8332 Nuevo Ave, Fontana, CA 92335

Property Description

Nuevo 5 Apartments, 5-unit single story community with 2 bedrooms and 1 bathroom apts, is located in the Fontana Opportunity Zone *, and in prime residential street just two blocks from the Fontana Civic Center. More than $200,000 in capital improvements and the ability to raise rents 16% with minimal or no added investment. Apartments are spacious, bright, have skylights, new double pane windows and dual pane sliding doors to access the private courtyards, each has 3-head mini split HVAC unit, SS stove and 1 assigned carport parking. The building has a new 30-year roof, new 400 amp main electric panel, and 100 amp sub-panels for each apartment, new water main, is newly painted, the carport asphalt was newly resurfaced, and a new drought tolerant, water saving landscaping. All apartments have granite counters and 3 apartments have been fully upgraded with new floors and wood trim, new painted interiors, newly refurbished kitchen cabinets, new tub / shower enclosure, new bathroom vanity and faucet, new doors, lots of closet / linen storage space, new office/computer desk space, all new interior and exterior LED lights, new vertical blinds, new water heaters. The complex is fully occupied with some long term tenants. Proforma rent is $8,000 per month, monthly expenses less taxes are $660, Proforma NOI is $73,090 per year making the Proforma CAP rate 5.6. Please refer to MLS data for OM and See Virtual Tour of Apartments.