690 S Riverside Ave

Rialto, CA 92376

$5,400,000
Last Sold Price
2
Beds
38
Baths
29,783 Sq. Ft.
$181 / Sq. Ft.
29,783
Sq. Ft.
$181
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 11/29/22
Closed 11/29/22
a view of outdoor space deck and patio

Description

This 38-unit value-add apartment is located in the City of Rialto, a very fast growing City in the Southern California Inland Empire. Current cap rate is around 6%, rents are considerably below market. It has a striking upside potential through a seasoned management and the pro forma cap rate is almost 9%. It is very close to Rialto Downtown, City Hall, Walmart, and several newly developed shopping centers with many nationwide merchants. Metro Link station nearby which can go to Downtown LA Union...This 38-unit value-add apartment is located in the City of Rialto, a very fast growing City in the Southern California Inland Empire. Current cap rate is around 6%, rents are considerably below market. It has a striking upside potential through a seasoned management and the pro forma cap rate is almost 9%. It is very close to Rialto Downtown, City Hall, Walmart, and several newly developed shopping centers with many nationwide merchants. Metro Link station nearby which can go to Downtown LA Union Station and transfer to Pasadena, West LA, Orange County, and throughout Southern California. Rialto is a hub of many big brands’ distribution center, included Target, Amazon, Staples, Monster, and more; which have been creating a lot of employments. Thus the local population and economy keep growing. The property is surrounded by newly developed townhouses. The property has ± 29,783 SF building situated on a ±68,389 SF lot, it was built in 1964. This gated community has four two-story buildings with 36 units plus 2 one-story units. All units are 2 bedrooms + 1 bathroom, average unit size over 700 SF; total 64 carport and outside parking spaces. Each unit has separated meters for electricity and gas, windows A/C, wall heating, and individual water heater. Laundry rooms (vendor owns washers and dryers), common area security cameras, two buildings and carports have new roof last year. Approximate half of the units have updates. All 3 vacant units are doing replacements and upgrades to catch up the market rent, and the management is screening potential tenants in the waiting list. Easy access to FWY 10, 210, 215, 15. Well maintained and managed, this lucrative sizable multifamily asset is waiting for an investor who is looking to acquire a real estate with high return and great appreciation over time! Drive by only, absolutely do not disturb/contact tenants. Walkthrough only be provided upon accepted offer.
  1. Listed by DORESA WANG • DRE #01523172 • Brokerage DRE #02194387 • Palm International Real Estate Inc.

Property Details for 690 South Riverside Avenue

Parking Spaces Total
64
Private Pool
No
Total Units
38.0
Building Type
Attached
Lot Size Source
Public Records
Living Area
29783
Assessor Parcel Number
0131-161-22-0000
Property Attached YN
true
LISTING UPDATED: 11/29/2022 08:48 AM

Property Details for 690 South Riverside Avenue

StatusClosed
MLS #WS22231834
Days on Market9
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Res Income 2-4 Units
Year Built1964
CountySan Bernardino County
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Location

Listing Courtesy of Palm International Real Estate Inc., DORESA WANG, DRE #01523172

Sold By Palm International Real Estate Inc., HUBERT KING, DRE #00553474

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Building Information for 690 South Riverside Avenue

Building/Complex690 S Riverside AveFloor-Stories2Residences-Pet Policy-Pet Policy Details-Year Built1964Building Size-

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$27,192 per month

30 year fixed, 6.46% Interest

Principal and Interest

$27,192

Property Taxes

$0

HOA Dues

$0

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Property Information for 690 South Riverside Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $515,178
  • Gross Scheduled Income: $527,400
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $511,578
  • Net Operating Income: $309,564
  • Laundry Income: $3,600
  • Gross Multiplier: 9.81
  • Cap Rate: 5.98
  • Financing: Cash
Expense Details
  • Operating Expense: $205,614
  • New Taxes Expense: $65,360
  • Fuel Expense: $0
  • Pest Control Expense: $1,355
  • Electric Expense: $0
  • Insurance Expense: $13,779
  • Maintenance Expense: $3,258
  • Professional Management Expense: $18,000
  • Other Expense: $20,463
  • Other Expense Description: repairs
  • Trash Expense: $15,719
  • Water Sewer Expense: $8,080
  • Total Expenses: $205,614
Tax / Assessment Info
  • Tax Tract Number: 003...
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 129
Community / Development
Community / Development
  • Community Features: Curbs
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Laundry Equipment Own Lease: Lease
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
Land/Lot Info
  • Lot Features: Level
  • Number Of Units: 38
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Unknown
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Uncovered Spaces: 30
  • Open Other Spaces Total: 30
  • Parking Garage Spaces: 0
  • Carport Spaces: 34
Property / Structure Info
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • Unit Type Units Total: 38
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $527,400
  • Unit Type Total Rent: $527,400
  • Unit Type Pro Forma: 663480
  • Unit Type Type: 1
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 4
  • Number Of Separate Electric Meters: 39
  • Number Of Separate Gas Meters: 39
  • Number Of Separate Water Meters: 1

Property History for 690 South Riverside Avenue

DateEvent & SourcePriceAppreciation
Nov 29, 2022

Sold

CRMLS #WS22231834

$5,400,000—
Nov 29, 2022

Sold

SDMLS #WS22231834

$5,400,000—
Nov 29, 2022

Sold

CLAW #WS22231834MR

$5,400,000—
Nov 8, 2022

Pending

SDMLS #WS22231834

—
Nov 8, 2022

Pending

CLAW #WS22231834MR

—
Nov 5, 2022

Accepting Backup Offers

CRMLS #WS22231834

—
Nov 5, 2022

Accepting Backup Offers

CLAW #WS22231834MR

—
Oct 30, 2022

Listed (Active)

CRMLS #WS22231834

$5,175,000—
Oct 27, 2022

Listed (Active)

SDMLS #WS22231834

$5,175,000—
Oct 27, 2022

Listed (Active)

CLAW #WS22231834MR

$5,175,000—
DateEvent & SourcePrice
11/29/2022

Sold

CRMLS #WS22231834

$5,400,000
11/29/2022

Sold

SDMLS #WS22231834

$5,400,000
11/29/2022

Sold

CLAW #WS22231834MR

$5,400,000
11/08/2022

Pending

SDMLS #WS22231834

—
11/08/2022

Pending

CLAW #WS22231834MR

—
11/05/2022

Accepting Backup Offers

CRMLS #WS22231834

—
11/05/2022

Accepting Backup Offers

CLAW #WS22231834MR

—
10/30/2022

Listed (Active)

CRMLS #WS22231834

$5,175,000
10/27/2022

Listed (Active)

SDMLS #WS22231834

$5,175,000
10/27/2022

Listed (Active)

CLAW #WS22231834MR

$5,175,000

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

Schools near 690 South Riverside Avenue

This home is within Rialto Unified School District.
Rating
School
Type
Grades
Distance
Sam V. Curtis Elementary School
Public - K to 5
Rialto Middle School
Public - 6 to 8
Rialto High School
Public - 9 to 12
Zupanic High School
Public - 9 to 12
Rating
School
Distance
Sam V. Curtis Elementary School
PublicK to 5

Rialto Middle School
Public6 to 8

Rialto High School
Public9 to 12

Zupanic High School
Public9 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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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 Palm International Real Estate Inc., DORESA WANG, DRE #01523172

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.