Description
INVESTOR OPPORTUNITY | 4-PARCEL DEVELOPMENT SITE | 1031 EXCHANGE CANDIDATE. 1253 & 1255 Agate Ave, Mentone CA 92359. Rare income-producing development opportunity in Mentone's supply-constrained submarket. Two fully remodeled SFRs currently leased at $2,750/mo (3bd/2ba) and $2,300/mo (2bd/1ba) immediate cash flow of $5,050/mo from day one. Site totals 55,044 SF (1.26 acres) including private access corridor. Conceptual plan supports 4 parcels averaging ~11,676 SF each, SFR + ADU per parcel 8 income-producing units at stabilization. Given site size and depth, a buyer with appropriate development expertise may have the opportunity to achieve 5 or 6 lots. Buyer to verify all development possibilities with San Bernardino County Land Use Services. Projected stabilized gross income: $228,600/yr. NOI: $152,019/yr. Cap rate: 5.38%. New SFRs projected at $3,000/mo each. ADUs projected at $2,000/mo each. Stabilized total: $19,050/mo across all 8 units. All figures illustrative buyer to verify independently. Zoning: RS | San Bernardino County (unincorporated). 132 ft × 417 ft total. 112 ft × 417 ft buildable. Private access corridor included in sale. May qualify as like-kind replacement property under IRC Section 1031. Consult qualified intermediary and tax advisor. Seller makes no representations regarding tax treatment. Sold as-is. Buyer to verify all zoning and development standards with San Bernardino County prior to close. Conceptual site plan available upon request. Shown by appointment only.
Details
| MLS # | IV26139697 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1946 |
| Days On Site | 70 |
| Listing Provided By | ALL NATIONS REALTY & INVS | JERRY AVILA |
Features
| Bed(s) | 5 |
|---|---|
| Bath(s) | 3 Total |
| SQ Feet | 2,334 |
| Garage | 4 |
| Story(s) | 1 |
| Units | 2 |
| Acreage | 1.26 |
| Property View | None |
Interior
| Cooling | Central Air |
|---|---|
| Heating | Central |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Interior Features | All Bedrooms Down |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Value In Land |
|---|
Parking
| Attached Garage Yes / No | No |
|---|---|
| Garage Yes / No | Yes |
Utilities
| Sewer | Septic Type Unknown |
|---|
Location
| Community Features | Suburban |
|---|
Area Information
| State | CA |
|---|---|
| County | San Bernardino |
| City | Mentone |
| Zip Code | 92359 |
| Area | 284 Mentone |
| Listing VS Median (in 92359) | |
Price: $1,300,000 low | high Med: $750,470 sqft: 2,334 low | high Med: 53,801 $ / sqft: $557 low | high Med: $99 On site: 70 low | high Med: 768 | |
Market Activity 92359
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Learn More About This Property
| State | CA |
|---|---|
| County | San Bernardino |
| City | Mentone |
| Zip Code | 92359 |
| Area | 284 Mentone |
| Listing VS Median (in 92359) | |
Price: $1,300,000 low | high Med: $750,470 sqft: 2,334 low | high Med: 53,801 $ / sqft: $557 low | high Med: $99 On site: 70 low | high Med: 768 | |