233 State StRedlands, CA 92373

Property Details for 233 State St

Year built

1962

Property size (Sq ft)

9,345 SF

Property type

Retail properties

Property subtype

Lifestyle centers

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

Latitude

34.0567

Longitude

-117.179

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