$6,300,000
For Sale

716 W Phillips Street

Ontario, CA 91762
1.10 acres | #CV24215151
Listing OfficeCB RICHARD ELLIS
Browse 35 photos
Type:Multi-Family
Structure:House
Zone:Residential

Description

We are proud to present the opportunity to purchase 716 W Phillips St, a 15-townhome condominium community located in the City of Ontario. The property exceeds standard size with over 17,000 SF and spans across nearly 48,000 SF of land.
716 W Phillips St has an exceptional location. Tenants enjoy convenient access to several big-name retailers like In-N-Out, Target, Home Depot, Sams Club, Kaiser Permanente Medical Center, Harbor Freight, 24-Hour Fitness, and much more. Some local attractions within a 10-mile radius include Victoria Gardens, Top Golf, Toyota Arena, Claremont Village, and more. The property is also located within a 25-mile radius of several notable So Cal attractions in San Gabriel Valley, Anaheim and Riverside. Tenants also enjoy a short 1.4-mile drive to either the10 or 60 Freeway, granting access to Los Angels, Orange, and Riverside Counties.
716 W Phillips St offers a stellar unit mix of 100% 2-Bedroom/2.5-Bathroom townhomes. Each unit boasts a huge town-house style floorplan with nearly 1,200 SF each and is individually parceled. A new owner will benefit from this by having the option to keep as a bulk rental forever, sell off individually at once, or piece by piece throughout ownership. Each unit comes with built-in laundry appliances, patios & balconies, and access to individual 2-car garages. The nearly 48,000 SF lot gives ample space to tenants with large yards, community/open-garden space, and uncovered on-site parking. A savvy investor may be able to create future development opportunities since the buildings only occupy only 35% of the total lot (buyer to investigate).
Currently the property has the ability to generate approximately $31,926 in monthly rental income. Similar leased townhomes in the area achieved an effective rent of $2,600, allowing a new investor to capitalize on nearly 20% upside in rental income. Additional income at the property streams from a recently implemented utility reimbursement program – tenants currently split the cost of major expenses like water and trash evenly.

  • Property Details
      • Lot DescriptionElevenToFifteenUnitsAcre
      • Stories2
    • Measurements
      • Acres1.1
    • Parking
      • Parking Spaces15
  • Construction Details
      • Property TypeMulti-Family
    • Condition
      • Year Built1984
  • Utilities / Energy Details
      • Sewer InformationPublicSewer
      • Utility SourcePublic
  • Community and Neighborhood Details
      • CountySan Bernardino
  • Financial Details
      • Original List Price$6,300,000
  • Other
      • MLS #CV24215151

Location

Beach City BrokersReal Estate Group
$
years

Down Payment

$
%
10.0%

Interest Rate

%
6.0%

Tax Rate

%
2.6%
$
$
annually
$
monthly

Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.

Estimated Monthly Payment
$0.00
Loan Amount
$0.00