26-Unit Apartment Building with
For Sale
$9,500,000
1429 N Grove Ave, Ontario, CA 91764
Every residence combines a three-bedroom, two-bath layout with central air conditioning and garage parking.
Property Size26,624 SF
Lot Size1.67 Acres
Price / SF$356.82
Days on Market39
Property Features for 1429 N Grove Ave
General Information
Standard status
Active
Size
26,624 SF
Lot size
1.67 Acres
Property subtype
Multi-Family
Units
Unit Mix
26 x 3BR/2BA
Multifamily Units
26
Parking per Unit
2
Additional Details
Highway Access
Yes
Amenities
central air conditioning
automatic security gates
Building Details
Year Built
1990
Listing Agency:
Maywood Property Group
Listed By:
Nicholas Hayner · License #C143643
Source:
Kwcoachellavalley
Added: Jul 23
Changed: Aug 29
Last Checked: Aug 25 at 3:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Maywood Property Group
Investment Insights
Based on property information with market context.
This 26-unit apartment property, completed in 1990, is composed entirely of three-bedroom, two-bath residences averaging more than 1,000 square feet. The approximately 26,624-square-foot improvements sit on a 1.67-acre site and provide two-car garages for every unit, along with additional on-site parking. Central air conditioning and individual water heaters serve the residences.
Recent property upgrades include new roofs with transferable warranties, 12 new HVAC units, and automatic security gates. The property is located near Ontario Mills, approximately three miles from Ontario International Airport, with access to the I-10 freeway. The source information also identifies no local rent control and describes a unit configuration designed for longer-term residential occupancy.
Recent property upgrades include new roofs with transferable warranties, 12 new HVAC units, and automatic security gates. The property is located near Ontario Mills, approximately three miles from Ontario International Airport, with access to the I-10 freeway. The source information also identifies no local rent control and describes a unit configuration designed for longer-term residential occupancy.
Key Highlights
- 26‑unit apartment property built in 1990
- All units are three‑bedroom, two‑bath residences averaging more than 1,000 square feet
- Approximately 26,624 square feet of improvements on a 1.67‑acre site
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$336,808
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,736,160
$6.7M
Cap Rate 7%
$4,811,543
$4.8M
Cap Rate 9%
$3,742,311
$3.7M
Market Conditions
NOI Build-Up for 26,624 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$655.0K $24.60/SF
− Vacancy
−$42.6K −$1.60/SF
EGI
$612.4K $23.00/SF
− OpEx
−$275.6K −$10.35/SF
NOI
$336.8K $12.65/SF
Area
Ontario, CA
Vacancy
6.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,736,160
Cap Rate 7%
$4,811,543
Cap Rate 9%
$3,742,311
Alternative Uses
Best Use
Apartment 5plus
$4.81M
$4.21M – $5.61M
NOI $336,808 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.89M
$6.03M – $8.03M
NOI $482,009 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 91764, CA
55,322
Population
17,350
Households
3.2
Avg Household Size
33
Median Age
18%
College-Educated
74%
High-School Grad
7.9 sq mi
ZIP Area
7,003
Density / Sq Mi
$75,605
Median Household Income
$37,076
Median Earnings
$2,039
Median Rent
$524,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Every residence combines a three-bedroom, two-bath layout with central air conditioning and garage parking.
Where is this apartment building located?
The property is located at 1429 N Grove Ave Ontario, CA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 26‑unit apartment property built in 1990; All units are three‑bedroom, two‑bath residences averaging more than 1,000 square feet; Approximately 26,624 square feet of improvements on a 1.67‑acre site
