The Inland Valley Communities and Surrounding Areas

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5150 5198 N 3rd Avenue
San Bernardino, CA 92407
MLS# IV21086473 ID: 70101982
25872 sq.ft.
$4,888,888
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Property Description
HIGHLIGHTS; Impressive In-place CAP... Rate of 5.91% With a ProForma CAP Rate of 6.91%. Majority government (section 8) tenants. / Current GRM of 10.68 With a ProForma GRM of 9.46 / Markets Rents& Stable Collection Throughout Pandemic. Onsite Management In-place. / Emerging Industry, Coupled With The Creation of New Jobs in San Bernardino Has Contributed to a High Demand For Housing. / Located 1.5 Miles (5 Minutes) from The California State University of San Bernardino. North of the 210 Freeway, Residential Neighborhood. / Property Repairs Completed on a Scheduled Basis Throughout Ownership Without Deferring. / Owner Pay Water & TrashThe apartment community located at 5098-5150 North 3rdAvenue in San Bernardino, CA is ideally situated north of the 210 Freeway bordering the San Bernardino foothills. The property is situated on an expansive, fully gated 1.73 acre lot, with cover, secured onsite parking. This twenty-four unit complex is composed of all three bedroom / one bathroom units. (1) unit was converted to a two bedroom with the conversion/addition of a laundry facility. The large units are highly desirable and result in far less turnover with family tenants. The current ownership's has made it a priority to perform routine maintenance and create a strong community cohesion. The professional offsite management was tasked with leasing to well qualified tenants, which has resulted in far less turnover when compared to neighboring apartments. The property(s) centralized location, as well as the range in units sizes, make it an ideal situations for single people or working class families.
Property Features
Status
Days On Market 100 days
Last Updated July 29, 2021
Market Status Under Contract
Description
Property Type Multi Family
Year Built 1985
Sq. Feet 25872
Community Info
Home Owner Asso. Community Laundry Facility(s)
Laundry Facilities
Location
MLS Area 274 - San Bernardino
Offered By:
Albert Le
LE INVESTMENT GROUP

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