211 E Olive Ave · Redlands, CA 92373

$1,550,000

75 bd · 60.0 ba · 22,277 sqft · MultiFamily · 152 Days on market

Excellent condition 0.39 ac lot $70/sqft · 65% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

211 Olive Residences Ready-To-Issue Multifamily Development Site | 15 Units | Downtown Redlands, CA 92373. Offered at $1,550,000. This is a fully entitled development opportunity in the heart of Downtown Redlands. The entitlement work is complete. The project consists of 15 market-rate residential units across two structures totaling 22,277 square feet. Eleven apartments occupy a three-story main building. Four ADUs occupy a separate detached structure. The unit mix is (3) one-bedroom one-bath, (7) two-bedroom one-bath, and (1) three-bedroom two-bath in the main building. The four ADUs consist of (2) two-bedroom two-bath units up to 1,150 square feet located on the north portion of the parking garage and (2) two-bedroom two-bath units up to 950 square feet in the detached stacked structure. Plans were designed by Gary Miller, AIA of Miller Architectural Corporation. All design disciplines are fully coordinated and approved. Architectural, structural, civil, mechanical, electrical, plumbing, fire, life safety, and landscape. The site is 0.39 acres and carries an AB 2097 parking exemption due to its proximity to the Redlands Arrow Metrolink station. On-site parking is provided. Downtown Redlands is a proven submarket. The University of Redlands drives consistent rental demand. Orange Street Alley and State Street anchor a walkable retail and dining corridor. The Arrow Line connects residents to the broader Metrolink network. Fully entitled multifamily sites in Downtown Redlands rarely come to market. This submarket offers immediate access to a thriving retail and dining corridor, the University of Redlands, the Arrow Metrolink Line, and an established base of national and local tenants that continue to drive foot traffic and rental demand throughout the area.

Key facts

• Two structures
• On-site parking
• 0.39 acre lot

Tags

• TWO STRUCTURES
• THREE-STORY MAIN BUILDING
• SEPARATE DETACHED STRUCTURE
• ON-SITE PARKING
• UNIVERSITY OF REDLANDS

What this means for you Summary

Snapshot

• This is a 15 × 5-bed/?-bath units multifamily listed at $1.55M. Condition is rated excellent.
• This rent per unit runs 41% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $32k ($384k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($52k rent vs $1.55M).
• Recommended offer: $1.36M (12.0% below list) — sets the bar for market timing.
• Cap rate 31.1% vs local median 2.8% in Redlands — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#118 in CA, #4,193 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime C-, health & safety D, cost of living F.
• Redlands Unified (urban): math 44% / reading 57% proficiency, ranked #390 of 1,400 in CA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kingsbury Elementary (471 students, 68% FRL); Cope Middle (1,275 students, 66% FRL); Redlands Senior High (2,232 students, 62% FRL) — zoned schools average 65% FRL vs 48% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 146 active listings in the ZIP; solid renter incomes; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $46k of value loss. Plan a longer hold.
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $434k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $1,364,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.38% ✓
• Cap rate: 31.05%
• Cash-on-cash: 88.43%
• DSCR: 4.93
• GRM: 2.5

CMA / ARV

• ARV (median comp): $4,453,215
• List price: $1,550,000
• Delta: -65.19%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 85.7%
• Equity multiple: 4.76×
• Total profit: $1,632,185
• Equity at exit: $231,110

10-year hold

• IRR: 88.2%
• Equity multiple: 8.95×
• Total profit: $3,450,469
• Equity at exit: $134,016

Cash invested: $434,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92373

• Rents YoY: -0.2%
• Active inventory: 146
• Price-to-rent: 37.0×

Monthly cashflow live

• Estimated rent: $52,429 high
• Mortgage (P&I): −$8,128
• Tax from tax record: −$662 /mo · $7,944/yr
• Insurance: −$646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,010
• Net cashflow: $31,983

15-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 15× units	5	—	$52,425
Total (15 units)			$52,429

