17 State St Redlands, CA 92373

This exceptional investment opportunity presents a 21,476 square foot, multi-tenant shopping center and storefront located at 17 E State St, Redlands, CA 92373. Built in 1924, this two-story building sits on a 10,640 square foot lot and boasts impressive 15-20 foot high ceilings. Currently operating at 100% occupancy with a NOI of $279,267 and a 7.35% cap rate, the property offers significant value-add potential. A pro-forma NOI of $507,150 and a pro-forma cap rate of 13.35% highlight the upside for future development. The permitted VG/DT (Mixed Use) zoning allows for a wide range of redevelopment possibilities, including upscale retail spaces and office spaces. The asking price is $3,800,000 ($176.94/sq ft). Additional building space of approximately 14,000 square feet is available on adjacent properties. The property is located in a highly walkable area of Downtown Redlands, a vibrant community with a diverse culture, arts scene, and numerous attractions. The current tenant is an antique shop. Buyers are advised to conduct their own due diligence to verify square footage. This fee-simple property is suitable for a 1031 exchange. Rent bumps are available. The property includes four units. Further information regarding the property's potential and redevelopment options is available upon request.