Renovated 20-Unit Apartment
For Sale
$3,500,000
26674 Ward Street, Highland, CA 92346
Unit mix spans one-, two-, and three-bedroom homes with gated parking, secured courtyard access, and on-site laundry.
Property Size16,120 SF
Lot Size0.59 Acres
Price / SF$217.12
Days on Market60
Property Features for 26674 Ward Street
General Information
Standard status
Active
Size
16,120 SF
Net Rentable
16,120 SF
Lot size
0.59 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Cap Rate
6.44%
Multifamily Units
20
Amenities
on-site laundry facility
gated entry
covered parking
surface parking
secured courtyard
mature landscaping
ceiling fans
wall AC and heating
walk-in closets
linen closets
storage space
Listing Agency:
CBRE - Ontario
(909) 418-2071
Listed By:
Eric Chen · License #01489184
(909) 418-2071
Source:
Cbre
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 30 at 6:04PM
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 CBRE - Ontario
Investment Insights
Based on property information with market context.
The 20-unit apartment property at 26674 Ward Street includes approximately 16,120 square feet of rentable area on an approximately 25,900-square-foot lot. Homes average approximately 800 square feet and include one-bedroom/one-bathroom, two-bedroom/one-bathroom, and three-bedroom/two-bathroom layouts. Interior improvements in select units include quartz kitchen countertops, new cabinetry, stainless steel appliances, remodeled bathrooms, luxury vinyl plank flooring, and fresh paint. Unit features include ceiling fans, wall-mounted air conditioning and heating, walk-in closets, linen closets, and additional storage.
Property-wide amenities include an on-site laundry facility, gated entry, covered and surface parking, and a secured courtyard. The exterior has been freshly painted and includes mature landscaping. The Highland location provides access to the 210, 10, and 215 Freeways and is near San Bernardino International Airport, California State University San Bernardino, Yaamava’ Resort & Casino, and the San Bernardino Downtown Metrolink Station. The station provides service to Los Angeles Union Station.
Property-wide amenities include an on-site laundry facility, gated entry, covered and surface parking, and a secured courtyard. The exterior has been freshly painted and includes mature landscaping. The Highland location provides access to the 210, 10, and 215 Freeways and is near San Bernardino International Airport, California State University San Bernardino, Yaamava’ Resort & Casino, and the San Bernardino Downtown Metrolink Station. The station provides service to Los Angeles Union Station.
Key Highlights
- 20‑unit apartment property with approximately 16,120 SF of rentable area
- Approximately 25,900 SF lot with homes averaging 800 SF
- Unit mix includes 1‑bedroom/1‑bathroom, 2‑bedroom/1‑bathroom, and 3‑bedroom/2‑bathroom floor plans
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
$142,708
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
4.08%
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%
$2,854,160
$2.9M
Cap Rate 7%
$2,038,686
$2.0M
Cap Rate 9%
$1,585,644
$1.6M
Market Conditions
NOI Build-Up for 16,120 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
$276.6K $17.16/SF
− Vacancy
−$17.2K −$1.06/SF
EGI
$259.5K $16.10/SF
− OpEx
−$116.8K −$7.24/SF
NOI
$142.7K $8.85/SF
Area
San Bernardino County, CA
Vacancy
6.20%
Lease Rate
$17.16 /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%
$2,854,160
Cap Rate 7%
$2,038,686
Cap Rate 9%
$1,585,644
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.78M – $2.38M
NOI $142,708 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.40M
$2.98M – $3.97M
NOI $238,019 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Explore this area
Business Placement
Demographics for 92346, CA
57,812
Population
18,075
Households
3.2
Avg Household Size
36
Median Age
25%
College-Educated
84%
High-School Grad
27.1 sq mi
ZIP Area
2,133
Density / Sq Mi
$84,818
Median Household Income
$40,066
Median Earnings
$1,654
Median Rent
$461,500
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 - Unit mix spans one-, two-, and three-bedroom homes with gated parking, secured courtyard access, and on-site laundry.
Where is this apartment building located?
The property is located at 26674 Ward Street Highland, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 20‑unit apartment property with approximately 16,120 SF of rentable area; Approximately 25,900 SF lot with homes averaging 800 SF; Unit mix includes 1‑bedroom/1‑bathroom, 2‑bedroom/1‑bathroom, and 3‑bedroom/2‑bathroom floor plans
