Most Californians associate Ontario California with the Ontario International Airport, which is currently run by the Los Angeles World Airports (LAWA). However, Ontario came to MultiFamilyOWL’s attention based on the extremely large volume of duplex, triplex, fourplex multifamily residential income property sales closing escrow.
Thus far in 2014 Ontario has seen 17 multifamily income properties close escrow with a majority of those being non-commercial duplex, triplex and fourplex sales (per CRMLS data). This is one of the highest amount of multifamily property sales of any sub-market in Los Angeles County. Using very broad averages, the average duplex sold in the range of $300,000+/- the average triplex sold in the range of $400,000 and the average fourplex sold in the range of $600,000+/-.
With Gross Rent Multipliers ranging as low as 11-13 GRM and many two bedroom units renting in the $1,200 range and many 3 bedroom units renting in the $1,450 range, the numbers look very attractive. It is ver apparent income property investors agree, with 7 additional multifamily properties entering escrow in the past two months. Currently there are 29 active multifamily income properties on the CRMLS listed for sale. MultiFamilyOWL.com offers advanced search criteria for you to view these properties.
Upon visiting http://www.ci.ontario.ca.us/ you quickly become impressed with the amount of innovative social and economic government programs Ontario is implementing to promote business, housing, employment and great living standards. The city looks to be on the rise and have an amazing amount of positive momentum moving forward.