304 S Eureka St

CBRE is proud to exclusively present for sale a 3-unit apartment community located at 304 Eureka Street in the historic downtown district of the city of Redlands. The property is part of a portfolio of multifamily properties all within blocks of one another which includes 304 Eureka Street (3 Units); 108 W Olive Avenue (4 Units); 305 W Olive Avenue (7 Units); and 205 W Fern Avenue (8 Units). All properties can be sold together or individually.
304 Eureka Street is located south of Interstate 10 and is situated between W Clark Street and Fern Avenue, 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.
304 Eureka Street 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 1887, 304 Eureka Street is comprised of a two-story house that was legally converted to three apartment units comprising of one one-bedroom/one-bath unit, one two-bedroom/one-bath unit, and one three-bedroom/one-bathroom unit. The property has a lot size of ±11,920 square feet and total rentable square feet of approximately ±2,305 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, an on-site laundry facility and a detached garage/workshop. The property generates approximately $60,600 in annual rental income leaving approximately 10% in rental growth through interior and exterior renovations for a future owner to capitalize on.
304 Eureka Street 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.