Ground-Floor Residential Income
New
For Sale
$215,000
184 N Center Place, Redlands, CA 92373
MULTI_FAMILY - Redlands, CA
Property Size915 SF
Price / SF$234.97
Days on Market1
Property Features for 184 N Center Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Laundry Room, Bathroom 1, Bedroom 2, Bedroom 1
Parking
1
Parking features
Carport, Assigned
Window features
Double Pane Windows
Patio and Porch features
Patio
Interior features
Quartz Counters, Recessed Lighting, Open Floorplan, Storage
Appliances
Disposal, Trash Compactor, Gas Range, Dishwasher
Lot features
Sprinklers Drip System, Sprinkler System
View
City
Elementary school
McKinley
Middle school
Cope
High school
Redlands
Elementary school district
Redlands Unified
Middle school district
Redlands Unified
High school district
Redlands Unified
Directions
Center Place intersects Center Street and West State Street
Subdivision
268 - Redlands
Standard status
Active
APN
0171393024036
Size
915 SF
Taxes and HOA fees
HOA Fee
$766 Monthly
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
pool
community garden
free laundry
Building Details
Year built
1956
Floors in Building
1
Number of units
1
Flooring type
Wood
Additional Structures
Storage
Listing Agency:
TED MENDOZA REALTY
(909) 362-4560
Listed By:
LESLIE WHITTEMORE · License #01903727
(909) 556-8820
Added: Aug 14
Last Checked: Aug 14 at 9:06PM
MLS# IG26175025
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 915-square-foot ground-floor residential income property was built in 1956 and offers two bedrooms, an open floor plan, wood flooring, and a remodeled kitchen with quartz counters, soft-close cabinetry, a gas range, dishwasher, disposal, and trash compactor. Floor-to-ceiling windows and sliding doors connect the living and dining areas to a private patio and garden space. Central heating and cooling, dual-paned windows, recessed lighting, custom window treatments, and built-in storage are also included.
The property provides an assigned carport directly outside the unit, along with guest parking on Center Place. Association-maintained features include fire insurance, in-wall plumbing and electrical, water-heater care, and free laundry. Residents also have access to a community pool and garden. Public water and public sewer serve the property, with cable available.
The property provides an assigned carport directly outside the unit, along with guest parking on Center Place. Association-maintained features include fire insurance, in-wall plumbing and electrical, water-heater care, and free laundry. Residents also have access to a community pool and garden. Public water and public sewer serve the property, with cable available.
Key Highlights
- 915 square feet of ground‑floor residential space
- Two‑bedroom layout with open floor plan and wood flooring
- Private patio and garden area connected to living and dining spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,100
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$162,000
$162.0K
Cap Rate 7%
$115,714
$115.7K
Cap Rate 9%
$90,000
$90.0K
Market Conditions
NOI Build-Up for 915 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$15.7K $17.16/SF
− Vacancy
−$973 −$1.06/SF
EGI
$14.7K $16.10/SF
− OpEx
−$6.6K −$7.24/SF
NOI
$8.1K $8.85/SF
Area
San Bernardino County, CA
Vacancy
6.20%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$162,000
Cap Rate 7%
$115,714
Cap Rate 9%
$90,000
Alternative Uses
Best Use
Apartment 5plus
$115.7K
$101.3K – $135.0K
NOI $8,100 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$193.0K
$168.9K – $225.2K
NOI $13,510 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,489
Businesses Nearby
Explore this area
Business Placement
Demographics for 92373, CA
35,348
Population
14,501
Households
2.4
Avg Household Size
41
Median Age
53%
College-Educated
94%
High-School Grad
39.8 sq mi
ZIP Area
888
Density / Sq Mi
$99,354
Median Household Income
$64,533
Median Earnings
$1,886
Median Rent
$713,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom unit with a private patio, assigned carport, and access to shared community amenities.
Where is this residential income property located?
The property is located at 184 N Center Place Redlands, CA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 915 square feet of ground‑floor residential space; Two‑bedroom layout with open floor plan and wood flooring; Private patio and garden area connected to living and dining spaces
