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438 W Ramona Drive, Rialto, California 92376, Rialto, 92376 - bed, bath

438 W Ramona Drive, Rialto, California 92376 home-pic-0
ACTIVE$950,000
438 W Ramona Drive, Rialto, California 92376
0Bed
0Bath
2,875Sqft
7,686Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Exceptional Investment Metrics: The property boasts a robust 9.20% Cap Rate and an impressive 17.22% Cash on Cash Return at market rents, indicating strong profitability for investors.
Top Cons:
Property Age: Built in 1959, the property's age may lead to potential future maintenance or upgrade requirements for systems not explicitly mentioned as updated (e.g., plumbing, electrical infrastructure).

Compared to the nearby listings

Price:$950.0K vs avg $1.05M ($-105,000)33%
Size:2,875 sqft vs avg 3,708 sqft33%
Price/sqft:$330 vs avg $28589%

More Insights

Built in 1959 (66 years old).
Condition: Built in 1959, the property has received some updates, including a new roof in 2019, and appears well-maintained. However, the interior, particularly the kitchen with its older cabinets, laminate countertops, and basic appliances, along with the dated bathroom tile and lack of central heating/cooling (relying on wall units and heaters), indicates that while functional, the units are aesthetically outdated and would require minor to moderate updates to meet current quality standards and tenant expectations for modern amenities.
Year Built
1959
Close
-
List price
$950K
Original List price
$950K
Price/Sqft
$330
HOA
-
Days on market
-
Sold On
-
MLS number
SW25148442
Home ConditionFair
Features
View-

About this home

This listing is a unique offering because it's the best priced Rialto 4Plex offering in years!! This fine complex is a superb location since it's only walking minutes from grocery, drug store, and bus stop. It's also just minutes from the 10 freeway!! This complex consists of three 2 bedroom 1 bath units, and one 1 bedroom 1 bath unit. The Seller has kept the units updated, inside and out. Also, the Seller put on a new roof in 2019!!! This is an incredible buy!! Check out the SALE COMPS in the SUPPLEMENTS attached. SALE COMP 428 W Ramona, just down the street from us & sold for $1,000,000!!! SALE COMP 1401 N Willow Ave, a few blocks away, is WAY inferior because it's all 1 bedrooms/1 baths & sold for $943,000!!! This complex really performs! At market rents, it's putting out a $100,740 annual gross income, a 9.43 Gross Rent Multiplier, a robust 9.20% Cap Rate, and an incredible 17.22% Cash on Cash Return!!! For info on returns, income, expenses, rent/sale comps, PLEASE SEE SUPPLEMENTS attached. Landlord pays water and trash and each tenant has their on metered gas & electric which they sign up and pay for. Please take a close look at the pictures! These are beautiful units, priced great, and perform really, really, well!!!

Condition Rating
Fair
Built in 1959, the property has received some updates, including a new roof in 2019, and appears well-maintained. However, the interior, particularly the kitchen with its older cabinets, laminate countertops, and basic appliances, along with the dated bathroom tile and lack of central heating/cooling (relying on wall units and heaters), indicates that while functional, the units are aesthetically outdated and would require minor to moderate updates to meet current quality standards and tenant expectations for modern amenities.
Pros & Cons

Pros

Exceptional Investment Metrics: The property boasts a robust 9.20% Cap Rate and an impressive 17.22% Cash on Cash Return at market rents, indicating strong profitability for investors.
Strategic Location & Accessibility: Situated within walking minutes of essential amenities like grocery stores, drug stores, and bus stops, and just minutes from the 10 Freeway, offering high tenant desirability and convenience.
Recent Major Capital Improvement: A new roof installed in 2019 significantly reduces immediate capital expenditure for a buyer and enhances the property's long-term durability.
Well-Maintained & Diversified Units: The complex features a desirable mix of three 2-bedroom and one 1-bedroom units, all reportedly updated inside and out, appealing to a broader tenant pool.
Competitive Market Value: Positioned as the 'best priced Rialto 4Plex offering in years' with strong comparable sales, suggesting excellent value and potential for appreciation.

Cons

Property Age: Built in 1959, the property's age may lead to potential future maintenance or upgrade requirements for systems not explicitly mentioned as updated (e.g., plumbing, electrical infrastructure).
Landlord-Paid Utilities: The landlord is responsible for water and trash expenses, which represents an ongoing operational cost that could fluctuate and impact net income.
Limited Specific Amenity Details: While units are updated, the description lacks specific details on modern amenities such as in-unit laundry, central air conditioning, or private outdoor spaces, which could limit rent premium potential.

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