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Multifamily

Wilson Gardens

5001 & 5059 W Wilson St, Banning, CA 92220

Listing Price: $14,250,000

Cap Rate
4.51%
Number of Units
68
Occupancy
97.0%
Price/Unit
$209,559

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire Wilson Gardens, a multifamily investment property comprised of 68 units and a non-conforming unit located at 5001 & 5059 West Wilson Street in the city of Banning, California. Built in 1976, Wilson Gardens sits on two contiguous parcels with a total lot size of 2.36 acres and has a combined building size of approximately 50,600 square feet. Wilson Gardens is comprised of six-2 story buildings and consists of fifteen-one bedroom/one bathroom units, twenty eight-two bedroom/one bathroom units, twenty one-two bedroom/two bathroom units, four-three bedroom/two bathroom units, and one non-conforming studio/one bathroom unit. These spacious units feature central air conditioning and heating, copper plumbing, and have individual hot water heaters. Selected units offer washer and dryer hook-ups and patio/balcony. Approximately 20% of the apartments have been renovated to feature laminated hardwood flooring, granite countertops, new cabinetry, double pane windows, and kitchen islands with seating in selected units. All units are individually metered for gas and electricity. Wilson Gardens is secured with multiple exterior security cameras, gated entrances and parking, and has an on-site leasing/management office with bathroom. Residents enjoy common area amenities including on-site laundry facility, swimming pool, and shaded picnic area with barbeque grill. The front lawn and community courtyard is upgraded with low-maintenance artificial turf. For parking, there are thirty-six single-car garages, twenty-four tuck-under parking with storage lockers, eight carport parking, and twenty-nine open space parking. All six buildings have also been seismic retrofitted. Wilson Gardens is located just north of the Interstate 10 on West Wilson Street, one of the main thoroughfares in the city of Banning with a daily traffic count of 11,053, and with easy access to the Interstate 10 freeway which takes commuters to cities in the Inland Empire. The property is conveniently located less than two miles to multiple major department and grocery stores such as Best Buy, Walmart Supercenter, Home Depot, Grocery Outlet, Walgreens, Stater Brothers Markets, and Food 4 Less. Additionally, Wilson Gardens is within minutes’ drive from Banning High School, Mt. San Jacinto San Gorgonio Pass College Campus, the Banning Municipal Airport, Cabazon Outlets Shopping Center, and Morongo Casino. Situated between the Inland Empire and the Coachella Valley, the city of Banning is a close-knit suburban community with stunning vistas of the two tallest peaks in southern California – Mount San Jacinto and Mount San Gorgonio. Banning attracts tourism with its frequent local events including popular Banning Stagecoach Days, Thunder and Lightning Pow Wow, Concerts in the Park, and other music and art festivals.

Investment Highlights

  • Excellent Rental Location in the City of Banning
  • Over 16% Rental Upside
  • Seismic Retrofit | Copper Plumbing | Low-Maintenance Artificial Turf
  • Property is Located in Beaumont School District
  • Two Contiguous Parcel with a Combined Lot Size of 2.36 Acres
  • Easy Access to the I-10 Freeway and State Route 60 Freeway
  • Population Has Increased More Than 87% Over the Past 20 Years
  • Average Household Income over $74,000 Within a Five Mile Radius

Exclusively Listed By

Multifamily

Wilson Gardens

Listing Price: $14,250,000

Cap Rate
4.51%
Number of Units
68
Occupancy
97.0%
Price/Unit
$209,559

Investment Highlights

  • Excellent Rental Location in the City of Banning
  • Over 16% Rental Upside
  • Seismic Retrofit | Copper Plumbing | Low-Maintenance Artificial Turf
  • Property is Located in Beaumont School District
  • Two Contiguous Parcel with a Combined Lot Size of 2.36 Acres
  • Easy Access to the I-10 Freeway and State Route 60 Freeway
  • Population Has Increased More Than 87% Over the Past 20 Years
  • Average Household Income over $74,000 Within a Five Mile Radius

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire Wilson Gardens, a multifamily investment property comprised of 68 units and a non-conforming unit located at 5001 & 5059 West Wilson Street in the city of Banning, California. Built in 1976, Wilson Gardens sits on two contiguous parcels with a total lot size of 2.36 acres and has a combined building size of approximately 50,600 square feet. Wilson Gardens is comprised of six-2 story buildings and consists of fifteen-one bedroom/one bathroom units, twenty eight-two bedroom/one bathroom units, twenty one-two bedroom/two bathroom units, four-three bedroom/two bathroom units, and one non-conforming studio/one bathroom unit. These spacious units feature central air conditioning and heating, copper plumbing, and have individual hot water heaters. Selected units offer washer and dryer hook-ups and patio/balcony. Approximately 20% of the apartments have been renovated to feature laminated hardwood flooring, granite countertops, new cabinetry, double pane windows, and kitchen islands with seating in selected units. All units are individually metered for gas and electricity. Wilson Gardens is secured with multiple exterior security cameras, gated entrances and parking, and has an on-site leasing/management office with bathroom. Residents enjoy common area amenities including on-site laundry facility, swimming pool, and shaded picnic area with barbeque grill. The front lawn and community courtyard is upgraded with low-maintenance artificial turf. For parking, there are thirty-six single-car garages, twenty-four tuck-under parking with storage lockers, eight carport parking, and twenty-nine open space parking. All six buildings have also been seismic retrofitted. Wilson Gardens is located just north of the Interstate 10 on West Wilson Street, one of the main thoroughfares in the city of Banning with a daily traffic count of 11,053, and with easy access to the Interstate 10 freeway which takes commuters to cities in the Inland Empire. The property is conveniently located less than two miles to multiple major department and grocery stores such as Best Buy, Walmart Supercenter, Home Depot, Grocery Outlet, Walgreens, Stater Brothers Markets, and Food 4 Less. Additionally, Wilson Gardens is within minutes’ drive from Banning High School, Mt. San Jacinto San Gorgonio Pass College Campus, the Banning Municipal Airport, Cabazon Outlets Shopping Center, and Morongo Casino. Situated between the Inland Empire and the Coachella Valley, the city of Banning is a close-knit suburban community with stunning vistas of the two tallest peaks in southern California – Mount San Jacinto and Mount San Gorgonio. Banning attracts tourism with its frequent local events including popular Banning Stagecoach Days, Thunder and Lightning Pow Wow, Concerts in the Park, and other music and art festivals.

Exclusively Listed By

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