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827 N Palmetto Ave, Ontario, CA 91762
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827 N Palmetto Ave Ontario, CA 91762

$2,600,000 Sold Price as of 01/17/2020
  • 17 Beds
  • 21 Baths
  • 10,210 Sq.Ft.
Sold
$2,600,000 Sold Price as of 01/17/2020 Refinance Your Mortgage
Map preview of 827 N Palmetto Ave, Ontario, CA 91762

Property Overview: 827 N Palmetto Ave Ontario, CA has 17 bedrooms, 21 bathrooms, 10,210 living square feet and 12,640 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: BACK ON MARKET! Current CAP Rate 5.27%! Only 12.1 GRM! We are pleased to exclusively offer for sale this 14 unit multi-family asset in the highly sought after rental community of the city of Ontario. The subject property offers a diverse unit mix comprised of 7 (2 Bed/1.75 Bath)s, 3 (1 Bed/1 Bath)s, and 4 Studio apartments. Tenants enjoy newly renovated onsite sparkling pool, both garage and open space parking, as well as a laundry facility. All units are separately metered for electricity & gas while the owner pays for water and trash. With some modest capital improvement over time, a new investor can take advantage of an ever-increasing housing demand in the area, and the subsequent escalation in rental rates bringing the market cash-on-cash return to over 6%!

Listed by KRISTOPHER GERMAN | BRE #01800021 | RE/MAX 2000
Last checked: 1 minute ago | Last updated: March 23rd, 2022 | Source CRMLS | DOM: 183

Home details

Lot Sq. Ft
12,640
HOA Dues
$0/mo
Year built
1966
Garage
10 Car
Property Type:
Multi Family
Status
Sold
MLS#
CV19073285
City
Ontario
County
San Bernardino
Time on Site
1521 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 14
  • Total # of Buildings: 2
  • # of Electric Meters: 15
  • # of Gas Meters: 15
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 7
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,450
  • Total Rent: $10,150
  • Pro Forma/Market Rent: $1,595
Unit Breakdown 2
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,250
  • Total Rent: $3,750
  • Pro Forma/Market Rent: $1,275
Unit Breakdown 3
  • # of Units: 4
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,000
  • Total Rent: $4,000
  • Pro Forma/Market Rent: $1,025
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.27%
  • Gross Rent Multiplier: 12.1
  • Gross Scheduled Income: $216,720
  • Net Operating Income: $138,341
  • Gross Operating Income: $210,218
  • Vacancy Allowance: $6,502
  • Laundry Income: $1,920
Annual Expense Breakdown
  • Total Operating Expense: $71,877
  • Electric: $3,420
  • Gas/Fuel: $4,320
  • New Taxes: $30,753
  • Trash: $0
  • Gardener: $600
  • Insurance: $4,084
  • Maintenance: $10,500
  • Professional Management: $0
  • Water/Sewer: $13,800
  • Other Expenses: $1,400
  • Other Expense Description: Reserves

Property Details for 827 N Palmetto Ave

Interior Features
Laundry Information
  • Has Laundry
  • Inside
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: Community, In Ground
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 10
  • # of Parking Spaces: 13
  • Has Parking
  • Parking Features: Assigned
Lot Information
  • Lot Features: 11-15 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 14
  • Parcel Number: 1010191150000
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: South of I-10 & West of I-15, near intersection of N Mountain Ave & W I St
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks
View more facts & features

Local Ontario Agent

Sale History for 827 N Palmetto Ave

Last sold for $2,600,000 on January 17th, 2020

  • August, 2021

  • Aug 28, 2021

    Date

    Active

    CRMLS: 21777908

    $3,850,000

    Price

  • Listing provided courtesy of CRMLS

    A 14 unit apartment complex for sale in the highly desirable rental market of the city of Ontario. The subject property is comprised of an outstanding unit mix consisting of (6) 2-Bed / 1.75 Baths, (1) 2-Bed / 1-Bath, (3) 1-Bed / 1-bath, and (4) Studio / 1-Bath's. Tenants enjoy a beautiful swimming pool, common area laundry facility & garage carport and open space parking. Each unit is separately metered for gas and electricity - owner pays the water and trash. The city of Ontario is located just 35 miles east of downtown Los Angeles and home to the Ontario International Airport. Given the high demand for housing and the city's strategic location within close proximity to major employment hubs, the city of Ontario is positioned to remain a strong multi-family rental market for years to come.

