505 Rialto Ave San Bernardino, CA 92408

Property Details for 505 Rialto Ave

Year built

2022

Property size

42,174 SF

Property type

Commercial real estate

Description

This exceptional Class A, 38-unit apartment building, Echo Apartments, presents a compelling investment opportunity in San Bernardino, CA. Built in 2022, this property boasts 42,174 square feet and offers a compelling mix of spacious 2, 3, and 4-bedroom apartments, each featuring modern finishes such as stainless steel appliances, full-sized washer and dryer hookups, plank flooring, and large covered patios. The building's amenities include a state-of-the-art multi-sport court, covered parking, controlled access, professional on-site management, and 24-hour maintenance. Individual metered utilities (RUBS), including water, are implemented. Located in a prime area near major highways, San Bernardino International Airport, universities, and several Amazon distribution centers, the property benefits from strong market demand and high occupancy rates. The asking price is $13,500,000, representing a price per unit of $355,263.16 and a price per square foot of $320.10. The current NOI is $716,332, yielding a 5.31% cap rate, while the pro-forma NOI is $928,413, projecting a 6.88% cap rate. The property's 2022 construction makes it exempt from California rent control, further enhancing its investment appeal. This is a rare opportunity to acquire a high-performing, newly constructed multifamily asset in a rapidly growing market. The property's excellent unit mix, modern amenities, and strategic location combine to create a strong and stable investment.