Break-even live

Break-even rent $11,945

Max offer price $1,550,000

Occupancy floor 34%

Sensitivity live

Price	-10% $32,860	-5% $32,421	+0% $31,983	+5% $31,544	+10% $31,105
Rent	-10% $27,841	-5% $29,912	+0% $31,983	+5% $34,054	+10% $36,125
Rate	-1.0pp $32,763	-0.5pp $32,377	base $31,983	+0.5pp $31,581	+1.0pp $31,172

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $387,500
• Closing costs: $46,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
259 Sonora St Redlands, CA	3.0	1.0	1303	$3,275	$2.51	43d	1	0.14mi
252 Sonora St Apt B Redlands, CA	2.0	1.0	817	$2,500	$3.06	2d	1	0.14mi
256 Nordina St Redlands, CA	3.0	1.5	1100	$2,800	$2.55	93d	1	0.17mi
7 E Clark St Unit 100 Redlands, CA	2.0	1.0	900	$1,975	$2.19	93d	1	0.20mi
24 W Olive Ave Unit 5 Redlands, CA	1.0	1.0	500	$1,750	$3.50	71d	1	0.22mi
24 W Olive Ave Unit 5 Redlands, CA	1.0	1.0	500	$1,750	$3.50	73d	1	0.22mi
529 E Central Ave Redlands, CA	3.0	2.0	925	$2,750	$2.97	93d	1	0.23mi
700 E State St Redlands, CA	1.0	1.0	640	$1,650	$2.58	53d	1	0.25mi
213 11th St Unit 213 Redlands, CA	2.0	1.0	—	$1,895	—	2d	1	0.29mi
213 11th St Unit 215 Redlands, CA	2.0	1.0	696	$1,925	$2.77	38d	1	0.29mi
234 E Fern Ave #106 Redlands, CA	2.0	2.0	1188	$2,500	$2.10	18d	1	0.33mi
460 Sonora Cir Redlands, CA	3.0	2.5	2045	$3,600	$1.76	93d	1	0.33mi
254 E Fern Ave #106 Redlands, CA	2.0	2.0	1188	$2,525	$2.13	25d	1	0.35mi
807 E Central Ave Redlands, CA	2.0	2.0	—	$2,700	—	48d	1	0.36mi
328 S Eureka St Unit B Redlands, CA	2.0	1.0	—	$2,150	—	7d	1	0.37mi
214 E High Ave Unit 216 Redlands, CA	2.0	1.0	700	$1,995	$2.85	52d	1	0.38mi
7 Grant St Redlands, CA	3.0	2.0	1534	$3,350	$2.18	7d	1	0.40mi
24 Grant St Unit 5 Redlands, CA	1.0	1.0	725	$1,495	$2.06	54d	1	0.40mi
246 E Fern Ave #103 Redlands, CA	2.0	2.0	1188	$2,550	$2.15	54d	1	0.41mi
316 Grant St Redlands, CA	2.0	1.0	750	$2,295	$3.06	48d	1	0.42mi
14 Grant St Redlands, CA	3.0	2.0	1314	$3,500	$2.66	23d	1	0.42mi
357 Grant St Unit A Redlands, CA	1.0	1.0	800	$1,695	$2.12	93d	1	0.43mi
520 Hibiscus Dr Redlands, CA	1.0–2.0	1.0–2.0	—	$2,100	—	2d	1	0.45mi
511 Cajon St Redlands, CA	1.0	1.0	2588	$975	$0.38	36d	1	0.45mi
508 The Terrace Redlands, CA	2.0	1.0	1100	$1,695	$1.54	48d	1	0.48mi
475 E Cypress Ave Redlands, CA	2.0	2.0	1606	$2,350	$1.46	2d	5	0.48mi
475 E Cypress Ave Redlands, CA	2.0	2.0	1606	$2,350	$1.46	37d	6	0.48mi
235 E Cypress Ave Redlands, CA	1.0–2.0	1.0–2.0	1000	$2,350	$2.35	2d	2	0.49mi
416 The Terrace Redlands, CA	2.0	1.5	924	$2,195	$2.38	2d	3	0.49mi
839 E Citrus Ave Unit 2 Redlands, CA	2.0	2.0	—	$2,800	—	93d	1	0.53mi
509 W Olive Ave Unit 3 Redlands, CA	1.0	1.0	600	$1,595	$2.66	93d	1	0.53mi
102 S Buena Vista St Redlands, CA	2.0	1.0	1450	$1,749	$1.21	33d	1	0.54mi
915 E Central Ave Redlands, CA	3.0	1.5	—	$2,975	—	23d	1	0.54mi
915 E Central Ave Redlands, CA	3.0	2.0	—	$3,250	—	43d	1	0.54mi
507 W State St Redlands, CA	2.0	1.0	888	$2,400	$2.70	73d	1	0.54mi
220 Lilac Ct Unit 1 Redlands, CA	3.0	2.0	1350	$2,495	$1.85	22d	1	0.58mi
696 E Cypress Ave Redlands, CA	2.0	1.0	779	$2,400	$3.08	36d	1	0.62mi
901 E High Ave Unit 903 Redlands, CA	2.0	1.0	790	$1,795	$2.27	73d	1	0.65mi
809 E Colton Ave Redlands, CA	3.0	2.0	1146	$3,100	$2.71	17d	1	0.66mi
809 E Colton Ave Redlands, CA	1.0	1.0	600	$1,750	$2.92	93d	1	0.66mi

