Repositioning/Affordable Housing Opportunity 126 units San Bernardino, CA 92405

Repositioning/Affordable Housing Opportunity 126 units

San Bernardino, CA 92405

 

Price: $8,700,000

 

No. Units: 126

Building Size: 107,100 SF

Price/Unit: $69,047.62

Property Type: Multifamily

Property Sub-type: Garden/Low-Rise

Property Use Type: Investment

Occupancy: 90%

No. Stories: 2

Year Built: 1964

Lot Size: 4 AC

Parking Ratio: 1 / 1,000 SF

 

Highlights

REAR REPOSITIONING/REHAB/AFFORDABLE HOUSING OPPORTUNITY AGGRESSIVE PRICING SURROUNDED BY QUIET RESIDENTIAL NEIGHBORHOOD WITH GREAT FREEWAY VISIBILITY ALL 2 BEDS WITH BLDGS ON 9 INDIVIDUAL CONTIGEOUS PARCELS ATLEAST 30% UPSIDE IN RENTS UPCOMING COMMERCIAL, INDUSTRIAL/ BUSINESS PARKS IN THE AREA AND ACCROSS

 

Description

Wonderful Repositioning/Rehab and/or Affordable Housing Opportunity in newly redevelopment zone. Sellers will only consider offers at or above list price! The has been rehabbed to achieve 90% occupancy.. Current rents are at least 35-40% below market with virtually no competition around. This property will require an experienced operator. Property has been stabilized with almost 90% occupancy. With a mix of all 2 beds and nine parcels adjacent to a newly realigned off-Ramp in a redeveloping zone, this could be a perfect opportunity for an "Affordable Housing operator".

Located right off the 215 fwy where 30 fwy and the newly built 210 fwy ramp meet in the newly redevelopment zone. There is new Lowe's Center and many Industrial/business Park buildings being built across the freeway from the property. The property is located on appx. four acres of land, 9 individual contiguous parcels, 17 buildings with plenty of open and carport parking.

 

Proforma

Year 2007

Scheduled Gross Income $1,153,977

Effective Gross Income $1,153,977

Operating Expenses $409,047

Net Operating Income $744,930

 

Call 714-606-6100 email mweahunt@gmail.com

 

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