Price Reduced Listing
Description
We are pleased to exclusively present the Amber Court Apartments, a five-unit multifamily investment opportunity located at 357 Amber Court in Upland, California.Built in 1962, the property is situated on a 0.234-acre corner lot and consists of approximately 5,493 building square feet. The unit mix includes four two-bedroom / one-and-a-half-bathroom townhome-style units, each approximately 1,100 square feet, and one single-level two-bedroom / two-bathroom unit of similar size. Each unit is equipped with washer and dryer hookups, central gas heating, wall-mounted air conditioning units, electric stove and oven, electric water heater, and a private enclosed patio. The property is individually metered for gas and electricity, with ownership responsible for water, sewer, and trash. With current rents estimated to be approximately 35% below market, the property presents a strong value-add opportunity for an investor seeking to reposition the asset and capture rental upside. Additionally, the offering includes the opportunity to implement annual rental increases in accordance with AB 1482, as the last rent increase occurred in 2024. Pro Forma CAP Rate of 7.13% and priced at $245.77 PSF, well-below replacement cost
Details
| MLS # | CV26106337 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1962 |
| Days On Site | 112 |
| Listing Provided By | MARCUS & MILLICHAP | Gisele Pinedo |
Features
| SQ Feet | 5,493 |
|---|---|
| Garage | 2 |
| Car Port | Yes |
| Story(s) | 2 |
| Units | 5 |
| Building(s) | 1 |
| Acreage | 0.23 |
Exterior
| Lot Features | Sixteen To Twenty Units Acre |
|---|
Parking
| Parking Features | Assigned, Carport, On Site |
|---|---|
| Garage Yes / No | Yes |
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Curbs, Sidewalks |
|---|
Taxes
| Property | 17440 |
|---|
Area Information
| State | CA |
|---|---|
| County | San Bernardino |
| City | Upland |
| Zip Code | 91786 |
| Area | 690 Upland |
| Listing VS Median (in 91786) | |
Price: $1,350,000 low | high Med: $584,500 sqft: 5,493 low | high Med: 1,188 $ / sqft: $246 low | high Med: $495 On site: 112 low | high Med: 59.5 | |
Market Activity 91786
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Learn More About This Property
| State | CA |
|---|---|
| County | San Bernardino |
| City | Upland |
| Zip Code | 91786 |
| Area | 690 Upland |
| Listing VS Median (in 91786) | |
Price: $1,350,000 low | high Med: $584,500 sqft: 5,493 low | high Med: 1,188 $ / sqft: $246 low | high Med: $495 On site: 112 low | high Med: 59.5 | |