Karen DeGasperis REALTOR

OFF MARKET Distressed Assets

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Photo
Property TypeMultifamily (5+)
LocationLos Angeles, California
Map It
Title99 Room Hotel to Apartment Conversion Building in San Bernardino County with Upside and Seller Finacning
Summary

Lender Owned 99 Room Apartment Complex Formerly Hotel
2 Stories at 31438 SF on 2.08 Acres and Originally Built in 1982
City of Redlands

Details

In 2022 the State of California awarded the City of Redlands $30 million to
buy this 99-room Hotel and convert it into supported housing units for
homeless residents in San Bernardino County. The rooms were all
newly renovated and due to issues of previous owner the lender
ended up foreclosing on the property and now looking to sell.

Income and Sales Details

INCOME DETAILS
90% Occupied with most tenants not paying
Current Yearly Income only at $400,000
Yearly Income should be above $1,500,000
Perfect for charitable organizations or
investor with management in place

Asking Price$14,000,000.00
Date UpdatedMarch 7, 2025