CBRE is proud to exclusively present a multifamily opportunity located in the City of Colton!
The sale is pursuant to a Court Ordered Sale By Partition and will require The Los Angeles Superior Court to approve the sale and remove all Lis Pendens binding upon Seller and may, upon the court's discretion, be subject to overbid at auction in an open court hearing. 580 West E Street is located in a mature, highly desirable, low-traffic neighborhood of Colton. It is a short drive from a variety of shopping venues, restaurants, and medical facilities near historic Colton.
The property is centrally located within Colton and offers easy access to the I-10 freeway. Its location offers convenient access to the neighboring cities of Ontario, Rancho Cucamonga, San Bernardino, Redlands and Riverside. Orange County, Los Angeles County, mountain ski resorts and beach cities are all within a 1-hour drive.
580 West E Street is a rare, 2-story, 22-unit property. Built in 1963, the property is situated on a single parcel with a total of ±22,500 square feet of land, with a total building size of ±12,030 square feet. It features an excellent unit mix of studio, one-bed/one-bathroom and two-bedroom/one-bathroom units averaging 547 square feet.
580 West E Street has historically high occupancy and is generating $24,366 in monthly rental income. There is significant rental upside to be captured by raising rents to market levels, and additional upside is available through interior and exterior renovations.
This property features spacious units arranged in a courtyard layout around the central swimming pool. It has well-kept, mature landscaping with lush trees and shrubs, a brand-new roof, refinished walkway decks, as well as fresh paint and asphalt work. The laundry room features newly purchased machines. Units feature laminate wood flooring and carpet in the bedroom, and also feature wall air conditioning and heating.
580 West E Street is a prime Colton income-producing property and a great long-term investment. The property is in a highly desirable area and offers stability for any type of investor, whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange opportunity.