Listing history 50 events

1. 2026-08-08
   days on market $1,550,000 Active 152 DOM
2. 2026-08-06
   days on market $1,550,000 Active 150 DOM
3. 2026-08-05
   days on market $1,550,000 Active 149 DOM
4. 2026-08-04
   days on market $1,550,000 Active 148 DOM
5. 2026-08-03
   days on market $1,550,000 Active 147 DOM
6. 2026-07-31
   days on market $1,550,000 Active 144 DOM
7. 2026-07-30
   days on market $1,550,000 Active 143 DOM
8. 2026-07-30
   days on market $1,550,000 Active 142 DOM
9. 2026-07-28
   days on market $1,550,000 Active 141 DOM
10. 2026-07-26
    days on market $1,550,000 Active 139 DOM
11. 2026-07-24
    days on market $1,550,000 Active 137 DOM
12. 2026-07-23
    days on market $1,550,000 Active 136 DOM
13. 2026-07-22
    days on market $1,550,000 Active 135 DOM
14. 2026-07-21
    days on market $1,550,000 Active 134 DOM
15. 2026-07-20
    days on market $1,550,000 Active 133 DOM
16. 2026-07-18
    days on market $1,550,000 Active 131 DOM
17. 2026-07-18
    days on market $1,550,000 Active 130 DOM
18. 2026-07-16
    days on market $1,550,000 Active 129 DOM
19. 2026-07-15
    days on market $1,550,000 Active 128 DOM
20. 2026-07-14
    days on market $1,550,000 Active 127 DOM
21. 2026-07-13
    days on market $1,550,000 Active 126 DOM
22. 2026-07-13
    days on market $1,550,000 Active 125 DOM
23. 2026-07-11
    days on market $1,550,000 Active 124 DOM
24. 2026-07-10
    days on market $1,550,000 Active 123 DOM
25. 2026-07-09
    days on market $1,550,000 Active 122 DOM
26. 2026-07-07
    days on market $1,550,000 Active 120 DOM
27. 2026-07-06
    days on market $1,550,000 Active 119 DOM
28. 2026-07-06
    days on market $1,550,000 Active 118 DOM
29. 2026-07-05
    days on market $1,550,000 Active 117 DOM
30. 2026-07-03
    days on market $1,550,000 Active 116 DOM
31. 2026-07-02
    days on market $1,550,000 Active 115 DOM
32. 2026-07-01
    days on market $1,550,000 Active 114 DOM
33. 2026-06-30
    days on market $1,550,000 Active 113 DOM
34. 2026-06-29
    days on market $1,550,000 Active 112 DOM
35. 2026-06-28
    days on market $1,550,000 Active 111 DOM
36. 2026-06-27
    days on market $1,550,000 Active 110 DOM
37. 2026-06-26
    days on market $1,550,000 Active 109 DOM
38. 2026-06-24
    days on market $1,550,000 Active 107 DOM
39. 2026-06-22
    days on market $1,550,000 Active 105 DOM
40. 2026-06-21
    days on market $1,550,000 Active 104 DOM
41. 2026-06-18
    days on market $1,550,000 Active 101 DOM
42. 2026-06-17
    days on market $1,550,000 Active 100 DOM
43. 2026-06-16
    days on market $1,550,000 Active 99 DOM
44. 2026-06-15
    days on market $1,550,000 Active 98 DOM
45. 2026-06-13
    days on market $1,550,000 Active 96 DOM
46. 2026-06-13
    days on market $1,550,000 Active 95 DOM
47. 2026-06-09
    days on market $1,550,000 Active 92 DOM
48. 2026-06-08
    days on market $1,550,000 Active 91 DOM
49. 2026-06-07
    days on market $1,550,000 Active 90 DOM
50. 2026-06-04
    days on market $1,550,000 Active 87 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $7,944 · $662/mo
• Projected year-2 tax: $11,780 · $982/mo
• Expected delta: +$3,836/yr (+$320/mo · 48.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $629,148
• − Mortgage interest: −$86,824
• − Property taxes: −$7,944
• − Insurance: −$7,750
• − Repairs & maintenance: −$50,332
• − Management: −$50,332
• − Depreciation: −$45,091
• Taxable income: $380,875
• Est. tax owed @ 24.0%: −$91,410
• After-tax cash flow: $292,382/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 7 photos

