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.
Based on information from CRISNet MLS all data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Updated: 9th August, 2022 10:14 PM (UTC)
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