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May 28, 2006

50-Unit Apartment Building for sale in Fontana

Fontana_apartments














Even though I am not about to leave for New Zealand for another 2 years, I’ve decided to sell now a 50-unit building that I own in Fontana, California. I have priced this property at $6,250,000 for a quick sale.

Like the previous building that I posted here recently, I do not expect to have many Grow-a-brain readers as potential investors in such local Inland Empire building, but I will offer to the many real estate bloggers (and other webmasters) who read this site the same deal I did before: If you link to this post, and if you’re able to generate a lead among your clients who’ll send me an accepted offer for the property, I will pay you $15,000 referral fee, at close of escrow. So please spread the word (or call me to discuss a protected arrangement).

Here are some details regarding the subject:

The Park Terrace Apartments on 1531 W. Rialto Ave, Fontana, 92335.

Fontana_building














Price: $6,250,000
Down payment: $1,712,632
Assume existing $3,937,368 fixed rate 1st trust deed & note, due 10/10, at %5.75 interest, $23,074 per month, 1 point assumption fee
Gross Scheduled Rental Income: $48,080/monthly $576,960 Annually
Allowance for Vacancies & Credit Losses (5%) $28,848
Gross Scheduled Income $548,112
Operating Expense allowance (34%) $188,724
Net Operating Income Estimates $359,388
UPSIDE / MARKET RENT DATA 46 2/2’s @ $950/ $43,700
4 1/1’s @ $ 895/mo. $ 3,580
Laundry Income/mo. $ 800
Total Market Rent $48,080/ $476,960 yr.
MARKET RENT GRM (GROSS RENT MULTIPLIER): 10.83 x Gross
MARKET RENT CAPITALIZATION RATE (CAP RATE): 5.75%
Rialto_apartments













This gorgeous property consists of a 50-Unit Apartment project, with a good mix of 46 2-Bedroom 2 Bath and 4 1-Bedroom 1 Bath units, on a spacious 2.3 acre. Security gated 2-story frame and stucco construction throughout. The buildings all have pitched, asphalt tile roofing. The project offers a Pool, Spa, and Laundry, and 50 garages. Built in the late eighties. It is located on the border between Rialto & Fontana, in a very high-growth part of town.

Please share this information with your qualified prospects. Email me at realhanan (at) yahoo (dot) com, or call me on my cell for more details.

See you in escrow.

More about The Champion Company

May 28, 2006 in Real estate | Permalink

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Listed below are links to weblogs that reference Apartment Building for sale in Fontana:

» Grow-a-brain Webmaster Has Another California Apartment Building For Sale from BlogArizona.com - An Arizona Real Estate Blog
In addition to this 72-unit garden-style apartment building in Riverside, California that I posted about previously, Grow-a-brain webmaster Hanan Levin is also selling a 40-unit apartment building in Fontana, California. The Park Terrace Apartments at ... [Read More]

Tracked on May 30, 2006 8:48:52 AM

» Grow-a-brain Webmaster Has Another California Apartment Building For Sale from BlogArizona.com - An Arizona Real Estate Blog
In addition to this 72-unit garden-style apartment building in Riverside, California that I posted about previously, Grow-a-brain webmaster Hanan Levin is also selling a 40-unit apartment building in Fontana, California. The Park Terrace Apartments at ... [Read More]

Tracked on Sep 24, 2007 5:53:30 PM

Comments

I'm familiar with the area. I lived in Redlands for many years.

I'll buy it at a cap rate equal to the interest rate available on a new fixed rate first applied against an NOI based on actual current rents. And I'll add the present value of the interest rate benefit inherent in the existing first (less assumption fee).

And I'll have to look at deferred maintenance.

Upside due to potentially higher rents is valueless. I'll pay for what IS not what MAYBE COULD BE.

Posted by: jeffrey meyer at May 28, 2006 9:08:09 AM

Is this property still for sale? I'm very interested.

Posted by: Michael at Dec 2, 2006 6:09:54 PM

If you are selling an apartment building/complex of 200 units or more, we may be interested in buying.

www.SeriousApartmentBuyers.com

Posted by: We Buy Apartment Buildings at Jun 10, 2008 8:51:45 PM

wow i really like your apartment building! nice stuff.

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