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Key Details
Sold Price $1,613,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID IV24021684
Sold Date 05/16/24
Bedrooms 3
HOA Y/N No
Lot Size 0.371 Acres
Property Description
HIGHLIGHTS: Competitive Offering with an Actual CAP Rate of 5.34%, with Significant Upside Potential, Projected ProForma CAP Rate of 6.92% / Offering an Actual Gross Rent Multiplier (GRM) of 11.79, with a Projected ProForma GRM of 9.48. The Sandalwood East Apartments, constructed in 1965 on a spacious 0.37-acre corner lot, boast an excellent location ideal for single families. This eight-unit property spans 6,966 sq. ft and comprises four one-bedroom, one bathroom units (1BD/1BA) as well as four oversized two bedroom, two-bathroom units (2BD/2BA). Tenants enjoy the convenience of four two-car garages and two single car garages. Additional amenities include private balconies/patios, individual A/C and heating, and a beautifully landscaped private yard/garden. Demonstrating a strong sense of ownership pride, this property offers prospective buyers an opportunity to acquire an asset with minimal maintenance requirements for decades to come.
HIGHLIGHTS: Competitive Offering with an Actual CAP Rate of 5.34%, with Significant Upside Potential, Projected ProForma CAP Rate of 6.92% / Offering an Actual Gross Rent Multiplier (GRM) of 11.79, with a Projected ProForma GRM of 9.48. The Sandalwood East Apartments, constructed in 1965 on a spacious 0.37-acre corner lot, boast an excellent location ideal for single families. This eight-unit property spans 6,966 sq. ft and comprises four one-bedroom, one bathroom units (1BD/1BA) as well as four oversized two bedroom, two-bathroom units (2BD/2BA). Tenants enjoy the convenience of four two-car garages and two single car garages. Additional amenities include private balconies/patios, individual A/C and heating, and a beautifully landscaped private yard/garden. Demonstrating a strong sense of ownership pride, this property offers prospective buyers an opportunity to acquire an asset with minimal maintenance requirements for decades to come.
Location
State CA
County San Bernardino
Area San Bernardino (92404)
Zoning Appraiser
Building
Story 2
Level or Stories 2 Story
Others
Monthly Total Fees $216
Space Rent $1,231
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Kobe Zimmerman
Berkshire Hathaway Home Services California Properties
kobezimmerman@bhhscalifornia.com +1(858) 753-3353Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Marlene Lopez • Realty Masters & Associates