545 N 2nd, Banning, CA 92220
- $700,000
- Sold Price
- $700,000
- List Price
- $699,000
- Closing Date
- Mar 16, 2026
- Status
- CLOSED
- MLS#
- IG25227871
- Year Built
- 1949
- Lot Size
- 16,553
- Acres
- 0.38
- Lot Location
- 6-10 Units/Acre
- Days on Market
- 116
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
- Stories
- One Level
- Neighborhood
- Wilson
Property 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 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.
Additional Information
- Pool Description
- None
- Heat
- None, Wall Furnace
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- Roof
- Composition
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 6
- Gross Scheduled Income
- $108,480
- Operating Expense
- 17439
Listing courtesy of Listing Agent: TREVOR CASEY (trevorcaseyrealtor@gmail.com) from Listing Office: REGIONCY REAL ESTATE.
Listing sold by MARISELA LABASTIDA from MARISELA LABASTIDA BROKER
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.