304 South Eureka Street
Description
304 Eureka Street is located south of Interstate 10 and...We are 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.
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.
- Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717
Property Details for 304 South Eureka Street
Property Details for 304 South Eureka Street
| Status | Active |
|---|---|
| MLS # | CV24226046 |
| Days on Market | 20 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1887 |
| County | San Bernardino County |
Building Information for 304 South Eureka Street
Property Information for 304 South Eureka Street
- Gross Income: $61,800
- Gross Scheduled Income: $61,800
- Vacancy Allowance: 3090
- Gross Operating Income: $58,710
- Net Operating Income: $33,005
- Gross Multiplier: 15.37
- Cap Rate: 3.47
- Operating Expense: $25,705
- New Taxes Expense: $11,109
- Gardener Expense: $2,535
- Fuel Expense: $0
- Insurance Expense: $2,604
- Maintenance Expense: $3,000
- Professional Management Expense: $0
- Other Expense: $600
- Other Expense Description: Reserves
- Trash Expense: $0
- Water Sewer Expense: $2,657
- Supplies Expense: $3,200
- Total Expenses: $25,705
- Tax Block: A
- Tax Tract Number: N
- Tax Census Tract: 008200
- CFD/Mello-Roos Fee: $0
- Tax Lot: 19,
- Community Features: Curbs, Sidewalks
- Laundry: Yes
- Laundry Features: Common Area
- Cooling: Wall/Window Unit(s)
- Heating Type: Wall
- Heating: Wall Furnace
- Entry Location: 1
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Spa Features: None
- Lot Features: 2-5 Units/Acre
- Number Of Units: 3
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Uncovered Spaces: 5
- Open Other Spaces Total: 5
- Parking Garage Spaces: 0
- Carport Spaces: 0
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,650
- Unit Type Total Rent: $19,800
- Unit Type Pro Forma: 1750
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,550
- Unit Type Total Rent: $18,600
- Unit Type Pro Forma: 1850
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 3
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,850
- Unit Type Total Rent: $22,200
- Unit Type Pro Forma: 1950
- Unit Type Type: 3
- Number Of Units Leased: 3
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 3
- Number Of Separate Gas Meters: 3
- Number Of Separate Water Meters: 1
Property History for 304 South Eureka Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 304 South Eureka Street
Schools near 304 South Eureka Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | K to 12 |
Rating | School | Distance |
|---|---|---|
McKinley Elementary School PublicK to 5 | ||
Cope Middle School Public6 to 8 | ||
Redlands Senior High School Public9 to 12 | ||
Redlands Eacademy PublicK to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of CB RICHARD ELLIS, ERIC CHEN, DRE #01489184
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.