1398 N Sierra Way

    San Bernardino, CA 92405
    • $7,200,000
    • STATUS: Pending
    • ON SITE: 188 days
    • ID#: IV18107132
    Pending
    UPDATED: 56 min ago
    $7,200,000
    • 0
      BEDS
    • 3.31
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 53,776
      SQFT
    • $134
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1949
    County:

    School Ratings & Info

    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 PaintNew Flooring in unitsNew Kitchen Cabinets & Countertops New AppliancesNew Bathroom CabinetsUpdated ExteriorsExterior Paint and Fascia Improvements

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-12T19:30:11.323. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/83327139

    1398 N Sierra Way San Bernardino, CA 92405

    • Price: $7,200,000
    • Status: Pending
    • Updated: 56 min ago
    • ID#: IV18107132
    0
    Beds
    0
    Baths
    0
    ½ Baths
    3.31
    Acres
    53,776
    SQFT
    $134
    $/SQFT
    1949
    Built
    Neighborhood:
    274 - San Bernardino
    County:
    San Bernardino
    Area:
    274 - San Bernardino
    Property 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 PaintNew Flooring in unitsNew Kitchen Cabinets & Countertops New AppliancesNew Bathroom CabinetsUpdated ExteriorsExterior Paint and Fascia Improvements
    Exterior Features

    Garage Spaces 0.00 Lot Features 26-30 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Community Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Community Features Curbs Country Us Electric Expense 5627.00 Elevation Units Feet Fuel Expense 2089.00 Gross Income 744120.00 Gross Scheduled Income 744120.00 Insurance Expense 19250.00 Land Lease YN No Laundry YN Yes Net Operating Income 472851.00 New Construction YN No New Taxes Expense 92938.00 Number Of Separate Electric Meters 69 Number Of Separate Gas Meters 69 Number Of Separate Water Meters 1 Operating Expense 252049.00 Professional Management Expense 31467.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 252049.00 Trash Expense 19323.00 Water Sewer Expense 33085.00 Water Source Public Year Built Source Assessor Zoning R-3

    Listing provided courtesy of Albert Le of Le Investment Group.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-12T19:30:11.323. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Team Tami | Palm Realty Boutique
    7101 Playa Vista Dr.
    Playa Vista CA, 90094