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31395273
31395274

363 E Gilbert St, San Bernardino, CA 92404 For Sale

CC
01101138
CBRE - Ontario
Listed by CBRE - Ontario
$10,500,000
110 days on market
Updated 10 days ago
Opportunity zone

Bernardine Senior Independent Living

Details
APN 0147-091-16, 0147-091-17, 0147-091-18
Property Type Multifamily
Sub Type Apartment Building
Square Footage 36,500
Units 71
Cap Rate 6.45%
Price per SqFt $288
Class B
Year Built 1984
Buildings 1

Multifamily | 71 Units | $147,887/unit

Marketing description

CBRE is pleased to present the opportunity to acquire Bernardine Senior, a 71-unit Independent Living 55+ senior community located in the city of San Bernardino, California. Built in 1984 and situated on 1.05 acres, the property is comprised of a single four-story rental building that houses a unit mix of all one-bedroom floorplans ranging from 480 to 520 square feet. The property offers an affordable component with Section 8. The community offers comprehensive common area amenities including a multi-purpose room, elevator, laundry room, storage area, courtyards, walkways, fitness center, surface parking, and controlled access.

Bernardine Senior Independent Living is well located less than one block northeast of the intersection of Baseline Street and Waterman Avenue, both major throughfares that traverse the area. The property is convenient to medical facilities, grocery stores, shopping, dining, and service-based businesses as well as enjoying easy access to numerous area freeways including the I-215, 210 Freeway, and I-10, which connect residents to the retail, entertainment, dining, and employment centers found throughout San Bernardino and the entire Inland Empire region.

Investment highlights

  • New Boiler System Was Recently Installed
  • Affordable Component with Section 8
  • Welfare Property Tax Exemption in Place
  • A New Owner Can Lease Up The Remaining Units to Section 8 Tenants to Further Increase Income Stability and Maximize rents
  • Potential to Add 3 ADUs to The Project

Listing Contacts

CC
01101138
CBRE - Ontario
Listed by CBRE - Ontario

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