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Eileen E. Patterson

Eileen E. Patterson
Eileen Patterson Realty, Inc.
CA BRE# 00674881

760-964-2889

Contact Me

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Listing 4 out of 9
$3,995,000 For Sale

1414 Citrus Street
San Bernardino, CA 92404

36 units | Multi Family Home
1.1068 acres - MLS# IV19112460
Property Photo
1/15

Description

Highlights; Offering Actual CAP Rate of 5.76% / ProForma CAP Rate of 6.57 %, Offering Actual GRM of 9.72, / Conservative 5-7 % Upside in Potential Rental Income, Extra Large Units 850+ Sq. Ft. Average Cost per Sq. Ft. of $129.30 / Rental Comparables Illustrate a 98% Occupancy Area. Non-Rent Control, The Current Ownership Has Spent $550,000+ In Recent Renovations & Capital Improvements. 25 of 36 Units Have Been Fully Rehabbed., New Roof With 10 Year Warranty. Upgraded granite counter-tops, new cabinetry & luxury vinyl plank flooring in majority of the units. / The Solana Villa Apartments are situated on a large 1.11 acre corner lot. This 36 unit apartment is composed of all two bedroom / one bathroom units. The current ownership's focus has been on quality improvements. The onsite management has implemented strict rental criteria, which in turn has created a more favorable living environment for working class people and families. The property has underwent recent improvements such as: Recent Renovation & Rehabbing $500,000+ In Recent Capital Expenditures, 25 of 36 Units Have Been Completely Rehabbed, 1446 Citrus Has a New Roof With 10 Year Warranty, 1414 Citrus Has 50-75% New Roof, Updated Exterior Paint & Facia Boards, New Interior Paint, Refinished or New Flooring in Rehabbed Units, Updated Kitchens & Bathrooms, Granite Counter tops & New Kitchen Cabinets in Majority of Units, New Windows in Some Units, Repaired / Operational Pool, Assigned Parking Space Per Unit.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • Zip Code: 92404
  • Year Built: 1963
  • Stories: Two
  • Units: 36 units
  • # of Parking Spaces: 28.00
  • Lot Size: 1.1068 acres
  • Pool or Spa: Community
  • Area: 274 - San Bernardino
  • Average 2 Bed Area Units: Square Feet
  • Average 3 Bed Area Units: Square Feet
  • Average Studio Area Units: Square Feet
  • Building Area Total: 30898.00
  • Building Area Units: Square Feet
  • Carport Spaces: 28.00
  • Common Walls: 2+ Common Walls
  • Community Features: Street Lights
  • Country: US
  • Directions: 210 Freeway to Del Rosa.
  • Gross Income: 432000.00
  • Gross Scheduled Income: 432000.00
  • Insurance Expense: 9259.00
  • Laundry Features: Common Area
  • Laundry YN: Yes
  • Listing Agent License: 01468313
  • Listing Office License: 01923766
  • Lot Features: 31-35 Units/Acre
  • Lot Size Area: 48212.0000
  • Lot Size Source: Assessor
  • Lot Size Units: Square Feet
  • MLS: CRM
  • Net Operating Income: 262460.00
  • New Taxes Expense: 52167.00
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 36
  • Number Of Separate Gas Meters: 36
  • Number Of Separate Water Meters: 2
  • Operating Expense: 149080.00
  • Property Attached YN: Yes
  • Sewer: Public Sewer
  • Stories Total: 2
  • Total Expenses: 149080.00
  • Trash Expense: 8040.00
  • Water Sewer Expense: 9940.00
  • Water Source: Public
  • Year Built Source: Assessor
Courtesy of Le Investment Group, Albert Le

Eileen E. Patterson | 760-964-2889 | Contact Me
Eileen Patterson Realty, Inc. - 9576 Allegra Vista St - Apple Valley, CA 92308
CA BRE# 00674881
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