We are proud to offer this duplex property built in 1961 situated in a residential neighborhood; approximately 1632 sq ft according to the assessor, with a unit mix composed of (2) 2 bedroom / 1 bath units. Each unit has 1-car garage/storage. Competitive offering with pro forma CAP RATE of 4.6%, and GRM of 7.2. Five-year holding period internal rate of return 7.51% Property shows great pride of ownership. New windows were installed and the building exterior was painted both 4 years ago. Tenants pay all utilities. Stable long-term tenants in place. Both units are rented under market value. Presenting an opportunity for the new owner to increase cash flow. The median household income date in Colton is approx $53,800 supporting market rents. Colton’s median home value is $365,000 making this property attractive for any buyer at $250,000 per unit. Colton, referred to as the hub of the Inland Empire, is located in a suburb 60 mins from Los Angeles, Palm Springs, and Big Bear. Strategically located next to the I-10 and the I-215 freeways connecting destinations in every direction. An hour from beaches, snow, and desert climates. The property is located 7 mins away from the West Valley Specific Plan (WVSP) or Hub City Centre (HCC) which is a project proposing to build a mix of uses on 48.3-acres adding 275 residential units, office space, commercial, public use, and transportation. Including 63.5 acres of open space for habitat conservation. Creating a mix of urban uses. Adding to the community where people can live, work, and shop. HCC is anchored by Arrowhead Regional Medical Center (ARMC) employing 3,800 people and servicing more than 1,600 visitors a day. Adjacent is the California University of Science and Medicine (CUSM) with Loma Linda University Medical Center and Kaiser Permanente less than six miles away. This project offers a population of 329,554 within 5 miles and 1,037,371 within 10 miles. The Colton Crossing rail system has been a logistic hub since the late 1800’s running West and East via Union Pacific & BNSF Railway North America’s leading freight transportation companies creating employment opportunities in logistics for this area.
Listing courtesy of Listing Agent: DORANCE CREIGHTON JR. from Listing Office: CREIGHTON REAL ESTATE
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