Homes for sale - 251 Redlands, San Bernardino, CA 92408

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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$16,900,000

Est. payment - /mo

8.5 Acres Lot

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UPDATED:

02/25/2025 08:42 PM

Key Details

Property Type Commercial

Sub Type Special Purpose

Listing Status Active

Purchase Type For Sale

MLS Listing ID IV24222475

HOA Y/N No

Lot Size 8.500 Acres

Property Sub-Type Special Purpose

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 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.

Location

State CA

County San Bernardino

Area 274 - San Bernardino

Interior

Fireplace No

Laundry None

Building

Lot Description Lot Over 40000 Sqft

Story 2

Water Public

Others

Tax ID 0164321750000

Special Listing Condition Standard

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Listed by LEE SPENCE • DAUM COMMERCIAL RE SERVICES • 909-969-8800

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