488 E Gilbert, San Bernardino, California 92404, San Bernardino, 92404 - 2 bed, 1 bath
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San Bernardino, California 92404
This property presents a High-Potential Investment Opportunity with a List Price of $395,000—positioned above the $380,412 Fair Market Value. While the property requires modernization due to its Fair Condition Rating, the expansive 7,350 sqft lot offers significant Development Potential for up to three additional units. This asset is ideal for Buy-and-Hold Investors or Value-Add Developers looking to leverage the large lot size to maximize rental income and long-term equity growth in the San Bernardino City Unified district.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 488 E Gilbert Subject | $350,000* List Price | 2 | 1 | 842 | $420 | - |
A 1441 Pepper Tree Sold | $450,000 | 3 | 1 | 952 | $473 | 0.1 mi |
B 549 E Evans Street Sold | $405,000 | 2 | 1 | 975 | $415 | 0.1 mi |
C 720 Orchid Sold | $415,000 | 2 | 1 | 1,041 | $399 | 0.8 mi |
D 202 E 18th Sold | $300,000 | 3 | 1 | 890 | $337 | 0.5 mi |
E 1333 Windsor Drive Sold | $430,000 | 3 | 1 | 1,014 | $424 | 0.4 mi |
F 1737 N Waterman Pending | $375,000 List Price | 3 | 2 | 982 | $382 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1949, this 75-year-old property shows some cosmetic updates such as laminate flooring and newer paint, but the listing's heavy emphasis on 'potential' and 'investment opportunity' suggests that major systems, the kitchen, and the bathroom are dated and require modernization. While functional, it falls into the Fair category due to its age and the likely need for significant updates to meet modern standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7350, living area = 842.
The property sits on a generous 7,350 sqft lot with the potential to add up to three additional units, offering significant value-add opportunities for investors or developers.
With a competitive entry-level price point, this property serves as an ideal candidate for a buy-and-hold rental strategy, a fix-and-flip, or a primary residence with room to grow.
At only 842 square feet, the current 2-bedroom, 1-bathroom footprint is quite small and may feel restrictive for families or those requiring a home office.
Built in 1949, the home likely requires updates to its original systems and cosmetic finishes to meet modern efficiency standards and aesthetic preferences.
Don't Miss This Incredible Opportunity! This property is full of potential and offers endless possibilities for expansion, making it an excellent investment or the perfect place to call home. 2 bedrooms 1 bathroom large backyard with room to grow potential to add up to 3 units (buyers to verify with the city) whether you are looking to live in it, generate rental income, or build for the future, this property is one you don't want to miss!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 1.0 | 2.0 |
| Square foot | 842 | 1,228 |
| Lot Size | 7,350 | 7,500 |
| Price | $350.0K | $518.9K |
| Price per sq ft | $416 | $376 |
| Built year | 1949 | 1953 |
| HOA | $0 | $121 |
| Days on market | 16 | 63 |
Jul 15, 2026
$350,000
$395,000
-11% Price Drop
Initial Listing
Jul 6, 2026
$395,000
Initial Listing
Jun 13, 2014
$140,000
Public Record
Jun 14, 2013
$85,000
Public Record
Nov 18, 1994
$62,000
Public Record