100% Leased Multi-Tenant Flex Center
44,291 SF | 100% Leased | Flex Building | San Bernardino, CA 92408 | $7,935,000 ($179/SF) | 6.43% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,935,000
- Property Type
-
Industrial
- Price / Square Foot
- $179
Listing Contacts
Greg Bedell, CCIM
Verified Profile
Lance Mordachini
Verified Profile
- Property Info
Property Overview
Progressive Real Estate Partners is proud to present the opportunity to acquire this 100% leased multi-tenant flex center – a highly adaptable, 32-unit flex property hosting 24 tenants at below-market rents averaging just $1.29/SF (Modified Gross). Priced at just $179/SF, the property significantly falls below replacement cost. Its ±330 feet of frontage along Hospitality Lane distinguishes it as one of the few flex properties in the area with "retail-like" visibility, enabling it to accommodate a diverse mix of tenants. Over the past 5 years, an estimated $345,000 has been invested in capital improvements, including a new roof, multiple HVAC units, a fresh paint scheme, fenced trash enclosures, low-maintenance/drought-tolerant landscaping, LED lighting, and more. The vacancy rate for the 180,000 SF of flex space within the Tri-City Commercial Hub sits at a record low of 1.60%, offering investors an asset type with limited supply, high demand, virtually no new construction, and the potential for rising rents.
Property Details
- Class
- B
- Year Built
- 1980
- Stories
- 1
- Property Subtype
- Flex
- Lot Size (sq. ft)
- 126,760 SF
Highlights
- Priced Far Below Replacement Cost at $179/SF
- An estimated $345,000 in capital improvements over the last 5 years including a new roof, multiple new HVAC units, landscaping improvements, and more.
- Highly adaptable flex space equipped to accommodate a diverse mix of tenant types: restaurant, healthcare, education, government, office, fitness, etc
- Located in the Tri-City Commercial Hub, a region with 180,000 SF of flex space and a record low vacancy rate of 1.60% among the flex product type.
- As one of the only flex properties in the area with frontage along Hospitality Lane, it offers higher visibility than competing flex properties.
- The property consists of 32 units and offers an income stream from 24 diverse tenants, providing a hedge against significant vacancy risk.
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