331 Cajon St Redlands, CA 92373-5964
- Apartment buildings
- 7,492 SF
- 0.18 lot acres
Feb 28, 2020
Current Use by Public Records
- Apartment buildings
Property Details for 331 Cajon St
- Year built
- 1927
- Construction
- WOOD FRAME
- Lot size
- 0.18 lot acres
- Property size
- 7,492 SF
- Property type
- Apartment buildings
- APN
- 0171-371-03-0000
- APU
- 171371030000
Description
This meticulously maintained 12-unit apartment building presents a compelling value-add investment opportunity in the heart of Redlands, California. Built in 1930 and renovated in 2010, this charming two-story building boasts 7,492 square feet on a 7,667 square foot lot. The property features classic Spanish-style architecture and an interior corridor layout, enhancing both aesthetic appeal and tenant security. Currently operating at 100% occupancy, the building generates a $115,087 net operating income (NOI), representing a 4.9% capitalization rate. A pro-forma NOI of $149,809 projects a 6.38% cap rate, highlighting significant upside potential. Individual units offer a blend of historical charm and modern updates, including granite countertops, terrazzo flooring, country kitchens, breakfast nooks, and mini-split air conditioning. The property's prime location within walking distance of downtown Redlands' vibrant amenities and Redlands University ensures consistent tenant demand. This fee-simple ownership offers a rare combination of historical character, strong current performance, and substantial growth potential in a highly desirable location. The asking price is $2,349,000, or $195,750 per unit. The property includes one additional pad.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Redlands
- County
- San Bernardino
- State
- California
- Longitude
- -117.179
- Latitude
- 34.0512
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
