Downtown Redlands Retail Investment
For Sale
$1,700,000
217-221 East State Street, Redlands, CA 92373
Retail investment property in historic downtown Redlands with three rental units.
Property Size4,106 SF
Price / SF$414.03
Days on Market330
Property Features for 217-221 East State Street
General Information
Standard status
Active
Size
4,106 SF
Property subtype
Shopping Center / Retail
Zoning
Commercial General
Building Details
Building Size
4,106 SF
Year Built
1956
Listing Agency:
RE/MAX
(909) 210-3175
Listed By:
Nathan Bragg · License #01340519
Source:
Remaxcommercial
Added: Sep 25, 2025
Changed: Aug 10
Last Checked: Aug 19 at 4:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX
Investment Insights
Based on property information with market context.
This retail investment property, located in the heart of historic downtown Redlands, features three rental units. The property offers an opportunity for investors or owner-users. It features modern amenities, high foot traffic, and a stable income stream. The property has a Walk Score of 94, with low local vacancy rates and high foot traffic.
Key Highlights
- Prime retail investment property in the heart of historic downtown Redlands.
- Three rental units providing a stable income stream.
- High foot traffic location.
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
$58,854
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
3.46%
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%
$1,177,080
$1.2M
Cap Rate 7%
$840,771
$840.8K
Cap Rate 9%
$653,933
$653.9K
Market Conditions
NOI Build-Up for 4,106 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
$88.7K $21.60/SF
− Vacancy
−$4.6K −$1.12/SF
EGI
$84.1K $20.48/SF
− OpEx
−$25.2K −$6.14/SF
NOI
$58.9K $14.33/SF
Area
San Bernardino County, CA
Vacancy
5.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,177,080
Cap Rate 7%
$840,771
Cap Rate 9%
$653,933
Alternative Uses
Best Use
Retail
$840.8K
$735.7K – $980.9K
NOI $58,854 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$866.1K
$757.8K – $1.01M
NOI $60,627 @ 7.0% cap · market cap 3.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,993
Businesses Nearby
402k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 26%
Groceries 21%
Apparel 1%
VONS
Groceries
42,930 visits/mo
0.3 miles
Trader Joe's
Groceries
42,784 visits/mo
0.3 miles
McDonald's
Dining
30,758 visits/mo
0.2 miles
ARCO
Shops & Services
26,434 visits/mo
0.2 miles
Bank of America
Shops & Services
23,902 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail investment property in historic downtown Redlands with three rental units.
Where is this shopping center located?
The property is located at 217-221 East State Street Redlands, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Prime retail investment property in the heart of historic downtown Redlands.; Three rental units providing a stable income stream.; High foot traffic location.
