54-Unit Apartment Building with
For Sale
Contact for pricing
475 E Cypress Ave, Redlands, CA 92373
Amenity package includes a fitness center, laundry rooms, and on-site parking.
Property Size99,315 SF
Price / SF$150.98
Days on Market165
Property Features for 475 E Cypress Ave
General Information
Standard status
Active
Size
99,315 SF
Property subtype
Multifamily
Additional Details
Cap Rate
5.3%
Multifamily Units
54
Amenities
pool
fitness center
laundry rooms
Building Details
Year Built
1964
Units
54
Listing Agency:
Berkadia Commercial Mortgage Los Angeles
(310) 209-3200
Listed By:
Adrienne Barr · License #CA 01308753
Source:
Crexi
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 30 at 4:27PM
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 Berkadia Commercial Mortgage Los Angeles
Investment Insights
Based on property information with market context.
The property comprises 54 apartment units averaging over 1,500 square feet each across more than 2.5 acres. Built in 1964, the community includes a pool, fitness center, laundry rooms, and parking exceeding one space per bedroom. The property is not subject to city rent control.
Located at 475 E Cypress Ave in Redlands, the apartments sit across from Albertsons Market, Chase Bank, Panera Bread, Redlands Cleaners, Serendipity Salon, Naan Café Redlands, and Chaca Tea Bar. Downtown Redlands and its shops and eateries along Redlands Boulevard are minutes away, while Redlands High School is within walking distance.
Located at 475 E Cypress Ave in Redlands, the apartments sit across from Albertsons Market, Chase Bank, Panera Bread, Redlands Cleaners, Serendipity Salon, Naan Café Redlands, and Chaca Tea Bar. Downtown Redlands and its shops and eateries along Redlands Boulevard are minutes away, while Redlands High School is within walking distance.
Key Highlights
- 54 units averaging over 1,500 sf each
- More than 2.5 acres of land
- Pool, fitness center, and laundry rooms
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
$879,220
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
5.86%
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%
$17,584,400
$17.6M
Cap Rate 7%
$12,560,286
$12.6M
Cap Rate 9%
$9,769,111
$9.8M
Market Conditions
NOI Build-Up for 99,315 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
$1.70M $17.16/SF
− Vacancy
−$105.7K −$1.06/SF
EGI
$1.60M $16.10/SF
− OpEx
−$719.4K −$7.24/SF
NOI
$879.2K $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%
$17,584,400
Cap Rate 7%
$12,560,286
Cap Rate 9%
$9,769,111
Alternative Uses
Best Use
Apartment 5plus
$12.56M
$10.99M – $14.65M
NOI $879,220 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.95M
$18.33M – $24.44M
NOI $1,466,433 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
54
Residential units
Location Intelligence
Trade Area within ½ mile
2,250
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Amenity package includes a fitness center, laundry rooms, and on-site parking.
Where is this apartment building located?
The property is located at 475 E Cypress Ave Redlands, CA.
What is the asking price?
The asking price for this property is $14,995,000.
What are key features of this property?
This property features: 54 units averaging over 1,500 sf each; More than 2.5 acres of land; Pool, fitness center, and laundry rooms
