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545 N 2nd, Banning, CA 92220

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For Sale

$755,000

6 beds • 6 baths • 3,090 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

  • $244.34
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

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 $1,560 each, generating a total Gross Monthly Income of $3,120. Immediate Vacancy Fill: Two existing units are vacant and ready to be filled. By leasing these at the current market rate of $1,560 per month, the investor can achieve a current Cap Rate of ±6.95% (based on a hypothetical purchase price). The significant value-add component lies in the rear two units: Rehabilitation Opportunity: Two units in the rear of the property are fire-damaged and require rehabilitation. Once all six units are renovated and leased at the prevailing market rate, the proforma annual gross income is projected at $108,480 and an exceptional proforma Cap Rate of 11.18%. Situated in Banning, CA, offering proximity to local amenities and potential for tenant demand from the surrounding Inland Empire area. Ideal for investors looking to execute a clear Rehab and Stabilize strategy to maximize equity and cash flow.
MLS# IG25227871

Courtesy Of Regioncy Real Estate

(800) 793-4249

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other
  • Floor Covering
    Vinyl

Map and Directions

Directions to 545 N 2nd, Banning, CA 92220

Home seller CENTURY 21 Sun Lakes Realty

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Sun Lakes Realty

(951) 845-7378
Learn More About Us

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Monthly Payment Breakdown

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Calculators provided for estimating purposes only. Consult with your lender to determine precise payment requirements.

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.