20 Units. Immediate Rent Upside. 141 E 42nd St 20 Unit Apartment Building $5,256,037 CAD ($262,802 CAD/Unit) 6.02% Cap Rate San Bernardino, CA 92404

Marcus and Millichap presents the opportunity to acquire 141 E 42nd Street, a 20-unit apartment building in San Bernardino's established north side residential corridor. The property is offered at $3,795,000, representing $189,750 per unit and a current cap rate of 6.01 percent. Rents have not been raised in over a year. Current gross rents sit at $355,380 annually. At market rents that number becomes $428,880, representing a 20.7 percent increase in gross income.
Built in 1976, the building offers 12,502 rentable square feet across a 22,950 square foot lot. The unit mix is twelve one-bedroom one-bath units and eight two-bedroom one-bath units. The property features gated secured parking with nineteen carport spaces and four open spaces. Onsite laundry adds $2,880 in additional income per year.
Plumbing was repiped in July 2020 with Pex and copper, carrying a ten-year labor warranty, twenty-five years on the Pex, and fifty years on the copper. All windows were replaced in December 2023. The parking lot was resurfaced in 2023. Exterior paint was completed in 2022. The foam roof was installed in May 2016 and carries a ten-year warranty with an additional ten-year extension available upon recoat.
The property is offered at a 6.02 percent cap rate and a GRM of 10.77 on current rents. Rents have not been raised in over twelve months. Issuing the state allowable increase of 8.2 percent (5 percent plus CPI) adds $28,905 in annual income and moves the cap rate to 6.74 percent and the GRM to 9.88. Those increases apply to existing tenants in place. At full market rents the property performs at a 7.88 percent cap rate and a GRM of 8.91.
141 E 42nd Street sits north of the 210 Freeway on San Bernardino's north side. San Bernardino International Airport is roughly four miles to the southeast, anchoring an expanding employment and logistics corridor that continues to draw workers to the area. Arrowhead Regional Medical Center, one of the region's largest employers, is within five miles and draws medical and administrative staff who rent in this submarket. The 210 Freeway connects renters east toward Redlands and west toward the broader San Gabriel Valley.
Baseline Street and Highland Avenue are both nearby, covering everyday retail, dining, and services. The neighborhood is residential and established with the freeway access and employment base that keeps north San Bernardino consistently rented.
With capital improvements in place and allowable rent increases still available to a new owner, 141 E 42nd Street offers investors a dependable multifamily asset in one of the Inland Empire's most consistently rented submarkets.