530 Gilman W, Banning, California 92220, Banning, 92220 - 6 bed, 3 bath
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Banning, California 92220
This Residential Income Duplex represents a strategic Value-Add Asset located within the Banning Unified district. Listed at $660,000, the property is currently priced above its $543,318 Fair Market Value, requiring a focus on long-term rental yield rather than immediate equity. Featuring a 10,019 square foot lot and a Condition Rating of 5, the property demands significant renovation to address deferred maintenance. The "Cash Offers Only" mandate and existing tenant occupancy make this a specialized acquisition for Buy-and-Hold Investors or Contractors prepared to capitalize on the high-capacity 6-bedroom configuration.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 530 Gilman W Subject | $660,000* List Price | 6 | 3 | 2,293 | $239 | - |
A 546 N 5th Street Active | $518,000 List Price | 0 | 0 | 2,162 | $240 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1961 (over 60 years old) with no evidence of recent renovations to kitchens, baths, or systems. The 'Cash Offers Only' requirement is a major indicator of significant deferred maintenance or safety/structural issues that prevent traditional financing. Exterior images show neglected landscaping and dated features.
Configured as a duplex with a 4-bedroom main house and a secondary unit, this property is ideal for generating rental income or accommodating multi-generational living.
Boasting 6 bedrooms and nearly 2,300 square feet on a generous 10,019 square foot lot, the property provides ample space for large families or home-based businesses.
Located in a quiet and beautiful neighborhood, the property offers a peaceful residential atmosphere that enhances its long-term appeal for both owners and tenants.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2293, other record living area = 1204. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 6, other record bedroom count = 2.
The requirement for cash-only offers significantly limits the buyer pool by excluding those who require traditional mortgage financing.
Selling with existing tenants in place may present challenges for buyers seeking immediate possession or those wishing to negotiate new lease terms upon closing.
The small unit is vacant now and the tenant on the large house is in the process of buying a house, she will be out soon. For now, the large unit is STI.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 6.0 | 0.0 |
| Baths | 3.0 | 0.0 |
| Square foot | 2,293 | - |
| Lot Size | 10,019 | - |
| Price | $660.0K | $541.5K |
| Price per sq ft | $288 | $292 |
| Built year | 1961 | 0 |
| HOA | $0 | $0 |
| Days on market | 79 | 35 |
May 4, 2026
$660,000
Initial Listing
Apr 26, 2022
$470,000
Public Record
Oct 6, 2021
$295,000
Public Record
Aug 26, 2016
$133,500
Public Record
Nov 27, 2007
$182,000
Public Record
Jun 27, 2002
$123,000
Public Record
Apr 13, 2000
$80,000
Public Record