1398 N Sierra Way

  • San Bernardino

  • $7,200,000
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Residential Income Details

Description
Highlights; Competitive Offering Actual CAP Rate of 5.84 %, with a ProForma CAP Rate of 6.57 %, Offering Actual GRM of 10.49, with a ProForma GRM of 9.68 / Rental Comparables Illustrate a 98 % Occupancy Area. Rental Survey Completed 03/05/2018., $1,000,000 In Recent Property Improvements and Renovations Under Current Ownership. 60% of the Units Have Been Completely Renovated., Conservative 10% Upside in Potential Rental Income. Achieved through continued implementation of Government approved and funded programs., Currently only 30% of the Tenants are in Government funded program, allowing for future growth., 4 Units Have Fire Damage and Are Currently Under Complete Rehabilitation. Units to be Delivered per Seller in 100% Rent Ready Condition. The Mountain view manor apartments are located on a sprawling 3.31 acre lot. The property is composed of 10+ buildings, outbuildings, and cover parking structures for all units. This 68 unit apartment community possesses an attractive unit mix of 35 one bedroom / one bathroom units, 1 one bedroom / one and a half bathroom unit and 32 two bedroom / one bathroom units. Over 60% of the units have been completely renovated. Recent property improvements by current ownership exceed $1,000,000 and have been outlined below. Capital Improvements & Renovations: New Interior Paint New Flooring in units New Kitchen Cabinets & Countertops New Appliances New Bathroom Cabinets Updated Exteriors Exterior Paint and Fascia Improvements
Essential
MLS #IV18107132
Price$7,200,000
Number of Units68
Sale TypeStandard
StatusActive
Listing BrokerageLE INVESTMENT GROUP
Listing AgentALBERT LE
Listing Agent BRE #01468313
Interior
Exterior
Garage Spaces0
PoolNone
Community
Area274 - San Bernardino
CommunityCurbs
Address1398 N Sierra Way
CitySan Bernardino
CountySan Bernardino
StateCA
ZipCode92405
School

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Based on information from California Regional Multiple Listing Service, Inc. as of Thursday, July 26, 2018. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.