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Listed by ERIC CHEN • CB RICHARD ELLIS
$ 1,400,000
Est. payment /mo
Active
305 West Olive Avenue Redlands, CA 92373
3,800 SqFt
UPDATED:
11/27/2024 10:02 PM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 3,800 sqft
Price per Sqft $368
MLS Listing ID CV-24226009
Year Built 1906
Lot Size 8,400 Sqft
Property Description
We are proud to exclusively present for sale a 7-unit apartment community located at 305 W Olive Avenue in the historic downtown district of the city of Redlands. The property is part of a portfolio of multifamily properties all within blocks of one another which includes 305 W Olive Avenue (7 Units); 205 W Fern Avenue (8 Units); 108 W Olive Avenue (4 Units); and 304 Eureka Street (3 Units). All properties can be sold together or individually. 305 W Olive Avenue is located south of Interstate 10 and is situated between Alvarado Street and Grant Street, south of Redlands Boulevard. It is walking distance to downtown Redlands, Olive Market, the Redlands Bowl and Smiley Library. It is 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. 305 W Olive Avenue offers convenient access to the 10, 210 and 215 freeways and neighboring cities in the county--Loma Linda, Yucaipa, and Colton. It is located 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 1906, 305 W Olive Avenue is comprised of one three-story mansion that was legally converted to seven units comprising of two studios, four one-bedroom/one-bath units, and one large penthouse one-bedroom/one-bathroom unit. The property has a lot size of ?8,400 square feet and total rentable square feet of approximately ?3,800 square feet. The units feature built-in cabinetry, high ceilings, ceiling fans, wall air conditioning and heating, and included appliances. The common areas feature lush landscaping with large mature trees and an on-site laundry facility. 305 W Olive Avenue 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.
Location
State CA
County San Bernardino
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Laundry Common Area
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Sidewalks
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer