The Growth Investment Group is proud to offer 17761 Citron Avenue, a 9-unit apartment property comprised of a single-story layout located in the highly localized city of Fontana, California. This value-add opportunity is perfect for an investor looking to acquire an apartment property and maximize its income potential. The property has been under the same ownership since 1988 and since then, is the first time being offered for sale. The units are currently leased to many long-time tenants on a month-to-month agreement at below market rents. With one (1) unit able to be delivered vacant, Buyers can quickly add value and increase income by modernizing the unit(s). With only a short distance from The Kaiser Permanente and Ontario Mills it is within excellent proximity to many inevitabilities.
The entire property is paved with a long wide driveway surrounded by brick wall. Eight of the nine total units feature 1 bed + 1 bath with privately gated patio area and two parking spaces total. The front house unit also comes equipped with a small yard ideal for BBQ and family area. The property has been partially re-piped with copper plumbing and has a newer roof recently installed in two of the three buildings. There are security cameras in the exterior of the property for added safety. None of the units have been extensively upgraded which provides prime opportunity for new ownership to do complete unit upgrades and maximize its income potential.
LOCATION AMENITIES AND ACCESS
The property is located in the growing city of Fontana with all of its appropriate amenities. It is situated on Citron Avenue in the center of Arrow Hwy & Merrill Avenue and is located near Fontana Superior Court House and Kaiser Permanente. With only a short distance from Downtown Fontana there are a variety of dining options such as: Casa Barreto, Los Molcajetes, Sundowners, In N Out, Tai kitchen Bowl and much more. While near Sierra Avenue the asset maintains close-proximity to historical landmark ‘Al Capone House’, Target, Starbucks, Stater Bros, Center Stage Theater, Big Lots, Chuck E Cheese, Fontana Regency 8, Fontana Indoor Swap Meet, Fontana Lewis Library and more.
The United States Census Bureau estimated Fontana's 2019 population at 214,547, the fastest growing city in San Bernardino County. The name fontana is Italian for fountain or water source, being in close proximity to Lytle Creek. Fontana is home to the Auto Club Speedway and hosts the Fontana Days Half Marathon and 5K run. This race is the fastest half-marathon course in the world.
• Long time owner since 1988 (32 years!)
• 9-unit single-story bungalow style layout on large 21,000 square foot lot
• Excellent low price per unit of $194,444
• Attractive unit mix of one (1) front house and eight (8) 1bedrrom + 1bathroom units
• Private enclosed front patio area for each unit
• Two parking spaces per unit (1 covered & 1 uncovered)
• Newer roofs on two of the three buildings
• Strong cap rate of 5% on current income with excellent value-add potential
• One (1) unit to be delivered vacant!
• Close to schools: Dolores Huerta Elementary, Fontana Middle, Palmetto Elementary, and Chaffey College
• Nearby to Kaiser Hospital, Ontario Mills, Fontana Superior Court of California, Fontana Lewis Library, Center Stage Theater and Downtown Fontana
• Near FWY’s 10, 15 & 210
• Two parking spaces per unit
• Single-Story Bungalow Style layout, with each unit having private patio
• Roof has been recently completely re-done in both fourplex’s
• Tile flooring throughout the units
• Large Lot Size of 21,000 SF with plenty of privacy
• Easy access to FWY’s 10, 15 & 210
• Each unit is separately metered for electricity and gas, individual water heater
• Large double mirror closets in each unit
• Security camera system installed in the property
• Tile backsplash in the restroom showers
• Wall heater and window AC in each unit
• Font house equipped with garage workspace area
• Walking distance to historical landmark ‘Al Capone’s House’
• Short drive from Lytle Creek recreational area