Medical Office with
For Sale
$300,000
1811 N Waterman, San Bernardino, CA 92404
Former dental-office property near a hospital and medical practices, with interior repairs and electrical upgrades needed.
Property Size864 SF
Days on Market15
Property Features for 1811 N Waterman
General Information
Standard status
Active
Size
864 SF
Property subtype
Office
Building Details
Building Size
864 SF
Year Built
1954
Listing Agency:
REALICORE
(909) 810-2108
Listed By:
David Friedman · License #01909018
Source:
Camdenmckayre
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 30 at 11:40PM
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 REALICORE
Investment Insights
Based on property information with market context.
Built in 1954, this medical office property was previously used as a dental office and now requires interior rehabilitation. The building was damaged during an unauthorized occupancy incident, and replacement of the electrical panel is required as part of the work. The existing condition allows a purchaser to address the improvements as part of a medical-office renovation plan.
The property is located at 1811 N Waterman in San Bernardino, one block from Saint Bernadine's Hospital and near other medical professional offices. Ten dedicated parking spaces are provided at the rear. WalkScore is 51, BikeScore is 50, and TransitScore is 43.
The property is located at 1811 N Waterman in San Bernardino, one block from Saint Bernadine's Hospital and near other medical professional offices. Ten dedicated parking spaces are provided at the rear. WalkScore is 51, BikeScore is 50, and TransitScore is 43.
Key Highlights
- Medical office property built in 1954
- Previously operated as a dental office
- One block from Saint Bernadine's Hospital
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
$14,778
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
4.93%
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%
$295,560
$295.6K
Cap Rate 7%
$211,114
$211.1K
Cap Rate 9%
$164,200
$164.2K
Market Conditions
NOI Build-Up for 864 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
$21.8K $25.20/SF
− Vacancy
−$2.1K −$2.39/SF
EGI
$19.7K $22.81/SF
− OpEx
−$4.9K −$5.70/SF
NOI
$14.8K $17.10/SF
Area
San Bernardino, CA
Vacancy
9.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
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%
$295,560
Cap Rate 7%
$211,114
Cap Rate 9%
$164,200
Alternative Uses
Best Use
Office B
$211.1K
$184.7K – $246.3K
NOI $14,778 @ 7.0% cap · market cap 4.93%
Second Best
Healthcare Medical
$190.5K
$166.7K – $222.3K
NOI $13,335 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$260.2K
$227.7K – $303.6K
NOI $18,215 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,597
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Former dental-office property near a hospital and medical practices, with interior repairs and electrical upgrades needed.
Where is this medical office space located?
The property is located at 1811 N Waterman San Bernardino, CA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Medical office property built in 1954; Previously operated as a dental office; One block from Saint Bernadine's Hospital
