10
See all 10 photos
$9,500,000
Est. payment /mo
26,624 SqFt
Active
1429 N Grove AVE Ontario, CA 91764
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 26,624 sqft
Price per Sqft $356
MLS Listing ID 26857999
HOA Y/N No
Year Built 1990
Lot Size 1.670 Acres
Property Description
1429 N. Grove Avenue, a well-maintained 26-unit apartment community in the strong and supply-constrained Ontario rental market. Built in 1990, the property offers a highly desirable, family-oriented unit mix consisting exclusively of three-bedroom, two-bathroom residences, averaging more than 1,000 square feet each, a rare configuration that caters to long-term tenants seeking the functionality and privacy of a single-family home with the convenience of apartment living.Situated on an expansive 72,745 square-foot (1.67-acre) site, the property contains approximately 26,624square feet of improvements and provides residents with an exceptional parking profile: two-car garages for each unit, plus surplus on-site parking. Recent capital improvements materially reduce near-term ownership risk and include new roofs with transferable warranties, individual water heaters, 12 newly installed HVAC units, and new automatic security gates.The asset is positioned for both durable in-place cash flow and continued operational upside. With no local rent control, ownership benefits from greater flexibility to align rents with market conditions while maintaining a tenant base drawn to the property's oversized floor plans, garage parking, central air conditioning, and secure community setting. The offering is being presented at an attractive going-in cap rate in excess of 6.7%, providing investors immediate yield in a Southern California market where comparable newer-vintage, low-density multifamily assets remain difficult to replicate.Ideally located near Ontario Mills, the property offers convenient access to major retail, dining, entertainment, and employment centers. It is also located approximately three miles from OntarioInternational Airport and provides efficient access to the I-10 freeway, connecting residents throughout the Inland Empire and greater Southern California.
Location
State CA
County San Bernardino
Area 686 - Ontario
Rooms
Other Rooms Shed(s)
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Dishwasher, Dryer, Washer
Exterior
Parking Features Door-Multi, Garage
Total Parking Spaces 52
Building
Story 2
Entry Level Two
Level or Stories Two
Additional Building Shed(s)
New Construction No
Others
Senior Community No
Tax ID 1047433150000
Special Listing Condition Standard
Listed by Nicholas Hayner Maywood Property Group #02090908
NEARBY SCHOOL & BUSINESS
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