716 W Phillips St
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716 W Phillips St
15 Unit Apartment Building $8,438,400 CAD ($562,560 CAD/Unit) 4.80% Cap Rate Ontario, CA 91762
Investment Highlights
- Favorable Interest Only Seller Financing Available (contact broker for terms)
- 100% Large 2-Bedroom/2.5-Bathroom Townhomes, Approximately 1,200 SF Per Unit
- Boasts a 4.80% CAP Rate, A Strong CAP Rate for an 1980s Product with 15 Individual Parcels
- Rare Opportunity to Purchase 15 Individually Parceled Townhouse-Style Units Significantly Below Market Pricing
- Exceptional Location – The City of Ontario is the Fastest Growing Community in the Inland Empire
- Great Amenities Offering Ample On-Site Parking, 2-Car Garages for Each Unit, Patios & Balconies, Open Community Space, In-Unit Laundry, and Much More
Executive Summary
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.
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.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$548,817
|
$32.15
|
| Other Income |
$26,273
|
$1.54
|
| Vacancy Loss |
$17,252
|
$1.01
|
| Effective Gross Income |
$557,837
|
$32.68
|
| Taxes |
$91,758
|
$5.38
|
| Operating Expenses |
$60,659
|
$3.55
|
| Total Expenses |
$152,417
|
$8.93
|
| Net Operating Income |
$405,420
|
$23.75
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $548,817 |
| Annual Per SF | $32.15 |
| Other Income (CAD) | |
|---|---|
| Annual | $26,273 |
| Annual Per SF | $1.54 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $17,252 |
| Annual Per SF | $1.01 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $557,837 |
| Annual Per SF | $32.68 |
| Taxes (CAD) | |
|---|---|
| Annual | $91,758 |
| Annual Per SF | $5.38 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $60,659 |
| Annual Per SF | $3.55 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $152,417 |
| Annual Per SF | $8.93 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $405,420 |
| Annual Per SF | $23.75 |
Property Facts
| Price | $8,438,400 CAD | Apartment Style | Garden |
| Price Per Unit | $562,560 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.10 AC |
| Cap Rate | 4.80% | Building Size | 17,070 SF |
| Gross Rent Multiplier | 14.67 | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1984 |
| Property Subtype | Apartment | Parking Ratio | 2.46/1,000 SF |
| Price | $8,438,400 CAD |
| Price Per Unit | $562,560 CAD |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| Gross Rent Multiplier | 14.67 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.10 AC |
| Building Size | 17,070 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1984 |
| Parking Ratio | 2.46/1,000 SF |
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2.5 | 15 | $2,986 CAD | 1,138 |
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zoning
| Zoning Code | R3 |
| R3 |
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