List Price: $10.5M

Listing Status: Active

Original List Price: $11M

Days on Market: 193

0 Bedrooms · 0 Bathrooms

Property Type: ResidentialIncome

Year Built: 2021

Lot Size: 28,280 sq ft

Garage Spaces: 31

Private Pool: Yes

MLS Number: CV26005212

About This Property

Vista Court Apartments is an exquisitely-designed, 23-unit, luxury apartment community located at the heart of Montclair, CA. Vista Court Apartments is located at 8951 Monte Vista Ave at the highly amentized corner of Arrow Highway and Monte Vista Ave, where highly desirable communities of Montclair, Claremont, and Upland merge. The property is located just 1-block from Montclair Metro Station to the North and Montclair Place Shopping Center to the south. Tenants benefit from having access to a variety of retailers, shops, and dining options like Target, Home Depot, Costco, LA Fitness, Golds Gym, Moreno Street Market Food Hall, Olive Garden, Applebee’s Chilis and many more options. Tenants also enjoy being a short 5-to-10-minute drive to frequently-travelled places like Downtown Claremont, Claremont Colleges, Victoria Gardens, Toyota Arena, and a large selection of employers found one city over in the City of Ontario, the employment hub of the Inland Empire. Vista Court Apartments was meticulously designed with modern-luxury features. Tenants at Vista Court enjoy a plethora of high-level features like gourmet kitchens with stainless steel appliances, undermount sinks, quarts counters in kitchen and bathrooms, wood plank flooring, modern bathrooms, in-unit washer and dryer, central AC, double-pane energy-efficient windows, recessed lighting, and large outdoor patio or balcony in every unit. Throughout the community, tenants enjoy access to covered/assigned secured parking, a +/-700 SF community room equipped with a kitchen, bathroom, and entertainment area for hosting, outdoor BBQ & picnic area, and ample open green space. Vista Court features 23 large apartment homes with 18 unique floorplans. The property offers 28,258 SF of rentable building space and spans across a generous 28,280 SF site. The property consists of 12, 1-Bedroom/1-Bathrooms, 2, 2-Bedroom/2-Bathrooms, and 9, 2-Bedroom/2.5-Bathroom townhouse-style apartment homes. Currently the property produces nearly $682,000 in annual rental income. Additional revenue stream from on-site parking, storage, and the community room. An experienced investor will recognize the opportunity to preserve the investment’s NOI through RUBS and other forms of aggressive management processes. A new investor also has the option to assume the existing loan from Umpqua Bank at a below market interest rate of 4.04% fixed for another 4 years.