Deal numbers
A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.
Property details
- Bedrooms
- 15
- Building size
- 22,277 sqft
- Lot size
- 16,912 sqft
- Stories
- 0
- Status
- Active
- Days on market
- 8
- MLS #
- 239352500
About this property
211 Olive Residences Ready-To-Issue Multifamily Development Site | 15 Units | Downtown Redlands, CA 92373. Offered at $1,550,000. This is a fully entitled development opportunity in the heart of Downtown Redlands. The entitlement work is complete. The project consists of 15 market-rate residential units across two structures totaling 22,277 square feet. Eleven apartments occupy a three-story main building. Four ADUs occupy a separate detached structure. The unit mix is (3) one-bedroom one-bath, (7) two-bedroom one-bath, and (1) three-bedroom two-bath in the main building. The four ADUs consist of (2) two-bedroom two-bath units up to 1,150 square feet located on the north portion of the parking garage and (2) two-bedroom two-bath units up to 950 square feet in the detached stacked structure. Plans were designed by Gary Miller, AIA of Miller Architectural Corporation. All design disciplines are fully coordinated and approved. Architectural, structural, civil, mechanical, electrical, plumbing, fire, life safety, and landscape. The site is 0.39 acres and carries an AB 2097 parking exemption due to its proximity to the Redlands Arrow Metrolink station. On-site parking is provided. Downtown Redlands is a proven submarket. The University of Redlands drives consistent rental demand. Orange Street Alley and State Street anchor a walkable retail and dining corridor. The Arrow Line connects residents to the broader Metrolink network. Fully entitled multifamily sites in Downtown Redlands rarely come to market. This submarket offers immediate access to a thriving retail and dining corridor, the University of Redlands, the Arrow Metrolink Line, and an established base of national and local tenants that continue to drive foot traffic and rental demand throughout the area.
Location
211 E Olive Avenue
Redlands, San Bernardino, CA, 92373