54u | Prime Redlands | No City Rent Control 475 E Cypress 54 Unit Apartment Building $14,995,000 ($277,685/Unit) 5.30% Cap Rate Redlands, CA 92373

Berkadia is excited to exclusively offer another fantastic value-add opportunity. The Kimberly Apartments offers a rare opportunity to purchase 54 spacious units (average unit size over 1,500 sf) on over 2.5 acres of land with NO city rent control in a prime Redlands location. The pricing is very attractive at: $277K per unit; $153 per square foot; with a 5.3% going-in cap rate, going to 6.3% at market rent. This is the first time this property has been on the market in over 10 years.
Kimberly Apartments is fully amenitized with a pool, fitness center, laundry rooms, and ample parking (more than one parking space per bedroom). The property is in a fantastic location across the street from Albertsons Market, Chase Bank, Panera Bread, Redlands Cleaners, Serendipity Salon, Naan Café Redlands, Chaca Tea Bar, and more. Minutes to charming downtown Redlands with shops and eateries along Redlands Boulevard, and walking distance to Redlands High School (Ranked #5 Best Public High Schools in San Bernardino County).
Link to the Kimberly Document Center: https://properties.berkadia.com/kimberly-487272
PORTFOLIO OPPORTUNITY: The Kimberly Apartments can be sold individually or in any combination with 95 units on Via Zapata in Riverside (https://properties.berkadia.com/via-zapata-properties-487536) and/or 61 units on Amber Court in Upland ( https://properties.berkadia.com/amber-court-properties-492804/).