$4,200,000
$4,500,000
6.7%For more information regarding the value of a property, please contact us for a free consultation.
0.51 Acres Lot
SOLD DATE : 06/27/2024
Key Details
Sold Price $4,200,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID OC24082888
Sold Date 06/27/24
HOA Y/N No
Year Built 1964
Lot Size 0.511 Acres
Property Description
We proudly present The Orleans Apartments in a desirable pocket of the City of Redlands. Redlands is a highly desirable city with very little multifamily sales. The Orleans Apartments is a garden-style two-story walk-up style complex built in 1964 with charming curb appeal. This 19 + 1 non-conforming unit property has an attractive unit mix of one 3-bed 2-bath unit, five 2-bed 2-bath units, six 2-bed 1.5-bath townhouses, two 2-bed 1-bath units, five 1-bed 1-bath units, and a non-conforming but large studio unit.
A sparkling swimming pool sits in the center of the courtyard to cool the tenants off in the summer heat, and a large on-site laundry room with wash tubs and storage lockers for tenant detergents and other items. There is ample parking with twenty covered carports with tenant storage lockers and additional street parking.
There have been some recent exterior renovations including: a new pitched shingle roof in 2024, new HVAC units on the roof in 2024, and new exterior paint in 2023. There have also been some recent interior renovations. Seven of the twenty units have been very lightly renovated with some new vinyl flooring, new lighting, paint, and new bathroom vanities. Also, nine bathroom tubs have been significantly renovated. The building electrical wiring is copper. Overall, a buyer has a value-add opportunity in rent growth through new renovations.
The property is located in a highly sought after pocket of Redlands. There are extremely few multifamily opportunities that come up in this area. The building is approximately 1 mile from Downtown Redlands and Redlands Metrolink Station. Also within 1 mile are McKinley Elementary, Redlands Adventist Academy, Arrowhead Christian Academy, Orangewood High School, Redlands Fire Department, Redlands Urgent Care, Redlands Packing House District, Downtown Redlands, and Sprouts Farmers Market.
Within 2 miles are Cope Middle School, Smiley Elementary School, Trader Joe’s, CA-10 Freeway, Heritage Park, Redlands High School, Tri City Shopping Center, Redlands Hospital, Albertsons, and the University of Redlands.
Location
State CA
County San Bernardino
Area 268 - Redlands
Interior
Heating Forced Air
Cooling Central Air
Flooring Carpet, Tile, Vinyl
Fireplace No
Appliance Built-In Range, Disposal
Laundry Common Area
Exterior
Parking Features Attached Carport, Assigned
Carport Spaces 20
Pool Community, Fenced, In Ground
Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Suburban, Sidewalks, Pool
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Roof Type Composition,Shingle
Total Parking Spaces 22
Private Pool No
Building
Lot Description 16-20 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 0171423030000
Energy Description 8486.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Assumed
Special Listing Condition Standard
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Bought with Samuel Mikhail • The New City Realty