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Cedarwood Apartments 1414-1446 E Citrus St 36 Unit Apartment Building $9,053,597 CAD ($251,489 CAD/Unit) 7.50% Cap Rate San Bernardino, CA 92404
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 | $9,053,597 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $251,489 CAD | 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
|
| Zoning | RH - Multifamily | ||
| Price | $9,053,597 CAD |
| Price Per Unit | $251,489 CAD |
| 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 | $2,508 CAD | 836 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 0155-451-09 | Improvements Assessment | $4,958,355 CAD |
| Land Assessment | $1,146,000 CAD | Total Assessment | $6,104,354 CAD |
Property Taxes
Parcel Number
0155-451-09
Land Assessment
$1,146,000 CAD
Improvements Assessment
$4,958,355 CAD
Total Assessment
$6,104,354 CAD
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Presented by
HT VENTURES, INC, Raja Realty
Cedarwood Apartments | 1414-1446 E Citrus St
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