571 Richland Street, Upland, CA 91786

About this property

Property Highlights; Offering Actual CAP Rate of 4.37 % / Attractive Market ProForma CAP Rate of 5.00 %, Actual GRM of 14.28, With a ProForma GRM of 13.19, Over $100,000 in capital expenditures invested in fully renovating 9 units, new copper plumbing (Type L), and shut off valves installed for the upper and lower units. Conservative 5-7 % Upside in Potential Rental Income Non-Rent Control Community & Area. Long Term Tenants With Upside in Potential Rental Income The Apartment is 100 % Occupied & Rental Comparables Illustrate a 98% Occupancy Area. Turn Key Financeable Asset. The Richland Apartments consist of (1) 1-bedroom 1-bath unit and (18) 2-bedroom 1-bath units on a 18,295 square foot lot. The two bedroom units are large and open being nearly 945 square feet each. The asset provides tenants with secured carport parking, storage, updated landscaping and an onsite laundry facility. The property is conveniently located near San Antonio Community Hospital which is the largest employer of Upland. Edison Elementary and Upland High School are within walking distance from this location. Public transportation such and the Upland Metrolink and Ontario Airport are conveniently located minutes away from the Richland Apartments.

Listing description from the October 2019 sale, as reported to CRMLS.

Sale history

$4,000,000

Sold October 2019 · listed $4,100,000, orig. $4,200,000, on market December 2018 · MLS #IV18285184 · Source: CRMLS

Listing Agent: ALBERT LE · Listing Office: LE INVESTMENT GROUP · Contact: 909-256-7889 · Bought with: ALBERT LE · LE INVESTMENT GROUP

$2,630,000

Sold December 2014 · listed $2,600,000, on market September 2014 · MLS #CV14199083 · Source: CRMLS

Listing Agent: ERIC CHEN · Listing Office: CB RICHARD ELLIS · Contact: 909-418-2000 · Bought with: ERIC CHEN · CB RICHARD ELLIS

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