17 State StRedlands, CA 92373

Property Details for 17 State St

Year built

1924

Property size (Sq ft)

21,476 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

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.

Location Insight

City

Redlands

County

San Bernardino

State

California

Latitude

34.0567

Longitude

-117.182

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