Single-Story Triplex with
For Sale
$1,180,000
656 E I, Ontario, CA 91764
Updated single-story front house plus bonus studio and new 3-bedroom ADU on a large lot.
Property Size2,835 SF
Days on Market68
Property Features for 656 E I
General Information
Standard status
Active
Size
2,835 SF
Property subtype
Triplex
Building Details
Building Size
2,835 SF
Year Built
1932
Listing Agency:
RE/MAX 2000 REALTY
Listed By:
CHUNLING WANG · License #02011109
(626) 316-3978
Source:
Camdenmckayre
Added: Jul 1
Changed: Sep 5
Last Checked: Sep 5 at 8:25AM
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 RE/MAX 2000 REALTY
Investment Insights
Based on property information with market context.
This property is a three-unit residential income setup featuring a single-story front house, a bonus studio unit above the garage, and a brand-new 3-bedroom, 2-bath ADU. The front house was extensively updated a few years ago with fresh paint, updated flooring, ceiling fans, an upgraded kitchen, and newer appliances. Additional improvements include central heating and air conditioning and dual-pane windows.
The configuration also includes a 4-car tandem garage, supporting flexible use across the units. Situated on a large lot in Ontario, CA, the property can accommodate an owner-occupant who lives in the front house while renting the back units, or be maintained as an income-producing rental property.
With central HVAC, updated interior finishes, and multiple separate living areas, this is a versatile residential offering for buyers seeking a multi-unit arrangement.
The configuration also includes a 4-car tandem garage, supporting flexible use across the units. Situated on a large lot in Ontario, CA, the property can accommodate an owner-occupant who lives in the front house while renting the back units, or be maintained as an income-producing rental property.
With central HVAC, updated interior finishes, and multiple separate living areas, this is a versatile residential offering for buyers seeking a multi-unit arrangement.
Key Highlights
- Three‑unit property on a large lot with an updated single‑story front house plus additional rental units
- Front house extensively updated a few years ago with fresh paint, updated flooring, ceiling fans, upgraded kitchen, and newer appliances
- Central heating and air conditioning plus dual‑pane windows in the front house
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
$41,765
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
3.54%
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%
$835,300
$835.3K
Cap Rate 7%
$596,643
$596.6K
Cap Rate 9%
$464,056
$464.1K
Market Conditions
NOI Build-Up for 2,835 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
$62.9K $22.20/SF
− Vacancy
−$3.3K −$1.15/SF
EGI
$59.7K $21.05/SF
− OpEx
−$17.9K −$6.31/SF
NOI
$41.8K $14.73/SF
Area
Ontario, CA
Vacancy
5.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$835,300
Cap Rate 7%
$596,643
Cap Rate 9%
$464,056
Alternative Uses
Best Use
Multifamily LT 5
$596.6K
$522.1K – $696.1K
NOI $41,765 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$512.3K
$448.3K – $597.7K
NOI $35,864 @ 7.0% cap · market cap 3.04%
Theoretical Best
Specialty Retail
$733.2K
$641.6K – $855.4K
NOI $51,326 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
682
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?
Triplex - Updated single-story front house plus bonus studio and new 3-bedroom ADU on a large lot.
Where is this triplex located?
The property is located at 656 E I Ontario, CA.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Three‑unit property on a large lot with an updated single‑story front house plus additional rental units; Front house extensively updated a few years ago with fresh paint, updated flooring, ceiling fans, upgraded kitchen, and newer appliances; Central heating and air conditioning plus dual‑pane windows in the front house
