331 Cajon StRedlands, CA 92373

Property Details for 331 Cajon St

Year built

1927

Construction

WOOD FRAME

Lot size

0.18 AC

Property size (Sq ft)

7,492 SF

Property type

Residential income properties

Property subtype

Other 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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,226,131

  6.5%

  $2,054,890

  7%

  $1,908,112

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,875,698

  Geo Method

  $4,087,287

• Alternative Use

  Use

  Valuation

  Residential

  $2,054,890

  Hospitality

  $1,882,268

  Educational

  $1,566,025

  Medical

  $1,619,883

  Retail

  $2,436,039

Location Insight

City

Redlands

County

San Bernardino

State

California

Latitude

34.0512

Longitude

-117.179

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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