Updated Sep 9, 2024
Marcus & Millichap Sells Chestnut Apartments In San Bernardino For $8.2M With Brokers McCauley & Covarrubias
1398 N Sierra Way San Bernardino, CA 92405, USA
$8,200,000
Units
68
Asset Type
MultiFamily
Closing
Sep 6, 2023
About this deal
AI
The Chestnut Apartments in San Bernardino, a value-add multifamily property with 68 units, has been sold for $8.2 million. This property, located at 1398 North Sierra Way, was represented by Douglas McCauley and David Covarrubias of Marcus & Millichap. The sale was facilitated by Marcus & Millichap, who brokered the transaction on behalf of the limited liability company that owned the property.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,200,000
- Address: 1398 North Sierra Way
- Market: San Bernardino
- Brokers: Douglas McCauley & David Covarrubias - Marcus & Millichap
- Units: 68
- Price Per Unit: $120,588
Douglas McCauley and David Covarrubias of Marcus & Millichap played a key role in facilitating the sale of the Chestnut Apartments in San Bernardino. Both brokers represented the limited liability company that owned the property throughout the transaction. Their expertise and negotiation skills helped secure the successful sale of this value-add multifamily asset.
Players
San Bernardino MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.93%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93