Property Details
545 N 2nd St
Banning, CA 92220
- Price
- $755,000
- GRM
- 8.8
- GSI
- $18,480
- NOI
- $85,617
- CAP Rate
- 6.83
- Units
- 6
- Price/unit
- $125,833
- Square Footage
- 3,090
- Price/sqft
- $244
- Lot Size (sqft)
- 16,553
- Year Built
- 1949
Property Description
This six-unit multifamily property at 545 N 2nd St, Banning, CA, presents an exceptional value-add opportunity for investors seeking strong returns and significant upside potential in a growing market. The property consists entirely of (6) 1-bedroom, 1-bathroom units, all of which are individually metered for gas and electric, providing ease of management and lower owner expenses. The building offers an immediate pathway to increased income: Current Occupancy: 2 units are currently rented at $1,540 each, generating a total Gross Monthly Income of $3,080. Immediate Vacancy Fill: Two existing units are vacant and ready to be filled. By leasing these at the current market rate of $1,540 per month, the investor can achieve a current Cap Rate of ±6.83% (based on a hypothetical purchase price).
Unit Composition
| Qty | Bedrooms | Bathrooms |
|---|---|---|
| 5 | 1 Bedroom | 1 Bath |
| 1 | 2 Bedroom | 1 Bath |