Sold
604 692 W 4th Street
San Bernardino CA, 92410
$7,000,000
$100.01 per sqft
Sold
69,996 sqft
Commercial
Built in 1983
Listed by ALBERT LE with LE INVESTMENT GROUP 909-256-7889
5.65 ACRES IN DESIGNATED OPPORTUNITY ZONE - HUGE DEVELOPMENT POTENTIAL - CONFIRMED 47-UNITS PER ACRE BY THE SAN BERNARDINO CITY PLANNING. / Attractive SBA Financing Available to Well Quali?ed Investors. Rare opportunity to purchase a $7,350,000asset for only $735,000. / SIGNIFICANT UPSIDE THOUGH LEASING OUT VACANTSPACE or Owner Occupancy, With a ProForma CAP Rate of 9.75% (Property is Currently 20% +/-Occupied).
PLANNING: The shopping center at 604-696 West 4th Street is located within the Commercial Regional (CR-2) zoning district. The CR-2 zone currently permits mixed-use development (including residential) and multiple-family residential development, subject to approval of a Development Permit, at a maximum density of 47 units per net acre. At this time the City is also in the process of preparing a Specific Plan for the Downtown area, including the subject property, that will allow additional opportunities for redevelopment of the subject property. This plan is expected to be adopted sometime late this year.
Description: The Central City Plaza is a 69,996 square foot, multi-tenant neighborhood shopping center, niched in the heart of Downtown San Bernardino. The property is located on West 4th Street, a thoroughfare between the 215 freeway and Downtown San Bernardino o?ce districts. The plaza consists of six (6) separate buildings, situated on six (6) individual APNs totaling over5.65-acrecorner lot. The properties con?guration, visibility, zoning, ample parking, available suites ranging from1,200-30,426 Sq. Ft. and strategic location, all contribute, to make the Central City Plaza an ideal location for a diverse tenant base. Surrounding retail properties demonstrate a constant growing market and operate near 90%occupancy.
IV22108032
MLSⓇ ID
May 1, 2022
Listed
March 23, 2024
Updated
Map
604 692 W 4th Street
San Bernardino CA, 92410
Interior Features
Laundry Description
None
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
5.65 Acres
Lot Features
Corner Lot
Other Property Details
Area Name
274 - San Bernardino
Taxes
$95,976
Tax Frequency
Annually
Days on Market
165
Garage
No
View
No
County
San Bernardino
Water Source
Public
Pool
No
Zoning
CR-2
Buyer Agency Compensation
1.5%
Listing Contact: 909-256-7889
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 3/23/2024 at 1:47 AM UTC