Adaptable Commercial Flex
For Sale
$2,000,000
651 N Waterman, San Bernardino, CA 92410
Commercial Sale, San Bernardino, CA
Property Size11,500 SF
Price / SF$173.91
Days on Market194
Property Features for 651 N Waterman
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
North on Waterman ave, passed 5th st, East/side of street.
Subdivision
274 - San Bernardino
Standard status
Active
APN
0278161270000
Building Details
Year built
1966
Listing Agency:
MGR REAL ESTATE, INC.
(909) 981-4466
Listed By:
Jerrold Tomeo · License #01907707
(909) 981-4466
Added: Feb 17
Changed: Aug 24
Last Checked: Aug 30 at 9:06AM
MLS# CV26035828
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1966, this flex property along N. Waterman Avenue in San Bernardino provides up to +/-11,500 SF of adaptable commercial space. The building can support a full-occupancy configuration or be divided for smaller operations, allowing the layout to accommodate varying space requirements.
The property includes prominent street frontage, signage opportunities, ample on-site parking, and convenient access points. Permitted commercial uses described for the site include retail, service, office, and specialty applications, supporting a range of business formats.
The property includes prominent street frontage, signage opportunities, ample on-site parking, and convenient access points. Permitted commercial uses described for the site include retail, service, office, and specialty applications, supporting a range of business formats.
Key Highlights
- Up to +/-11,500 SF of flexible commercial space
- Built in 1966
- Space can be occupied as a whole or divided for smaller operations
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
$149,835
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
7.49%
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%
$2,996,700
$3.0M
Cap Rate 7%
$2,140,500
$2.1M
Cap Rate 9%
$1,664,833
$1.7M
Market Conditions
NOI Build-Up for 11,500 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
$248.4K $21.60/SF
− Vacancy
−$17.9K −$1.56/SF
EGI
$230.5K $20.04/SF
− OpEx
−$80.7K −$7.02/SF
NOI
$149.8K $13.03/SF
Area
San Bernardino, CA
Vacancy
7.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$2,996,700
Cap Rate 7%
$2,140,500
Cap Rate 9%
$1,664,833
Alternative Uses
Best Use
Flex RnD
$2.14M
$1.87M – $2.50M
NOI $149,835 @ 7.0% cap · market cap 7.49%
Second Best
Industrial
$1.55M
$1.36M – $1.81M
NOI $108,501 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,438 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,113
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92410, CA
51,651
Population
14,325
Households
3.6
Avg Household Size
30
Median Age
6%
College-Educated
66%
High-School Grad
8.2 sq mi
ZIP Area
6,299
Density / Sq Mi
$53,390
Median Household Income
$32,474
Median Earnings
$1,303
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Street-front flex space offers on-site parking, multiple access points, and commercial use flexibility.
Where is this flex space located?
The property is located at 651 N Waterman San Bernardino, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Up to +/-11,500 SF of flexible commercial space; Built in 1966; Space can be occupied as a whole or divided for smaller operations
