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Description
The property includes two residential homes and a commercial building. The buildings sit on just over 3/4 acres on a corner lot with approx 175 feet of frontage along Old Route 66 and 220 feet along Mill St. San Bernardino County has zoned the property as 'Neighborhood Commercial (CN). Some of the permitted uses are: Recycling Facilities, Commercial Entertainment, Fitness/Health Facility, Meeting Facility, Place of Worship, Bar/Tavern, Convenience Store, Grocery store, Night Club, Restaurant, Cafe, Coffee Shop, Service Station, Office or Day Care Center. The commercial building was built in 1946 with a curved front face along the highway. The building is approx 2,106 sq ft and is currently being used by the landlord. Local history tells us this building was formerly Club 66 (Bar) and the Gold Rush Saloon with a dining room and dance floor. A hand-painted mural greets you at the door, above the 35 ft long bar. Across from the bar is a dining area, stage and dance floor. Along the southeast is an enclosed patio area for additional seating. The building features many storage rooms, 2 bathrooms and kitchen and prep areas. The first home is along Mill St. This 3 bedroom, 2 bath home is approx 2,000 sq ft with its own chain link fenced in yard. The office could be converted to a 4th bedroom, if desired. The home is currently rented for $1,250/Mo. The garage area has been converted to storage room for the landlord with a separate entrance, however this area could also be transformed to a separate studio apartment to bring in an additional rental income. The second home is at the west end of the property, approx 832 sq ft with 2 bedrooms and 1 bath. The home is currently rented for $850/Mo. Both homes were re-roofed with new composite shingles approx 5 years ago. All structures have their own water, electricity and gas meters. Tenants pay for their own utilities. Total rental income is currently $2,100/Mo for both homes. Pro Forma income is estimated at $4,500/Mo with all buildings rented. Pro Forma CAP rate is approx 6.37%. Water and sewer = County Service Area 42 Oro Grande. Electricity = Southern California Edison. Gas = Southwest Gas. Trash= Burrtec. The property sits within the Oro Grande School District, home of Riverside Prep. Drive by and view the property, please do NOT disturb the tenants. Appointments can be made to view the commercial building. Inspections and walk-through of the homes will be made during escrow.
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Listing Agent: Kristen Maley Courtesy of: Landcore Realty The real estate listing information is provided by California Regional MLS, Inc. and/or CARETS® for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing or leasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the California Regional MLS, Inc. and/or CARETS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns the web site. Information is deemed reliable but not guaranteed, and consumer is responsible for verifying the accuracy of all information. Copyright © California Regional MLS, Inc. and/or CARETS®. All Rights Reserved. Updated: 23rd March, 2023 3:50 AM (UTC)
