Renovated 16-Unit Apartment
For Sale
Contact for pricing
1721 N Fairfax Drive, San Bernardino, CA 92404
Four two-story buildings offer renovated two-bedroom residences with an efficient small-scale multifamily layout.
Property Size14,136 SF
Lot Size0.65 Acres
Price / SF$211.52
Days on Market542
Property Features for 1721 N Fairfax Drive
General Information
Standard status
Active
Size
14,136 SF
Lot size
0.65 Acres
Property subtype
Multifamily
Zoning
Public Rec
Units
Unit Mix
16 x 2BR/1BA
Multifamily Units
16
Building Details
Year Built
1963
Buildings
4
Stories
2
Units
16
Listing Agency:
Le Investment Group
Listed By:
Darren Correa · License #CA
(909) 256-7889
Source:
Crexi
Added: Mar 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:19PM
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 Le Investment Group
Investment Insights
Based on property information with market context.
The Fairfax Apartments comprise 16 units across four two-story buildings built in 1963. The complex contains 14,136 square feet on a 0.65-acre lot, with four residences in each building. Each unit includes two bedrooms and one bathroom, averaging 884 square feet. Recent renovations have updated the residential interiors.
The property is located at 1721 N Fairfax Drive in San Bernardino, near educational institutions, healthcare facilities, major shopping centers, and recreational areas. The building arrangement places two units on the ground floor and two on the upper level within each structure, creating a consistent configuration throughout the complex.
The property is located at 1721 N Fairfax Drive in San Bernardino, near educational institutions, healthcare facilities, major shopping centers, and recreational areas. The building arrangement places two units on the ground floor and two on the upper level within each structure, creating a consistent configuration throughout the complex.
Key Highlights
- 16‑unit apartment complex built in 1963
- 14,136 square feet on a 0.65‑acre lot
- Four two‑story buildings with four units each
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
$181,315
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
6.06%
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%
$3,626,300
$3.6M
Cap Rate 7%
$2,590,214
$2.6M
Cap Rate 9%
$2,014,611
$2.0M
Market Conditions
NOI Build-Up for 14,136 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
$347.7K $24.60/SF
− Vacancy
−$18.1K −$1.28/SF
EGI
$329.7K $23.32/SF
− OpEx
−$148.3K −$10.49/SF
NOI
$181.3K $12.83/SF
Area
San Bernardino, CA
Vacancy
5.20%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$3,626,300
Cap Rate 7%
$2,590,214
Cap Rate 9%
$2,014,611
Alternative Uses
Best Use
Apartment 5plus
$2.59M
$2.27M – $3.02M
NOI $181,315 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.26M
$3.73M – $4.97M
NOI $298,009 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
651
Businesses Nearby
Explore this area
Business Placement
Demographics for 92404, CA
64,270
Population
19,403
Households
3.3
Avg Household Size
31
Median Age
10%
College-Educated
72%
High-School Grad
31.6 sq mi
ZIP Area
2,034
Density / Sq Mi
$66,173
Median Household Income
$36,237
Median Earnings
$1,386
Median Rent
$383,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four two-story buildings offer renovated two-bedroom residences with an efficient small-scale multifamily layout.
Where is this apartment building located?
The property is located at 1721 N Fairfax Drive San Bernardino, CA.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 16‑unit apartment complex built in 1963; 14,136 square feet on a 0.65‑acre lot; Four two‑story buildings with four units each
