8332 Nuevo Avenue, Fontana, CA 92335
Property · 2 recorded sales since 2017
Sold August 2019
Listing Agent: Katelyn Mejia (DRE #02069096) · Listing Office: CIBA Real Estate · Contact: 626-303-1818 · Bought with: Joanna De La Torre · Keller Williams Realty Downey · MLS #AR19091411 · Source: CRMLS
About this property
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.
Listing description from the August 2019 sale, as reported to CRMLS.
Sale history
