Ontario, CA 91762,716 W Phillips Street
Ontario, CA 91762,716 W Phillips Street
Ontario, CA 91762,716 W Phillips Street
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$6,000,000
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2 BD
2 BA
1.1 Acres Lot
Price Dropped by $300K

716 W Phillips Street Ontario, CA 91762

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UPDATED:

12/06/2024 05:47 PM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID CV24215151

Bedrooms 2

HOA Y/N No

Lot Size 1.100 Acres

Property Description

Seller Carry Financing Available, Call Listing Agent for Details. 716 W Phillips St, is 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% o
Seller Carry Financing Available, Call Listing Agent for Details. 716 W Phillips St, is 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.

Location

State CA

County San Bernardino

Area Ontario (91762)

Zoning Assessor

Interior

Cooling Central Forced Air

Building

Lot Description Curbs, Sidewalks

Story 2

Level or Stories 2 Story

Others

Monthly Total Fees $26

Acceptable Financing Cash

Space Rent $2,128

Listing Terms Cash


San Diego Regional MLS (SDMLS)
Listed by ERIC CHEN • CB RICHARD ELLIS

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Jeehyun Hoke

Agent | License ID: 02222705

+1(913) 624-4768

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716 W Phillips Street