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120 Olive Ave 5 Unit Apartment Building $1,299,000 ($259,800/Unit) 5.28% Cap Rate Redlands, CA 92373
Executive Summary
Charming five-unit apartment building in the highly desirable South Redlands area, offering an excellent investment opportunity with strong cash flow and low expenses. This fully-occupied property features a versatile mix of units, including one spacious 2-bedroom, 2-bathroom unit, two comfortable 1-bedroom, 1-bathroom units, and two cozy studio apartments. Each unit is separately metered for electricity and gas, enhancing efficiency for both owners and tenants. The property exudes curb appeal, with a manicured green lawn out front that creates an inviting atmosphere for residents and visitors alike. Inside, each unit enjoys a combination of tile, vinyl, and/or real hardwood flooring. Additionally, an array of private balconies and patios provide residents with peaceful outdoor spaces to enjoy. Situated within walking distance of downtown Redlands, tenants can easily access a variety of shopping, dining, and entertainment options, all just steps away. The prime location, steady occupancy, and diverse unit mix make this property a rare find and a smart addition to any investor's portfolio. Don’t miss out on this exceptional opportunity- schedule a viewing today!
Property Facts Under Contract
| Price | $1,299,000 | Apartment Style | Low-Rise |
| Price Per Unit | $259,800 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.28% | Building Size | 3,504 SF |
| Gross Rent Multiplier | 11.76 | Average Occupancy | 88% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1940 |
| Property Subtype | Apartment | Parking Ratio | 0.57/1,000 SF |
| Zoning | R3, Redlands - Medium Multiple-Family Residential | ||
| Price | $1,299,000 |
| Price Per Unit | $259,800 |
| Sale Type | Investment |
| Cap Rate | 5.28% |
| Gross Rent Multiplier | 11.76 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 3,504 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1940 |
| Parking Ratio | 0.57/1,000 SF |
| Zoning | R3, Redlands - Medium Multiple-Family Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 1+1 | 3 | - | 475 - 957 |
| 2+1 | 1 | - | 1,000 |
1 1
Walk Score®
Walker's Paradise (95)
Bike Score®
Biker's Paradise (94)
Property Taxes
| Parcel Number | 0171-291-11 | Improvements Assessment | $648,563 |
| Land Assessment | $159,295 | Total Assessment | $807,858 |
Property Taxes
Parcel Number
0171-291-11
Land Assessment
$159,295
Improvements Assessment
$648,563
Total Assessment
$807,858
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120 Olive Ave
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