9023 Olive Street, Fontana, California 92335, Fontana, - bed, bath
ACTIVE$699,000
9023 Olive Street, Fontana, California 92335
0Bed
0Bath
1,048Sqft
18,900Lot
Year Built
1947
Close
-
List price
$699K
Original List price
$699K
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
CV25146267
Home ConditionFair
Features
View-
About this home
A huge opportunity for an Investor or Contractor who needs a big yard for storage OR build more units for extra rental income. THE VALUE IS IN THE LAND. Seller will consider carry-back loan at low interest rate, easy qualify, and save thousands in loan points and closing costs. It's rare to find a Duplex with R-2 zoning with almost ½ of an acre lot in a nice cul-de-sac new homes neighborhood, centralized and near Kaiser Hospital and City District. Unit #1 features a 1 bedroom & 1 full bath and a single car garage. Unit #2 is a Studio with 1 full bath and a kitchen area. Both units have new bathrooms, flooring and interior paint. Please DO NOT disturb the current tenants.
Price History
Date
Event
Price
06/30/25
Listing
$699,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (6 Listings) | |
|---|---|---|---|
| Beds | 0 | 0 | |
| Baths | 0 | 0 | |
| Square foot | 1,048 | 1,728 | 29% |
| Lot Size | 18,900 | 16,500 | 86% |
| Price | $699K | $775K | 43% |
| Price per square foot | $667 | $426 | 86% |
| Built year | 1947 | 1947 | 50% |
| HOA | |||
| Days on market | 128 | 141 | 43% |
Condition Rating
Fair
The property was built in 1947, making it an older home. While the listing mentions 'new bathrooms, flooring, and interior paint' for both units, these are specific cosmetic updates. The exterior images show an aged appearance with a visible window AC unit, dry landscaping, and a gravel driveway, suggesting that major systems (like central HVAC, electrical, plumbing) and kitchens may not have been extensively updated. The phrase 'THE VALUE IS IN THE LAND' also implies the structure itself is not the primary asset. These factors indicate that while some areas are refreshed, the property as a whole is aged and likely requires further updates beyond the recent cosmetic ones to meet modern standards.
Pros & Cons
Pros
Significant Development Potential: The property boasts R-2 zoning on a substantial 18,900 sqft (almost half-acre) lot, offering a rare opportunity for expansion, adding more units, or contractor storage, with the primary value being in the land.
Attractive Seller Financing: The seller's willingness to consider a carry-back loan at a low interest rate with easy qualification provides a significant financial advantage, reducing buyer's upfront costs and simplifying the acquisition process.
Recent Interior Updates: Both units have received recent renovations, including new bathrooms, flooring, and interior paint, presenting a refreshed appearance and minimizing immediate cosmetic renovation needs for a new owner.
Income-Generating Duplex: As an existing duplex with two separate units (a 1-bedroom/1-bath and a studio/1-bath), the property offers immediate rental income potential, appealing directly to investors seeking cash flow.
Desirable Location: Located in a 'nice cul-de-sac new homes neighborhood,' centralized and near Kaiser Hospital and the City District, which enhances rental demand and long-term property appreciation.
Cons
Advanced Age of Structure: Built in 1947, the property's core infrastructure (e.g., roof, plumbing, electrical, HVAC) may be original or outdated, potentially requiring significant future capital expenditures beyond the recent cosmetic updates.
Small Unit Sizes: With a total of 1048 sqft for two units (a 1-bedroom and a studio), the individual living spaces are quite compact, which might limit rental income potential or appeal to a narrower tenant demographic.
Tenant Occupancy & Access Restrictions: The instruction 'DO NOT disturb the current tenants' indicates potential challenges for property showings, inspections, and due diligence, and could complicate possession or lease transfers post-sale.