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100% Leased Multi-Tenant Flex Center 165 W Hospitality Ln

44,291 SF 100% Leased Flex Building San Bernardino, CA 92408 $7,450,000 ($168/SF) 7% Cap Rate

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Investment Highlights

Priced Far Below Replacement Cost at $168/SF
An estimated $345,000 in capital improvements over the last 5 years including a new roof, multiple new HVAC units, landscaping improvements, and more.
Highly adaptable flex space equipped to accommodate a diverse mix of tenant types: restaurant, healthcare, education, government, office, fitness, etc

Highly attractive debt available at a 5.1% rate for a 5-year loan (50% LTV & 1 to 5 years interest only)
Located in the Tri-City Commercial Hub, a region with 180,000 SF of flex space and a record low vacancy rate of 1.60% among the flex product type.
The property consists of 32 units and offers an income stream from 24 diverse tenants, providing a hedge against significant vacancy risk.

Executive Summary

Progressive Real Estate Partners is proud to present the opportunity to acquire this 100% leased multi-tenant flex center – a highly adaptable, 32-unit flex property hosting 24 tenants at below-market rents averaging just $1.29/SF (Modified Gross). Priced at just $168/SF, the property significantly falls below replacement cost. Its ±330 feet of frontage along Hospitality Lane distinguishes it as one of the few flex properties in the area with "retail-like" visibility, enabling it to accommodate a diverse mix of tenants. Over the past 5 years, an estimated $345,000 has been invested in capital improvements, including a new roof, multiple HVAC units, a fresh paint scheme, fenced trash enclosures, low-maintenance/drought-tolerant landscaping, LED lighting, and more. The vacancy rate for the 180,000 SF of flex space within the Tri-City Commercial Hub sits at a record low of 1.60%, offering investors an asset type with limited supply, high demand, virtually no new construction, and the potential for rising rents.

Property Facts

Price	$7,450,000	Lot Size	2.91 AC
Price Per SF	$168	Rentable Building Area	44,291 SF
Sale Type	Investment	No. Stories	1
Cap Rate	7%	Year Built	1980
Property Type	Flex General Retail Storefront Retail/Office Showroom OfficeLoft Creative Space	Parking Ratio	1.35/1,000 SF
Building Class	B	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$7,450,000
Price Per SF	$168
Sale Type	Investment
Cap Rate	7%
Property Type	Flex General Retail Storefront Retail/Office Showroom OfficeLoft Creative Space
Building Class	B
Lot Size	2.91 AC
Rentable Building Area	44,291 SF
No. Stories	1
Year Built	1980
Parking Ratio	1.35/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.