Active
251 Redlands
San Bernardino CA, 92408
$18,038,480
$152.22 per sqft
Active
118,500 sqft
Commercial
Listed by LEE SPENCE with DAUM COMMERCIAL RE SERVICES 909-969-8800
Well located, fully leased, investment property with re-development up-side.
A city block at the 10 freeway, Waterman Ave exit. North: Redlands, East: Waterman, South: Caroline, West: Club Center Dr.
5 parcels totaling 8.53 acres. 13 driveways on 4 streets.
5 buildings, ranging in age, totaling 118,862 sq. ft..
21 tenants bring in $1.99 MM per year.
Loma Linda University Medical Center, with 5 segregated tenant units, make up 65% of the rental income. Those tenants are on the 3rd year, of 5, 1 year options, after having been in the property for 20 plus years.
The eastern 3 acres of the property is underperforming with older buildings and low paying tenants. The area is capable of increased value, through a re-design, with market driven uses, taking advantage of the high traffic Waterman x Redlands Blvd corner, such as fast food drive thru's, car wash, hotel etc.
The average price per sq. ft. of the offering, is only $152 / sq. ft. This price per ft., is far below replacement costs, making new competition from new development impossible. 5 million dollars of tenant improvements was put in for Loma Linda 10 years ago.
the 50,000 sq. ft., they occupy are, high quality medical space, containing some 75 exam rooms. This space has value and will find a tenant if Loma Linda were to move out. There will also be an option to "condoize" the space and sell it to medical groups far above $152 / sq. ft. purchase price, as a potential exit plan if desired.
Finally 12,000 sq. ft. of space on the 2nd floor of the 2195 Club Center building is shell and represents up-side in forming a plan to utilize it through leasing and TI'ing the space.
The property has not changed hands in 70 years. All the buildings, with the exception of one, were built by the family that owns the property. This will continue to be a stellar income property for a new owner with the set of skills to manage and modernize this irreplaceable 8.5 acres.
IV24222475
MLSⓇ ID
October 28, 2024
Listed
October 29, 2024
Updated
Map
251 Redlands
San Bernardino CA, 92408
Interior Features
Total Stories
2
Laundry Description
None
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
8.5 Acres
Lot Features
Lot Over 40000 Sqft
Other Property Details
Area Name
274 - San Bernardino
Garage
No
View
No
County
San Bernardino
Water Source
Public
Pool
No
Listing Contact: 909-980-1234
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/29/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 10/29/2024 at 11:14 AM UTC