA 91786

Property Description

Located in the City of Upland, The Richland Apartments is an excellent multifamily investment opportunity due to its ideal location. It is surrounded by small businesses, mainly medical offices, all within walking distance and it is a short distance away from Downtown Upland. The location of The Richland Apartments also provides easy access to the Euclid Avenue and Interstate 10 freeways. Built in 1965, the building has just been newly painted and undergone termite completion. There is 16,719 rentable square feet and the average unit size is 929 square feet. Upon upgrading the units, The Richland Apartments could achieve an 8 percent increase in monthly rental income with a rent of $1,050 per each 2 bedroom and 1 bathroom unit. Suggested upgrades include new flooring, granite counter tops, new kitchen cabinets, and updated bathroom vanities. These upgrades would lead to an approximate 10 percent increase in annual income of $228,000, which would change the current cap rate from 5.02% to 5.80%. The Richland Apartments is an excellent multifamily investment opportunity that is ideal for 1031 exchange or investors who want to take advantage of the historically low interest rates with a sound investment for long term hold.