Excellent 95/100 None rehab

This fully entitled development site in Downtown Redlands is in excellent condition with a well-maintained exterior and potential for interior updates to maximize its resale and rental value.

Value-add opportunities

• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers or renters. ↑
• Both Interior updates — Fresh paint and minor updates inside can significantly boost the property's value. ↑

Zoned Schools

Elementary Kingsbury Elementary Middle Cope Middle High Redlands Senior High

Schools (NCES district)

• District: Redlands Unified
• NCES district ID: 0632070
• Math proficiency: 44% ▼ -1.00%
• Reading proficiency: 57% ▼ -2.00%
• Median HH income: $67,959
• Composite: 46.88/100
• National rank: #5185
• State rank: #390 of 1400 in CA

B Composite livability gradescore 75/100

Livability — Redlands

• Score: 75/100
• State rank: #118
• US rank: #4193

Category grades

Amenities A+ Commute A+ Cost of living F Crime C- Employment A+ Housing A Health & safety D User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Redlands, CA
• County: San Bernardino County · 2,300,329 people
• City population: 80,519
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 35,257
• Household income: $101,271
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 12% of renters

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Population outlook (San Bernardino County) Hauer SSP2

• Today (2025): 2,300,329 people
• By 2030: 2,378,907 · +3.4%
• By 2040: 2,523,137 · +9.7%
• By 2050: 2,642,388 · +14.9%
• By 2075: 2,880,769 · +25.2%
• By 2100: 2,909,436 · +26.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 53% Hispanic / Latino 25% Two or more races 13% Asian 12% Black 5%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 18% · Canada, South Korea, Vietnam
• Languages at home: 74% English-only · Spanish 13% Arabic 3% Other Indo-European 3%

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Political lean MEDSL · San Bernardino

• 2024 margin: Toss-up / Even · D 47.5% · R 49.7% · Other 2.8%
• 2008→2024 swing: -8.5pp toward R · 2008: 6.3pp · 2024: -2.1pp
• All cycles: 2024: R+2.1 2020: D+10.7 2016: D+9.8 2012: D+5.4 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -760.38%
• Current HPI: 324.3855
• Rent YoY: ▼ -0.18%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

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Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-03-03 Listed $1,550,000 TheMLS
• 2026-03-02 Listed $1,550,000 TheMLS

Property tax history

+26.5%/yr

Latest (2025): $7,944 · +7.1% YoY. Source: county tax records.