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$18,038,480
Est. payment /mo
118,500 SqFt
UPDATED:
10/28/2024 06:57 PM
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Active
Purchase Type For Sale
Square Footage 118,500 sqft
Price per Sqft $152
MLS Listing ID CRIV24222475
HOA Y/N No
Lot Size 8.500 Acres
Acres 8.5
Property Description
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
Location
State CA
County San Bernardino
Area Listing
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 0164321750000
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Listed by LEE SPENCE • DAUM COMMERCIAL RE SERVICES
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