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1521 N Sierra Way, San Bernardino, CA

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1521 N Sierra Way

San Bernardino, CA 92405-4633 - Downtown San Bernardino MF Submarket

Property Type:Multi-Family Number of Units:12 Status:Existing Year Built:1958
Stories:2 Building Size:7,812 SF Land Area:.43 AC (18,600 SF)
For Sale Price:$975,000 Price/Unit:$81,250.00 Cap Rate:6.75 % GRM:8.59

Parking:1.33 Parking Spaces / 1,000 SF

Composition Open(Tandem) Covered(Tandem) Total Condition
Asphault: 4(0) 0(0) 4 Average
Concrete: 0(0) 12(0) 12 Average

Property Description: Multi Family - 12 Units

Sale Notes:
The apartments located at 1521 North Sierra Way are situated on a large .43 acre lot . This twelve unit apartment community is composed of 8 one bedroom / one bathroom units and 4 two bedroom / one bathroom units.
8 one Bedroom one Bathroom $775/month 600 SF
4 Two Bedroom one Bathroom $875/month 750 SF

Net Operating Income $67,544

Price/Unit $83,333.33

The Apartment community is located in the W 13Th St / N E St area. The areas real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes. Many of the residences in W 13Th St / N E St neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999. Home and apartment vacancy rates are 5-10% in the W 13Th St / N E St area. Analysis shows that this rate is lower than 40% of the neighborhoods in the nation, approximately near the middle range for vacancies.

Competitive Offering CAP Rate of 6.34 %,
Proforma Cap of 6.75
Competitive Offering Actual GRM of 9.16,
Proforma Grm of 8.59
Many Interior Units Have Been Updated,
Non-Rent Control Community & Area
Rental Comparables Illustrate a
95 % Occupancy Area
5% - 7% Upside In Potential Rental Income Per Rental Comparables
BBQ / Social Area, Onsite Parking, Gated, Covered Parking

Le Investment Group
Albert Le
(909) 259-9950

Anthony Le
(714) 423-3819

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