  • January, 2020

  • Jan 20, 2020

    Date

    Sold

    CRMLS: CV19073285

    $2,600,000

    Price

  • Nov 5, 2019

    Date

    Pending

    CRMLS: CV19073285

    $2,625,000

    Price

  • Sep 11, 2019

    Date

    Active

    CRMLS: CV19073285

    $2,625,000

    Price

  • Aug 13, 2019

    Date

    Hold

    CRMLS: CV19073285

    $2,625,000

    Price

  • Jun 5, 2019

    Date

    Price Change

    CRMLS: CV19073285

    $2,625,000

    Price

  • Jun 5, 2019

    Date

    Active

    CRMLS: CV19073285

    $2,700,000

    Price

  • May 31, 2019

    Date

    Hold

    CRMLS: CV19073285

    $2,700,000

    Price

  • Apr 2, 2019

    Date

    Active

    CRMLS: CV19073285

    $2,700,000

    Price

  • January, 2020

  • Jan 17, 2020

    Date

    Sold (Public Records)

    Public Records

    $2,600,000

    Price

  • May, 2014

  • May 28, 2014

    Date

    Sold (Public Records)

    Public Records

    $1,570,000

    Price

Show More

Tax History for 827 N Palmetto Ave

Assessed Value (2020): $1,759,808
Year Land Value Improved Value Assessed Value
2020 $127,782 $1,632,026 $1,759,808

Home Value Compared to the Market

This property vs the competition

827 N Palmetto Ave sold on January 17, 2020 for 313.39% higher than the current median sold price for the city of Ontario which is $635,000. The median sold price per/sqft for Ontario is $420 and this home is sold at $257.1 per/sqft which puts the price per square foot 38.79% lower than the current median sale per square foot for the city of Ontario.

About 827 N Palmetto Ave

Detailed summary of property

827 N Palmetto Ave is a multi family that recently sold in Ontario, CA 91762. This multi family property offered 17 bedrooms, 21 bathrooms, roughly 10,210 living square feet, and sits on an approximately 12,640 square foot lot. 827 N Palmetto Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $2,600,000. Home in Ontario are selling for a median price of $635,000 and a median price per square foot of $420. Based on Ardent Real Estate Group's Ontario Market Data, this home is sold 313.39% higher than the current median priced home. Local homes that are currently for sale include 12642 Kalnor Ave, 1998 E Villa St and 15408 Pioneer Blvd. While the average home in Ontario, CA is selling in 54 days, 827 N Palmetto Ave has a days on market of 183 days. There are currently 389 homes for sale in the Ontario real estate market and 227 of them are single family homes while 137 of them are condos and 25 are townhomes. For more information on this home for sale at 827 N Palmetto Ave Ontario, CA 91762 contact Ardent Real Estate Group and we will put you in touch with one of our Ontario agents.

Public Facts for 827 N Palmetto Ave

Public county record property details
Beds
--
Baths
--
Year built
1966
Sq. Ft.
10,210
Lot Size
12,640
Stories
--
Type
Apartments (Generic)
Pool
Yes
Spa
No
County
San Bernardino
Lot#
7
APN
1010-191-15-0000

The source for these homes facts are from public records.

91762 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$718,990
Median List Price/Sq.Ft.
$413
Median Sold Price
$625,000
Median Sold Price/Sq.Ft.
$409
Total Inventory
137
Median Sale to List Price %
96.3%
Avg Days on Market
17
Loan Type
Conventional (55.26%), FHA (5.26%), VA (5.26%), Cash (21.05%), Other (10.53%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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