305 W Olive Ave
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305 W Olive Ave
7 Unit Block of Flats £1,106,014 (£158,002/Unit) 4.95% Net Initial Yield Redlands, CA 92373
Executive Summary
CBRE is proud to exclusively present for sale a 7-unit apartment community located at 305 W Olive Avenue in the historic downtown district of the city of Redlands. The property is part of a portfolio of multifamily properties all withing blocks of one another which includes 305 W Olive Avenue (7 Units); 205 W Fern Avenue (8 Units); 108 W Olive Avenue (4 Units); and 304 Eureka Street (3 Units). All properties can be sold together or individually.
305 W Olive Avenue is located south of Interstate 10 and is situated between Alvarado Street and Grant Street, south of Redlands Boulevard. It is walking distance to downtown Redlands, Olive Market, the Redlands Bowl and Smiley Library. It is within biking distance to ESRI (the city’s top employer) and the University of Redlands; and within five miles of Loma Linda University Medical Center.
305 W Olive Avenue offers convenient access to the 10, 210 and 215 freeways and neighboring cities in the county—Loma Linda, Yucaipa, and Colton. It is located less than 6 miles from the San Bernardino International Airport and just a short drive from Riverside, Ontario, Moreno Valley, and San Bernardino – all major logistic hubs within the region. Several significant local landmarks are also within a short distance, including: Yaamava' Resort & Casino, Big Bear Lake, Lake Arrowhead, the San Bernardino National Forest, Morongo Casino Resort & Spa and more.
Built in 1906, 305 W Olive Avenue is comprised of one three-story mansion that was legally converted to seven units comprising of two studios, four one-bedroom/one-bath units, and one large penthouse one-bedroom/one-bathroom unit. The property has a lot size of ±8,400 square feet and total rentable square feet of approximately ±3,800 square feet. The units feature built-in cabinetry, high ceilings, ceiling fans, wall air conditioning and heating, and included appliances. The common areas feature lush landscaping with large mature trees and an on-site laundry facility. The property generates approximately $120,144 in annual rental income leaving approximately 27% in rental growth through interior and exterior renovations for a future owner to capitalize on.
305 W Olive Avenue is an income-producing property and a great long-term value-add investment opportunity. The property is in a highly desirable area and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange opportunity.
305 W Olive Avenue is located south of Interstate 10 and is situated between Alvarado Street and Grant Street, south of Redlands Boulevard. It is walking distance to downtown Redlands, Olive Market, the Redlands Bowl and Smiley Library. It is within biking distance to ESRI (the city’s top employer) and the University of Redlands; and within five miles of Loma Linda University Medical Center.
305 W Olive Avenue offers convenient access to the 10, 210 and 215 freeways and neighboring cities in the county—Loma Linda, Yucaipa, and Colton. It is located less than 6 miles from the San Bernardino International Airport and just a short drive from Riverside, Ontario, Moreno Valley, and San Bernardino – all major logistic hubs within the region. Several significant local landmarks are also within a short distance, including: Yaamava' Resort & Casino, Big Bear Lake, Lake Arrowhead, the San Bernardino National Forest, Morongo Casino Resort & Spa and more.
Built in 1906, 305 W Olive Avenue is comprised of one three-story mansion that was legally converted to seven units comprising of two studios, four one-bedroom/one-bath units, and one large penthouse one-bedroom/one-bathroom unit. The property has a lot size of ±8,400 square feet and total rentable square feet of approximately ±3,800 square feet. The units feature built-in cabinetry, high ceilings, ceiling fans, wall air conditioning and heating, and included appliances. The common areas feature lush landscaping with large mature trees and an on-site laundry facility. The property generates approximately $120,144 in annual rental income leaving approximately 27% in rental growth through interior and exterior renovations for a future owner to capitalize on.
305 W Olive Avenue is an income-producing property and a great long-term value-add investment opportunity. The property is in a highly desirable area and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange opportunity.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£94,794
|
£24.95
|
| Other Income |
£947
|
£0.25
|
| Vacancy Loss |
£4,787
|
£1.26
|
| Effective Gross Income |
£90,954
|
£23.94
|
| Taxes |
£12,607
|
£3.32
|
| Operating Expenses |
£23,713
|
£6.24
|
| Total Expenses |
£36,321
|
£9.56
|
| Net Operating Income |
£54,633
|
£14.38
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £94,794 |
| Annual Per SF | £24.95 |
| Other Income | |
|---|---|
| Annual | £947 |
| Annual Per SF | £0.25 |
| Vacancy Loss | |
|---|---|
| Annual | £4,787 |
| Annual Per SF | £1.26 |
| Effective Gross Income | |
|---|---|
| Annual | £90,954 |
| Annual Per SF | £23.94 |
| Taxes | |
|---|---|
| Annual | £12,607 |
| Annual Per SF | £3.32 |
| Operating Expenses | |
|---|---|
| Annual | £23,713 |
| Annual Per SF | £6.24 |
| Total Expenses | |
|---|---|
| Annual | £36,321 |
| Annual Per SF | £9.56 |
| Net Operating Income | |
|---|---|
| Annual | £54,633 |
| Annual Per SF | £14.38 |
Property Facts
| Price | £1,106,014 | Property Subtype | Apartment |
| Price Per Unit | £158,002 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | B |
| Net Initial Yield | 4.95% | Lot Size | 0.19 AC |
| Gross Rent Multiplier | 11.54 | Building Size | 3,800 SF |
| No. Units | 7 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1906 |
| Price | £1,106,014 |
| Price Per Unit | £158,002 |
| Sale Type | Investment |
| Net Initial Yield | 4.95% |
| Gross Rent Multiplier | 11.54 |
| No. Units | 7 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 3,800 SF |
| Number of Floors | 2 |
| Year Built | 1906 |
Unit Amenities
- Cable Ready
- Dishwasher
- Disposal
- Kitchen
- Oven
- Range
- Carpet
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 2 | £1,160 | 400 |
| 1+1 | 5 | £1,108 | 500 - 1,000 |
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Walk Score ®
Very Walkable (88)
Bike Score ®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 0171-321-22 | Total Assessment | £48,702 (2024) |
| Land Assessment | £10,741 (2024) | Annual Taxes | £12,607 (£3.32/sf) |
| Improvements Assessment | £37,960 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
0171-321-22
Land Assessment
£10,741 (2024)
Improvements Assessment
£37,960 (2024)
Total Assessment
£48,702 (2024)
Annual Taxes
£12,607 (£3.32/sf)
Tax Year
2023
-
Power Broker Eric Chen -
Blake Torgerson -
Kevin Sin -
CBRE, Inc.
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