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 58,330 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.