Standard Companies Acquires Multifamily Property In San Bernardino For $97M
SOLD
$97,000,000
California
See Similar DealsMultiFamily203,002 SF
Sold 03/19/2021
SOLD
Standard Companies Acquires Multifamily Property In San Bernardino For $97M
2601 West 2nd Street, San Bernardino, CA, USA
See Similar DealsMultiFamily203,002 SF
Sold 03/19/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$477
Total Square Footage:203,002 SF
Transaction Type:Sale
The multifamily property located at 2601-2675 West 2nd Street in San Bernardino has been sold for a total of $97,000,000. The transaction took place on March 19, 2021. The property consists of 239 units, resulting in a price per unit of $405,857. The sale was facilitated by Stanley Black, representing the seller, Black Equities Group, and the buyer was Standard Companies.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $97,000,000
- Address: 2601-2675 West 2nd Street
- Market: San Bernardino
- Units: 239
- Price Per Unit: $405,857
Stanley Black, from Black Equities Group, served as the representative for the seller in this transaction. The buyer, Standard Companies, successfully acquired the property at the aforementioned price. This significant deal showcases the vibrant real estate market in San Bernardino.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,173,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$344,620.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$459,829.49
Annual Debt Service$5,517,953.85
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