545 N 2nd St

Banning, CA 92220

$699,000
Price
6
Beds
6
Baths
3,090 Sq. Ft.
$226 / Sq. Ft.
3,090
Sq. Ft.
$226
per Sq. Ft.
a front view of a house with a garden
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Description

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 $1,540...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 $1,540 each, generating a total Gross Monthly Income of $3,080. Immediate Vacancy Fill: Two existing units are vacant and ready to be filled. By leasing these at the current market rate of $1,540 per month, the investor can achieve a current Cap Rate of ±6.83% (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.
  1. Listed by TREVOR CASEY • DRE #02053394 • Brokerage DRE #01920715 • REGIONCY REAL ESTATE • 909-754-0650
  2. Listed by NATHAN DIONES • DRE #01767311 • Brokerage DRE #01920715 • REGIONCY REAL ESTATE

Property Details for 545 North 2nd Street

Parking Spaces Total
5
Private Pool
No
Cooling Type
Wall/Window Unit(s)
Total Units
6.0
Building Type
Attached
Lot Size Source
Estimated
Living Area
3090
Assessor Parcel Number
540-082-003
LISTING UPDATED: 01/15/2026 05:40 AM

Property Details for 545 North 2nd Street

StatusActive
MLS #IG25227871
Days on Market109
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1949
Lot Size0.38 AC / 16,553 SF
CountyRiverside County

Location

Listing Courtesy of REGIONCY REAL ESTATE, TREVOR CASEY, DRE #02053394; REGIONCY REAL ESTATE, NATHAN DIONES, DRE #01767311
Add your commute

Building Information for 545 North 2nd Street

Stories1Residences-Year Built1949Building Size-Lot Size0.38 AC / 16,553 SF

Payment Calculator

$3,593 per month

30 year fixed, 6.15% Interest

Principal and Interest

$3,407

Property Taxes

$186

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 545 North 2nd Street

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $73,920
  • Gross Scheduled Income: $108,480
  • Vacancy Allowance: 5424
  • Vacancy Allowance Rate: 5
  • Gross Operating Income: $103,056
  • Net Operating Income: $85,617
  • Gross Multiplier: 8.8
  • Cap Rate: 9.0
Expense Details
  • Operating Expense: $17,439
  • Operating Expense Percent: 16.00%
  • New Taxes Expense: $9,815
  • Gardener Expense: $1,200
  • Cable TV Expense: $0
  • Licenses Expense: $53
  • Pest Control Expense: $0
  • Pool Expense: $0
  • Security Expense: $0
  • Furniture Replacement Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $2,400
  • Professional Management Expense: $0
  • Trash Expense: $2,400
  • Water Sewer Expense: $2,731
  • Supplies Expense: $0
  • Total Expenses: $18,639
Tax / Assessment Info
  • Tax Block: 225
  • Tax Tract Number: 2341
  • Tax Lot: 4
Community / Development
Community / Development
  • Community Features: Biking, Curbs, Foothills, Park, Mountainous, Sidewalks, Storm Drains, Street Lights
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Wall/Window Unit(s)
  • Heating Type: None, Wall Furnace
  • Heating: None, Wall Furnace
  • Flooring Type: Vinyl
  • Flooring: Vinyl
Exterior Features
  • Roof: Composition
  • Entry Location: front
  • Fence: Yes
  • Fence: Wrought Iron
  • Fencing: Security, Wrought Iron
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 6-10 Units/Acre
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: One
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Electricity Available, Sewer Connected, Water Connected
  • Electric: Electricity Available, Sewer Connected, Water Connected
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Carport
  • Parking Garage Spaces: 0
  • Carport Spaces: 5
  • Parking Features: Carport
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,540
  • Unit Type Total Rent: $1,540
  • Unit Type Pro Forma: 1540
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,540
  • Unit Type Total Rent: $1,540
  • Unit Type Pro Forma: 1540
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 1540
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 1540
  • Unit Type Type: 4
Unit 5
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 1400
  • Unit Type Type: 5
Unit 6
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 1400
  • Unit Type Type: 6
Unit Information
  • Number Of Units Leased: 2
  • Rent Controlled: No
  • Number Of Buildings: 5
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1

Property History for 545 North 2nd Street

DateEvent & SourcePriceAppreciation
Jan 15, 2026

Price Change

CLAW #IG25227871MR

$699,000—
Jan 12, 2026

Listed (Active)

CLAW #IG25227871MR

$755,000—
Dec 26, 2025

Expired

CLAW #IG25227871MR

$755,000—
Sep 29, 2025

Listed (Active)

CRMLS #IG25227871

$755,000—
Sep 29, 2025

Listed (Active)

CLAW #IG25227871MR

$699,000—
Jun 26, 2001

Sold (Public Record)

Public Record #74790350

$94,000—
DateEvent & SourcePrice
01/15/2026

Price Change

CLAW #IG25227871MR

$699,000
01/12/2026

Listed (Active)

CLAW #IG25227871MR

$755,000
12/26/2025

Expired

CLAW #IG25227871MR

$755,000
09/29/2025

Listed (Active)

CRMLS #IG25227871

$755,000
09/29/2025

Listed (Active)

CLAW #IG25227871MR

$699,000
06/26/2001

Sold (Public Record)

Public Record #74790350

$94,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 545 North 2nd Street

Taxable ValueLand$75,329Additions$80,850Total$156,179
Tax Record2025$2,232 ($186 / month)
Home Facts
Total Finished SqFt4,238 SqFtAbove Grade Finished SqFt4,238 SqFtStories2Lot Size16,552 SqFtStyleMulti-Family Res (5+ Units)Year Built1949ZoningR3CountyRIVERSIDEAPN540-082-003

Schools near 545 North 2nd Street

This home is within Banning Unified School District.
Rating
School
Type
Grades
Distance
Central Elementary School
Public - K to 5
Nicolet Middle School
Public - 6 to 8
Banning High School
Public - 9 to 12
Banning Independent Study School
Public - K to 12
Rating
School
Distance
Central Elementary School
PublicK to 5

Nicolet Middle School
Public6 to 8

Banning High School
Public9 to 12

Banning Independent Study School
PublicK to 12

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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More information about 545 North 2nd Street, Banning, CA 92220

545 North 2nd Street is a mixed use property for sale in Banning, CA 92220. This property was listed for sale on September 29, 2025 by REGIONCY REAL ESTATE, it's currently listed at $699,000. It has been on the market for a total of 109 days and was last sold on June 26, 2001. This listing's school district is Banning Unified School District. Nearby schools include Central Elementary School, Nicolet Middle School and Banning High School. 545 North 2nd Street is a 6-bed, 6-bath, 3,090 sqft mixed use property built in 1949.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of REGIONCY REAL ESTATE, TREVOR CASEY, DRE #02053394; REGIONCY REAL ESTATE, NATHAN DIONES, DRE #01767311

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.