Multi-Tenant Retail Opportunity For
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291-297 E Highland Ave and 2180 N Waterman Ave Portfolio, San Bernardino, CA
Multi-tenant retail center with drive-thru and billboard income.
Property Size6,114 SF
Lot Size0.76 Acres
Price / SF$489.86
Days on Market297
Property Features for 291-297 E Highland Ave and 2180 N Waterman Ave Portfolio
General Information
Standard status
Active
Size
6,114 SF
Lot size
0.76 Acres
Property subtype
RETAIL
Listing Agency:
KW Commercial
(909) 980-6868
Listed By:
Rene Ramos, Jr.
Source:
Moodyscre
Added: Oct 14, 2025
Changed: Jul 10
Last Checked: Jul 21 at 3:09AM
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 KW Commercial
Investment Insights
Based on property information with market context.
This multi-tenant retail property is situated on approximately 0.76 acres. The center features a mix of recognizable tenants, including Subway and Baker’s Drive-Thru, alongside other established retailers. The property includes a freestanding drive-thru restaurant located on its own parcel. An on-site billboard provides supplemental income and enhances exposure for the property. The property contains 6,114 square feet and is located at 291-297 E Highland Ave and 2180 N Waterman Ave in San Bernardino, CA.
Key Highlights
- Strong, recognizable anchor tenants including Subway and Baker’s Drive‑Thru.
- Supplemental income stream from on‑site billboard.
- Free‑standing drive‑thru restaurant included.
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
$98,486
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
3.29%
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%
$1,969,720
$2.0M
Cap Rate 7%
$1,406,943
$1.4M
Cap Rate 9%
$1,094,289
$1.1M
Market Conditions
NOI Build-Up for 6,114 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
$139.4K $22.80/SF
− Vacancy
−$8.1K −$1.32/SF
EGI
$131.3K $21.48/SF
− OpEx
−$32.8K −$5.37/SF
NOI
$98.5K $16.11/SF
Area
San Bernardino, CA
Vacancy
5.80%
Lease Rate
$22.80 /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%
$1,969,720
Cap Rate 7%
$1,406,943
Cap Rate 9%
$1,094,289
Alternative Uses
Best Use
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,486 @ 7.0% cap · market cap 3.29%
Second Best
Retail
$1.18M
$1.03M – $1.38M
NOI $82,682 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,893 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,074
Businesses Nearby
35k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 35%
Apparel 18%
GO Car Wash
Shops & Services
9,415 visits/mo
0.4 miles
Krispy Krunchy Chicken
Dining
7,872 visits/mo
0.1 miles
7-Eleven
Shops & Services
6,726 visits/mo
0.3 miles
Goodwill
Apparel
6,301 visits/mo
0.4 miles
Santana's Mexican Food
Dining
4,273 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Star World Plaza — 2878 W Rialto Ave, San Bernardino, CA 92401
- Plaza Waterman — 013639136, San Bernardino, CA 92408
- R&a Upholstery — 433 S Waterman Ave, San Bernardino, CA 92408
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail center with drive-thru and billboard income.
Where is this shopping center located?
The property is located at 291-297 E Highland Ave and 2180 N Waterman Ave Portfolio San Bernardino, CA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Strong, recognizable anchor tenants including Subway and Baker’s Drive‑Thru.; Supplemental income stream from on‑site billboard.; Free‑standing drive‑thru restaurant included.
