233 State St Redlands, CA 92373

Property Details for 233 State St

Year built

1962

Property size

9,345 SF

Property type

Lifestyle centers

Property subtype

Power centers

APN

0171-071-12

Description

This exceptional retail investment opportunity, Patio Shops, presents a stabilized, multi-tenant property located at 233 E State St, Redlands, CA 92373. Boasting 9,345 square feet of net rentable space across seven units, this Class B property is situated on a 9,440 square foot lot. Built in 1962 and extensively renovated in 2024, the two-story building features a diverse mix of "Amazon-proof" tenants, ensuring consistent income. Currently operating at 100% occupancy, the property generates a strong NOI of $162,000, translating to a 5.04% cap rate and a pro-forma cap rate of 5.70%. The pro-forma NOI is projected at $183,308. Annual rent bumps are tied to the CPI. The asking price is $3,225,000, or $345.10 per square foot. The property is zoned for retail, office, and restaurant uses, offering flexibility for future tenants. The motivated seller is open to a 1031 exchange. This prime corner location in the heart of downtown Redlands offers high visibility and convenient access, ensuring long-term value in a vibrant and growing market. The property's strong tenant history and attractive cap rate make it an ideal investment for those seeking a stable and profitable addition to their portfolio. The APN is 0171-071-12. The lease type is modified, and tenants currently have no credit rating.

Location Insight

City

Redlands

County

San Bernardino

State

California

Longitude

-117.1794358

Latitude

34.0567098

Property Visit Statistics

• Visits by month
  37.9k
• Visitors by month
  23.8k
• Avg Time on site
  14 min