Versatile Commercial Space on
For Sale
$2,000,000
651 N Waterman, San Bernardino, CA 92410
Flexible space with high visibility and ample parking.
Property Size11,240 SF
Price / SF$173.91
Days on Market129
Property Features for 651 N Waterman
General Information
Standard status
Active
Size
11,240 SF
Property subtype
Industrial
Building Details
Building Size
11,240 SF
Year Built
1966
Listing Agency:
(909) 981-4466
Listed By:
Jerrold Tomeo
Source:
Elliman
Added: Apr 24
Changed: Aug 24
Last Checked: Aug 25 at 5:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jerrold Tomeo
Investment Insights
Based on property information with market context.
Located on N. Waterman Avenue in San Bernardino, this commercial property offers up to approximately 11,500 square feet of flexible space. The property can accommodate full occupancy or be divided to meet smaller operational needs. Its street frontage provides visibility and signage opportunities. The site includes on-site parking and convenient access points. It is suitable for retail, service, office, or specialty users. The location is somewhat bikeable with a score of 46, car-dependent with a walk score of 40, and has some transit options with a transit score of 37.
Key Highlights
- High‑traffic location on N. Waterman Avenue.
- Up to ±11,500 SF of versatile space, divisible for smaller needs.**
- Excellent visibility and signage opportunities.**
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$149,835
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,996,700
$3.0M
Cap Rate 7%
$2,140,500
$2.1M
Cap Rate 9%
$1,664,833
$1.7M
Market Conditions
NOI Build-Up for 11,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$248.4K $21.60/SF
− Vacancy
−$17.9K −$1.56/SF
EGI
$230.5K $20.04/SF
− OpEx
−$80.7K −$7.02/SF
NOI
$149.8K $13.03/SF
Area
San Bernardino, CA
Vacancy
7.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,996,700
Cap Rate 7%
$2,140,500
Cap Rate 9%
$1,664,833
Alternative Uses
Best Use
Flex RnD
$2.14M
$1.87M – $2.50M
NOI $149,835 @ 7.0% cap · market cap 7.49%
Second Best
Industrial
$1.55M
$1.36M – $1.81M
NOI $108,501 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,438 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,113
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92410, CA
51,651
Population
14,325
Households
3.6
Avg Household Size
30
Median Age
6%
College-Educated
66%
High-School Grad
8.2 sq mi
ZIP Area
6,299
Density / Sq Mi
$53,390
Median Household Income
$32,474
Median Earnings
$1,303
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible space with high visibility and ample parking.
Where is this flex space located?
The property is located at 651 N Waterman San Bernardino, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: High‑traffic location on N. Waterman Avenue.; Up to ±11,500 SF of versatile space, divisible for smaller needs.**; Excellent visibility and signage opportunities.**
