Confidential Offering
Flamingo Bay
96 Units · Moreno Valley, CA
Asking Price
$2.7M
Per Unit
$28,125
Yield on Cost
6.36%
Confidential Offering
96 Units · Moreno Valley, CA
Asking Price
$2.7M
Per Unit
$28,125
Yield on Cost
6.36%
The Opportunity
A shovel-ready 96-unit development in Moreno Valley's healthcare corridor. Fully entitled with vested rights — the entitlement risk is retired.
With rents 30–40% below Orange County and 5,000+ healthcare workers within 2 miles, the demand case is proven. A 154% population surge confirms the trajectory.
The Vision
Garden-Style Living
At a Glance
$2.7M
Asking Price
$28,125
Per Unit
$2.08M
Stabilized NOI
6.36%
Yield on Cost
3.86 AC
Site Area
96 Units
Entitled
Location
Alessandro Boulevard, Moreno Valley. At the center of the Inland Empire's fastest-expanding employment cluster.
$109K
Median HHI
154%
Pop. Growth
5,000+
Healthcare Jobs
UCR Medical Center
3,400+ employees
Kaiser Permanente
800–1,200 employees
Riverside University Health
2,500+ employees
March Air Reserve Base
3,200+ personnel
Amenities
Resort-Style Pool & Clubhouse
Investment Analysis
A balanced unit mix optimized for the healthcare workforce demographic, with pro forma underwriting based on comparable lease-ups in the submarket.
Unit Type 01
48
Units
50% of total units
755
Average SF
$2,281
Monthly Rent
Effective Rent per SF
$3.02
Unit Type 02
48
Units
50% of total units
1,020
Average SF
$2,758
Monthly Rent
Effective Rent per SF
$2.70
Total Development
96 Units · Garden Style
85.2K
Total Rentable SF
$2.84
Avg Rent/SF
Financial Projection
Year 1 pro forma reflects market-rate rents at 95% occupancy, with operating expenses benchmarked against comparable vintage assets.
Revenue Line Items
Expense Deductions
Net Operating Income
Line Item
Annual
Per Unit
Gross Rental Income
$2,989,538
$31,141/yr
Gross Rental Income
$2,989,538
$31,141/yr
Other Income
$190,600
$1,985/yr
Other Income
$190,600
$1,985/yr
Vacancy & Concessions (6.3%)
($188,341)
($1,962)/yr
Vacancy & Concessions (6.3%)
($188,341)
($1,962)/yr
Effective Gross Income
$2,991,798
$31,164/yr
Effective Gross Income
$2,991,798
$31,164/yr
Operating Expenses
($912,788)
($9,508)/yr
Operating Expenses
($912,788)
($9,508)/yr
Net Operating Income
$2,079,010
$21,656
Net Operating Income
$2,079,010
$21,656
Yield on Cost
6.36%
Based on $2.7M acquisition price. Stabilized yield projected at 95% occupancy with market-rate rent growth.
Source: Fairbrook Communities underwriting, March 2026 · Figures shown are projections subject to market conditions
Architecture
Mediterranean-Inspired Facade
$2.1M
Net Operating Income
6.36%
Yield on Cost
$2.7M
Asking Price
Project Status
67%
Complete
2020
Acquisition
2023
Entitlements
2023
Permits
2026
Offering
TBD
Construction
2028
Stabilized
18–24 month path from acquisition to stabilization
Low Risk · Entitlements Vested
Leasing Center
Resident Clubhouse
For Qualified Principals Only
Request the confidential Offering Memorandum
James Walters · Lead
(949) 274-3526
jwalters@fairbrookcommunities.com
DRE# 02071589
Matt Walters
(949) 274-5232
mwalters@fairbrookcommunities.com