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1414-1446 E Citrus St
San Bernardino, CA 92404
Cedarwood Apartments · Multifamily Property For Sale
·
36 Units
Investment Highlights
- Strong In-Place Income + Upside - high occupancy with renovated interiors in a majority of units (granite counters, updated cabinetry, vinyl flooring)
- Attractive Basis – Below Replacement Cost - offered at a discount to replacement cost (~$209/SF), creating a strong downside hedge for investors
- High Occupancy Submarket - located in a rental market with strong demand and historically tight vacancy, supporting long-term rent growth.
- All 2-Bedroom Units - larger floorplans (~850+ SF) cater to long-term tenants and reduce turnover risk.
- Operational Simplicity - gated community, on-site laundry, carport parking, low-maintenance layout
- Recent Capital Improvements - ownership has completed significant upgrades: majority unit renovations, ~70% new roofing, new dual-pane windows
Executive Summary
36-unit value-add apartment community located in a strong infill pocket of San Bernardino. The property is comprised entirely of spacious 2-bedroom/1-bath units (~850+ SF), offering a highly desirable unit mix for working-class families.
The asset is currently operating at or near full occupancy with stable in-place cash flow, while still providing a clear path to continued rent growth and operational efficiencies.
Ideal for 1031 exchange buyers or investors seeking scale with manageable operations and strong tenant demand.
The asset is currently operating at or near full occupancy with stable in-place cash flow, while still providing a clear path to continued rent growth and operational efficiencies.
Ideal for 1031 exchange buyers or investors seeking scale with manageable operations and strong tenant demand.
Property Facts
| Price Per Unit | $180,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.11 AC |
| Cap Rate | 7.50% | Building Size | 30,898 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.91 | No. Stories | 2 |
| No. Units | 36 | Year Built/Renovated | 1963/2022 |
| Property Type | Multifamily | Parking Ratio | 1.55/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RH - Multifamily | ||
| Price Per Unit | $180,000 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.91 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.11 AC |
| Building Size | 30,898 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2022 |
| Parking Ratio | 1.55/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RH - Multifamily |
Amenities
Unit Amenities
- Storage Space
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 36 | $1,795 | 836 |
Property Taxes
| Parcel Number | 0155-451-09 | Improvements Assessment | $3,619,859 |
| Land Assessment | $836,640 | Total Assessment | $4,456,499 |
Property Taxes
Parcel Number
0155-451-09
Land Assessment
$836,640
Improvements Assessment
$3,619,859
Total Assessment
$4,456,499
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