New Gated Townhouse-Style Apartment
For Sale
$11,250,000
3164 Sterling, San Bernardino, CA 92404
Brand-new gated complex with 27 individually metered, solar-equipped three-bedroom, two-and-a-half-bath townhouse units.
Property Size30,240 SF
Days on Market49
Property Features for 3164 Sterling
General Information
Standard status
Active
Size
30,240 SF
Property subtype
Multi Family
Additional Details
Fenced Yard
Yes
Multifamily Units
27
Amenities
clubhouse
recreational room
basketball courts
tot playgrounds
Building Details
Building Size
30,240 SF
Year Built
2024
Tenancy
Multi
Listing Agency:
REALTY MASTERS & ASSOCIATES
Listed By:
Michelle Bagi · License #02112864
(909) 642-0201
Source:
Velocityrealtysd
Added: Jul 20
Changed: Sep 6
Last Checked: Sep 6 at 10:36AM
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 REALTY MASTERS & ASSOCIATES
Investment Insights
Based on property information with market context.
This brand-new 27-unit apartment complex offers townhouse-style residences with three bedrooms and two-and-a-half bathrooms. The community is gated and the units are individually metered and solar-equipped. Common area amenities include a clubhouse with a recreational room, basketball courts, and tot playgrounds, providing shared spaces for residents.
The property is located at the corner of Sterling Avenue and Marshal Boulevard at 3164 Sterling, San Bernardino, CA 92404.
With all units configured as 3-bedroom, 2.5-bath townhomes and each unit individually metered, the building is designed for independent utility management and energy efficiency as described in the offering.
The property is located at the corner of Sterling Avenue and Marshal Boulevard at 3164 Sterling, San Bernardino, CA 92404.
With all units configured as 3-bedroom, 2.5-bath townhomes and each unit individually metered, the building is designed for independent utility management and energy efficiency as described in the offering.
Key Highlights
- Brand‑new 27‑unit apartment complex built in 2024
- 27 three‑bedroom, 2.5‑bath townhouse‑style apartments in a gated complex
- Each unit is individually metered and solar‑equipped
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
$387,872
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
3.45%
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%
$7,757,440
$7.8M
Cap Rate 7%
$5,541,029
$5.5M
Cap Rate 9%
$4,309,689
$4.3M
Market Conditions
NOI Build-Up for 30,240 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
$743.9K $24.60/SF
− Vacancy
−$38.7K −$1.28/SF
EGI
$705.2K $23.32/SF
− OpEx
−$317.3K −$10.49/SF
NOI
$387.9K $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%
$7,757,440
Cap Rate 7%
$5,541,029
Cap Rate 9%
$4,309,689
Alternative Uses
Best Use
Apartment 5plus
$5.54M
$4.85M – $6.46M
NOI $387,872 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.11M
$7.97M – $10.63M
NOI $637,508 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
27
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
813
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 - Brand-new gated complex with 27 individually metered, solar-equipped three-bedroom, two-and-a-half-bath townhouse units.
Where is this apartment building located?
The property is located at 3164 Sterling San Bernardino, CA.
What is the asking price?
The asking price for this property is $11,250,000.
What are key features of this property?
This property features: Brand‑new 27‑unit apartment complex built in 2024; 27 three‑bedroom, 2.5‑bath townhouse‑style apartments in a gated complex; Each unit is individually metered and solar‑equipped
