1414 Citrus St, San Bernardino, CA 92404

Property 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.