The Redlands Five: Charming 5 property portfolio

Property Description

CBRE is proud to exclusively present The Redlands Five, a 28-Unit apartment portfolio comprised of five separate properties all within the historic downtown district of the city of Redlands. The portfolio consists of 205 W Fern Avenue (8 Units); 305 W Olive Avenue (7 Units); 345 La Paloma Street (6 Units); 108 W Olive Avenue (4 Units); and 304 Eureka Street (3 Units). All properties can be sold together or individually. The Redlands Five is uniquely located in the city of Redlands, south of Interstate 10, and within a few blocks of one another. The properties are all situated between Olive Avenue and Fern Avenue, south of Redlands Boulevard. All properties are located within walking distance to downtown Redlands, Olive Market, Redlands Bowl and Smiley Library. They are within biking distance to ESRI (the city’s top employer) and the University of Redlands; and within five miles of Loma Linda University Medical Center. The Redlands Five offers convenient access to the 10, 210 and 215 freeways and neighboring cities in the county—Loma Linda, Yucaipa, and Colton. They are less than 6 miles from the San Bernardino International Airport and just a short drive from Riverside, Ontario, Moreno Valley, and San Bernardino – all major logistic hubs within the region. Several significant local landmarks are also within a short distance, including: Yaamava' Resort & Casino, Big Bear Lake, Lake Arrowhead, the San Bernardino National Forest, Morongo Casino Resort & Spa and more. Built in 1887, 1906, 1910, 1948, and 1959, The Redlands Five is comprised of charming one- and two-story buildings totaling 28 units. Each property has been meticulously maintained and features unique characteristics that are extremely well sought after within this area of Redlands. The portfolio has a total combined lot size of ±58,440 square feet and a total building size of ±19,175 square feet. The portfolio’s unit mix is comprised of 2 studios, 18 one-bed/one-bathroom units, 7 two-bed/one-bathroom units, and 1 three-bed/one-bath unit averaging 685 square feet per unit. The units feature charming Victorian characteristics, built-in cabinetry, high ceilings, ceiling fans, wall air conditioning and heating, and appliances included. The common areas feature lush landscaping with large mature trees, on-site laundry facilities at each property, and covered parking (at select properties). Combined the properties generate $483,642 in monthly rental income leaving approximately 35% in rental growth through interior and exterior renovations for a future owner to capitalize on. The Redlands Five is an income-producing property and a great long-term value-add investment opportunity. The property is in a highly desirable area and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange opportunity.