For Sale: Elmwood Center in San Bernandino

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PRICE: $2,495,000

CAP RATE: 6.79%

BUILDING SIZE: 23,500 sf

PROPERTY TYPE: Retail Center


  • 6.67% Cap Rate
  • Only $106/SF
  • National Anchor Tenants
  • 74% Occupied with upside in rents
  • Approximately $300,000 in TI’s and Capital Improvement
  • On Highland — one of the busiest Blvds in San Bernardino

Property Description

Elmwood Center is a 23,423 SF multi-tenant retail center located on Highland Avenue in northeast San Bernardino, CA. Located in California’s Inland Empire, San Bernardino is part of one of the fastest-growing metropolitan areas in the country. The retail center is comprised of 2 buildings located on 1.293 acres of land. The project is offered at a price of $2,495,000 [$106/SF] which equates to a projected 6.67% CAP rate. The project offers the investor an opportunity to purchase a well located strip center with strong potential for rental growth.

Location Description

Southern California’s Inland Empire, which consists of Riverside and San Bernardino Counties, is one of the fastest-growing metropolitan areas in the country. Its population of over 3.7 million residents is more than 20 states, and increases by a steady rate of nearly 3% on a yearly basis. The Southern California Association of Governments predicts that the Inland Empire will add an additional 1.56 million people in the next 15 years.

San Bernardino County, which sits at the center of the Inland Empire, is the largest county in the United States, comprising in excess of 20,000 square miles. The county remains one of America’s fastest growing areas with its population having increased from 1.7 million to 2.4 million, since 1990, a growth rate of almost 39%.

The City of San Bernardino with its over 194,600 residents has benefited in recent years and will see tremendous growth and development in the next ten years, due to three extraordinary assets. These three assets are: its location to major freeways and railways, the city’s proximity to some of America’s finest colleges and universities and a 1,000 foot deep underground natural lake beneath the city. San Bernardino also has unparalleled transportation assets with Burlington Northern Santa Fe Railway recently expanding its Southern California headquarters to San Bernardino. The city’s ground transportation system is equally as powerful with Interstate 215 and 10 running through the city and its close proximity to Interstate 15 and 210, which connect Los Angeles, Orange and San Diego Counties to the Inland Empire.

As companies migrate to San Bernardino and surrounding areas and need access to college graduates or workforce programs, they will find that San Bernardino is within 30 minutes of 21 private and public colleges with an enrollment of over 151,000 students. Some of the nation’s best universities are located in the area and include: Cal Poly Pomona, Harvey Mudd College, University of California at Riverside, Cal State San Bernardino, The Claremont Colleges, University of Redlands and the nationally recognized medical programs at Loma Linda University.

The underground water supply which sits beneath the city gives region the ability to continue growth at a substantial rate, while other regions desperately search for new water sources. With the region’s ability to for rapid growth, there are many new developments that have and will continue to revolutionize the city of San Bernardino and the county as a whole. One of the largest projects, which will have the most affect on San Bernardino, is the redevelopment of Norton Air Force Base, to “Alliance California,” a master-planned distribution and logistics center totaling between 8 and 10 million square feet, when completed. This new 2,000 acre redevelopment will be the new home of several Fortune 500 Companies which include: TRW, GE Engines, Kohl’s, Mattel, Pep Boys, Stater Bros and space for several other quality tenants. The project will add nearly 10,000 new jobs and shows the strength that corporations see in the Inland Empire.

With the rapid growth of the Inland Empire, the area is also seeing local Indian Tribes building large “Las Vegas” themed casinos and hotels and resorts. One casino in particular which has contributed to the residential and commercial growth in the northeastern part of the county, is the addition of the new San Manuel Indian Casino in Highland. The new $300 Million casino has a 480,000 square foot casino floor with over 2,000 slot machines, table games and live entertainment from top performers. The facility also employs over 2,500 employees.

One significant sign of a local healthy economy is the housing market. San Bernardino County set a record for new homes being permitted for development in 2004 with over 18,000 homes. This is a 42.9% increase from 2003. According to the California Association of Realtors, the median home price for March 2005 for the city of San Bernardino was $235,000, which was a 49.7% increase from March of 2004.

Another significant sign of the continued growth of the city of San Bernardino is the presence of many national retailers in the immediate trade area near Elmwood Center. These retailers include:
Best Buy, Costco, Home Depot, Longs Drugs, Sam’s Club, Staples, Stater Bros., Target, Walgreens, Wal-Mart and many others.

The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. SVN®, Sperry Van Ness®, and Sperry Van Ness Commercial Real Estate Advisors® are registered service marks of Sperry Van Ness International Corporation.

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