The following case study describes our process selling our recently closed property at 1137 N. Mayfield Avenue, San Bernardino, CA 92410.

Deal Story

A client reached out to us about wanting to take advantage of the market and purchase another multifamily asset. The client wanted a building that could be converted into low-income housing, and that had good in-place cashflow.

We identified a deal in San Bernardino which was geographically outside of the client’s portfolio, but it checked all the other boxes. We submitted an offer on the building and went back-and-forth for a few weeks.

The price and terms were agreed upon and we sent the final contract over to the agent for signature. To our dismay the agent accepted ended up going with another offer.  Fast forward a few weeks and the deal fell out with their “strong exchange client” and the agent came back to us with the deal.  

We were able to negotiate a better price on behalf of our client this time.  Within the first 21-days of due diligence, we found a low-income housing group and financing for the property. We ran into issues with insurance because of the soft story retrofit but ended up finding a carrier who was comfortable with it.

In the end we closed escrow exactly as outlined in 45-days. The buyer is going to renovate two vacancies and immediately have upside through the low-income housing group.

Find out how we can help you sell you commercial real estate property. Call KingSide today.