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 Market239
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
(900) 957-9135
Added: Feb 17
Changed: Oct 8
Last Checked: Oct 14 at 3:06PM
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 / Yr
$149,835
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Similar Off Market Nearby
- Mr. Piii's Waffles, Crepes, and Mini Pancakes — 478 N D St Space 4, San Bernardino, CA 92401
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
