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La Aldea (Grove Luxury Apts) 1429 N Grove Ave 26 Unit Apartment Building $9,500,000 ($365,385/Unit) 6.75% Cap Rate Ontario, CA 91764
Investment Highlights
- 6.75% Going-In Cap Rate | 1990 Build | 7.8% Cash-On-Cash Return With Assumable Financing
- 2-Car Garages + Surplus Parking | Individual Water Heaters | Central AC | 12 New HVAC Units
- ALL 3+2 Units | ONLY $2,900,000 Down Required With Assumable Financing | All New Roofs With Warranties
- Secured Gated Entry | New Security Gates | 1.67 Acres Of Land | No Local Rent Control
Executive Summary
Maywood Property Group is pleased to present 1429 N. Grove Avenue, a well-maintained 26-unit apartment community in the strong and supply-constrained Ontario rental market. Built in 1990, the property offers a highly desirable, family-oriented unit mix consisting exclusively of three-bedroom, two-
bathroom residences, averaging more than 1,000 square feet each, a rare configuration that caters to long-term tenants seeking the functionality and privacy of a single-family home with the convenience of apartment living. Situated on an expansive 72,745 square-foot (1.67-acre) site, the property contains approximately 26,624 square feet of improvements and provides residents with an exceptional parking profile: two-car garages for each unit, plus surplus on-site parking. Recent capital improvements materially reduce near-term ownership risk and include new roofs with transferable warranties, individual water heaters, 12 newly
installed HVAC units, and new automatic security gates. The asset is positioned for both durable in-place cash flow and continued operational upside. With no
local rent control, ownership benefits from greater flexibility to align rents with market conditions while maintaining a tenant base drawn to the property’s oversized floor plans, garage parking, central air conditioning, and secure community setting. The offering is being presented at an attractive going-in cap
rate of 6.75%, providing investors immediate yield in a Southern California market where comparable newer-vintage, low-density multifamily assets remain difficult to replicate. Ideally located near Ontario Mills, the property offers convenient access to major retail, dining, entertainment, and employment centers. It is also located approximately three miles from Ontario International Airport and provides efficient access to the I-10 freeway, connecting residents throughout
the Inland Empire and greater Southern California.
bathroom residences, averaging more than 1,000 square feet each, a rare configuration that caters to long-term tenants seeking the functionality and privacy of a single-family home with the convenience of apartment living. Situated on an expansive 72,745 square-foot (1.67-acre) site, the property contains approximately 26,624 square feet of improvements and provides residents with an exceptional parking profile: two-car garages for each unit, plus surplus on-site parking. Recent capital improvements materially reduce near-term ownership risk and include new roofs with transferable warranties, individual water heaters, 12 newly
installed HVAC units, and new automatic security gates. The asset is positioned for both durable in-place cash flow and continued operational upside. With no
local rent control, ownership benefits from greater flexibility to align rents with market conditions while maintaining a tenant base drawn to the property’s oversized floor plans, garage parking, central air conditioning, and secure community setting. The offering is being presented at an attractive going-in cap
rate of 6.75%, providing investors immediate yield in a Southern California market where comparable newer-vintage, low-density multifamily assets remain difficult to replicate. Ideally located near Ontario Mills, the property offers convenient access to major retail, dining, entertainment, and employment centers. It is also located approximately three miles from Ontario International Airport and provides efficient access to the I-10 freeway, connecting residents throughout
the Inland Empire and greater Southern California.
Property Facts
| Price | $9,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $365,385 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.67 AC |
| Cap Rate | 6.75% | Building Size | 26,624 SF |
| Gross Rent Multiplier | 10.1 | No. Stories | 2 |
| No. Units | 26 | Year Built | 1990 |
| Property Type | Multifamily | Parking Ratio | 3.54/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R2, Ontario | ||
| Price | $9,500,000 |
| Price Per Unit | $365,385 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Gross Rent Multiplier | 10.1 |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.67 AC |
| Building Size | 26,624 SF |
| No. Stories | 2 |
| Year Built | 1990 |
| Parking Ratio | 3.54/1,000 SF |
| Zoning | R2, Ontario |
Amenities
Unit Amenities
- Air Conditioning
- Disposal
- Heating
- Kitchen
- Carpet
- Dock
Site Amenities
- Courtyard
- Laundry Facilities
- Recycling
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 26 | - | 1,000 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 1047-433-15 | Improvements Assessment | $4,202,483 |
| Land Assessment | $1,775,697 | Total Assessment | $5,978,180 |
Property Taxes
Parcel Number
1047-433-15
Land Assessment
$1,775,697
Improvements Assessment
$4,202,483
Total Assessment
$5,978,180
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La Aldea (Grove Luxury Apts) | 1429 N Grove Ave
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