716 West Phillips Street
Description
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...We are proud to present the opportunity to purchase 716 W Phillips St, 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.
- Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717
Property Details for 716 West Phillips Street
Property Details for 716 West Phillips Street
| Status | Active |
|---|---|
| MLS # | CV24215151 |
| Days on Market | 19 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1984 |
| County | San Bernardino County |
Building Information for 716 West Phillips Street
Property Information for 716 West Phillips Street
- Gross Income: $401,793
- Gross Scheduled Income: $401,793
- Vacancy Allowance: 12054
- Gross Operating Income: $389,739
- Net Operating Income: $278,121
- Gross Multiplier: 15.68
- Cap Rate: 4.41
- Operating Expense: $111,619
- New Taxes Expense: $68,488
- Gardener Expense: $3,600
- Fuel Expense: $0
- Electric Expense: $600
- Insurance Expense: $7,500
- Maintenance Expense: $9,750
- Professional Management Expense: $0
- Other Expense: $3,000
- Other Expense Description: Reserves
- Trash Expense: $9,340
- Water Sewer Expense: $9,341
- Total Expenses: $111,619
- Tax Block: 1
- Tax Tract Number: 10678
- Tax Census Tract: 17.06
- CFD/Mello-Roos Fee: $314
- Tax Lot: 1
- Community Features: Curbs, Sidewalks
- Laundry: Yes
- Laundry Features: Dryer Included, Inside, Washer Included
- Cooling: Central Air
- Heating Type: Central
- Heating: Central
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Spa Features: None
- Additional Parcels Description: -56,-57,-58,-59,-60,-61,-62,-63,-64,-65,-66,-67,-68,-69
- Lot Features: 11-15 Units/Acre
- Number Of Units: 15
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 15
- Uncovered Spaces: 0
- Open Other Spaces Total: 0
- Parking Garage Spaces: 15
- Carport Spaces: 0
- Unit Type Units Total: 15
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 15
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $2,128
- Unit Type Total Rent: $383,112
- Unit Type Pro Forma: 2600
- Unit Type Type: 1
- Number Of Units Leased: 15
- Rent Controlled: Yes
- Number Of Buildings: 5
- Number Of Separate Electric Meters: 1
- Number Of Separate Gas Meters: 1
- Number Of Separate Water Meters: 1
Property History for 716 West Phillips Street
| Date | Event & Source | Price | Appreciation |
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| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 716 West Phillips Street
Schools near 716 West Phillips Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 6 | |||
| Public - | 7 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | K to 6 |
Rating | School | Distance |
|---|---|---|
Vista Grande Elementary School PublicK to 6 | ||
Oaks Middle School Public7 to 8 | ||
Ontario High School Public9 to 12 | ||
Buena Vista Arts-Integrated School PublicK to 6 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of CB RICHARD ELLIS, ERIC CHEN, DRE #01489184
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.