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El Royale Apartments

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Address: 2352 N Leroy St, San Bernardino, CA 92404, USA

California & West + Apartment Buildings

Created date: October 1, 2024

Date last updated: October 1, 2024

-Solid Rental Location in the City of San Bernardino
-Well Maintained Property Situated on Large 43,549 SF Lot
-Excellent Unit Mix of One- & Two-Bedroom Units | Average Unit Size of 743 Square Feet
-Historically High Occupancy
-Value-Add Opportunity | Approximately 27% Rental Upside Potential through Continued Interior & Exterior Renovations
-Property Features Include: Mature Landscaping, Laundry Facilities, Gated Community Pool, BBQ Grill, Rentable Storage, Carport and Surface Parking
-Unit Amenities Feature: Vertical Blinds, Gas Oven Ranges, Wall Air Conditioning and Heating, Carpet and Wood Vinyl Flooring and High Speed Internet Access*
-Incredibly Strong Fundamentals for Garden Style Apartments and Workforce Housing Tenants in San Bernardino
-Nearby Landmarks Within 20-Miles Include: San Manuel Stadium, Arrowhead Country Club, First Original McDonald’s Museum, Dignity Health St. Bernardine Medical Center, San Bernardino International Airport, Yaamava’ Resort & Casino, Cal State University San Bernardino, Loma Linda University Medical Center and the University of Redlands

Property Description

CBRE, Inc. as the exclusive advisor, is pleased to present this 33-Unit asset located at 2352-2386 LeRoy Street in the city of San Bernardino. El Royale Apartments is situated on North LeRoy Street between East 25th Street and East Highland Drive. The Property is located just south of the 210 and is less than a 4-mile radius from Downtown San Bernardino. Providing a picturesque backdrop to the beautiful San Bernardino Mountains, the Property is nearby a multitude of shops and restaurants, parks, and schools. The area also offers convenient access to San Bernardino City Hall, the San Bernardino Valley College, CSU San Bernardino, Loma Linda University Medical Center, University of Redlands and UC Riverside using the 10, 210 and 215 freeways. Access to local ski resorts and mountain cities is easy using the nearby highways 18 and 330. San Bernardino is home to the Metrolink Commuter Train Depot and the line runs between Downtown Los Angeles east through the San Gabriel Valley and the Inland Empire. The El Royale Apartments is a 2-story, 33-unit property built in 1960. The property is situated on one parcel of land with a total of ±43,549 square feet of land and a total building size of ±24,551 square feet. It features a unit mix of 28, one-bed/one-bathroom and a 5, two-bed/one-bathroom units averaging 743 square feet per unit. It also features controlled gated access, carport parking, a gated swimming pool, on-site laundry facility, rentable storage units, and a mature landscaped courtyard with BBQ grill. Individual units feature wall air conditioning and heating, gas oven/stoves, vertical blinds, high-speed internet and wood vinyl plank flooring or carpeting.* The El Royale Apartments has historically high occupancy and is currently generating $43,660 in monthly rental income. There remains approximately 27% rental upside potential with comparable one-bedroom/one-bathroom units in the immediate area generating $1,282 per month and two-bedroom/one-bathroom units generating $1,570 per month. The El Royal Apartments is a prime San Bernardino income-producing property and a great long-term investment. The property is in a desirable area and offers stability for any type of investor, whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange opportunity.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$5,800,000
No. of Units:	33
Year Built:	1960
Building Size:	24,551 Sq ft
Opportunity Zone:	No
Price per unit:	$175,758