305 W Olive Ave Redlands, CA 92373
South Redlands NeighborhoodEstimated payment $8,383/month
Total Views
11,208
2
Beds
3
Baths
3,800
Sq Ft
$342
Price per Sq Ft
Highlights
- No HOA
- Cooling System Mounted To A Wall/Window
- Wall Furnace
- Cope Middle School Rated A-
- Laundry Room
- 3-minute walk to Smiley Park
About This Home
We are proud to exclusively present for sale a 7-unit apartment community located at 305 W Olive Avenue in the historic downtown district of the city of Redlands. The property is part of a portfolio which includes 108 W Olive Avenue (4 Units). The properties can be sold together or individually.
305 W Olive Avenue is located south of Interstate 10 and is situated between Alvarado Street and Grant Street, 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.
305 W Olive Avenue 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 1906, 305 W Olive Avenue is comprised of one three-story mansion that was legally converted to seven units comprising of two studios, four one-bedroom/one-bath units, and one large penthouse one-bedroom/one-bathroom unit. The property has a lot size of ±8,400 square feet and total rentable square feet of approximately ±3,800 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 and an on-site laundry facility.
305 W Olive Avenue 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.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1906
Lot Details
- 8,400 Sq Ft Lot
- Two or More Common Walls
- Density is 6-10 Units/Acre
Home Design
- Apartment
Interior Spaces
- 3,800 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 2 Bedrooms
- 3 Bathrooms
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
Listing and Financial Details
- Tax Lot 3
- Assessor Parcel Number 0171321220000
- $303 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 7 Units
Amenities
- Laundry Facilities
Building Details
- 7 Leased Units
- Rent Control
- 1 Separate Electric Meter
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Electric Expense $6,799
- Gardener Expense $2,675
- Insurance Expense $4,285
- Maintenance Expense $3,517
- Other Expense $1,400
- Supplies Expense $4,580
- Water Sewer Expense $6,799
- New Taxes Expense $14,859
- Operating Expense $44,914
- Gross Income $123,312
- Net Operating Income $72,232
Map
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/11/2025 08/11/25 | Price Changed | $1,300,000 | -3.7% | $342 / Sq Ft |
| 02/19/2025 02/19/25 | Price Changed | $1,350,000 | -3.6% | $355 / Sq Ft |
| 11/01/2024 11/01/24 | For Sale | $1,400,000 | -- | $368 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Similar Home in Redlands, CA
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV24226009
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