Modern Triplex with Accessory
For Sale
$950,000
Pending
648 W 21st St, San Bernardino, CA 92405
Three-unit residential property with separate laundry facilities, attached parking, solar panels, and contemporary interior finishes.
Property Size3,100 SF
Days on Market61
Property Features for 648 W 21st St
General Information
Standard status
Pending
Size
3,100 SF
Property subtype
Investment
Units
Unit Mix
1 x 4BR/2BA, 1 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
interior laundry room
private patio
Building Details
Building Size
3,100 SF
Year Built
2026
Buildings
2
Stories
1
Units
3
Listing Agency:
REMAX Champions
(951) 204-8205
Listed By:
HILDA PATINO · License #01181910
Source:
Elliman
Added: Jul 3
Changed: Aug 31
Last Checked: Aug 30 at 5:07PM
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 REMAX Champions
Investment Insights
Based on property information with market context.
Built in 2026, this triplex at 648 W 21st St includes a four-bedroom, two-bathroom main residence with tile flooring, central heating and air conditioning, an interior laundry room, and a two-car attached garage. The property also includes an attached one-bedroom, one-bathroom junior accessory dwelling unit with dedicated laundry facilities and a detached three-bedroom, two-bathroom accessory dwelling unit with a private patio.
The San Bernardino property is positioned near the 215 and 210 freeways, with access to Yaamava’ Resort & Casino and local educational institutions. Fully paid solar panels are included, along with separate residential spaces that provide a varied three-unit configuration.
The San Bernardino property is positioned near the 215 and 210 freeways, with access to Yaamava’ Resort & Casino and local educational institutions. Fully paid solar panels are included, along with separate residential spaces that provide a varied three-unit configuration.
Key Highlights
- Three‑unit configuration with a 4‑bedroom, 2‑bathroom main residence
- Attached 1‑bedroom, 1‑bathroom junior accessory dwelling unit
- Detached 3‑bedroom, 2‑bathroom accessory dwelling unit with private patio
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
$44,294
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
4.66%
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%
$885,880
$885.9K
Cap Rate 7%
$632,771
$632.8K
Cap Rate 9%
$492,156
$492.2K
Market Conditions
NOI Build-Up for 3,100 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
$67.0K $21.60/SF
− Vacancy
−$3.7K −$1.19/SF
EGI
$63.3K $20.41/SF
− OpEx
−$19.0K −$6.12/SF
NOI
$44.3K $14.29/SF
Area
San Bernardino, CA
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$885,880
Cap Rate 7%
$632,771
Cap Rate 9%
$492,156
Alternative Uses
Best Use
Multifamily LT 5
$632.8K
$553.7K – $738.2K
NOI $44,294 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$568.0K
$497.0K – $662.7K
NOI $39,762 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$933.6K
$816.9K – $1.09M
NOI $65,353 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
927
Businesses Nearby
Explore this area
Business Placement
Demographics for 92405, CA
32,165
Population
9,727
Households
3.3
Avg Household Size
31
Median Age
13%
College-Educated
74%
High-School Grad
5.0 sq mi
ZIP Area
6,433
Density / Sq Mi
$59,271
Median Household Income
$32,066
Median Earnings
$1,424
Median Rent
$376,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with separate laundry facilities, attached parking, solar panels, and contemporary interior finishes.
Where is this triplex located?
The property is located at 648 W 21st St San Bernardino, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three‑unit configuration with a 4‑bedroom, 2‑bathroom main residence; Attached 1‑bedroom, 1‑bathroom junior accessory dwelling unit; Detached 3‑bedroom, 2‑bathroom accessory dwelling unit with private patio
