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17 East State Street, Redlands CA. 92373

Redlands Galleria

Price: 
Land Price / SF:

$5,200,000

$147

Year Built: 

1924

APN: 

0171-061-03-0000

Building Area:
Land Area: 
Zoning:
Status: 

35,372 SF

17,500 SF

C3

Active

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  • Prime Property – Exceptional Investment Opportunity 

  • Adaptive Re-Use Potential with Transformation into an Array of Different Uses 

  • Excellent Value-Add Opportunity 

  • Ability to Separate Buildings Due to Being on 4 Separate Parcels to Maximize the Highest and Best Use 

  • Highly Desirable East State Street and Redlands Boulevard Location with Extensive Upside 

  • Located in Downtown Redlands, Known for its Diverse Culture, Arts Scene, and Wide Range of Attractions from Nightlife to Museums, Hotels, Restaurants, and More 

  • Extremely Dense Demographics with Over 147,575 People in a 5-Mile Radius with an Average Household Income of 

  • $102,137 

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Ovaness-Rostamian Group of Marcus and Millichap is pleased to present the Redlands Galleria, an iconic property built in 1924, offers a distinctive investment opportunity in the heart of Downtown Redlands, California. Situated between Redlands Avenue and East State Street, this property spans nearly an entire city block, enjoying a prime, walkable location. 

 

Investors are presented with a wide range of redevelopment possibilities. These include the creation of upscale retail spaces, the development of office spaces on upper levels, and other approved uses, subject to regulatory approvals. The property consists of four individual parcels, providing investors with the flexibility to optimize each building for its highest and best use. 

 

Buyers have the freedom to choose from various ownership and investment strategies. Following redevelopment, options include leasing individual spaces, occupying a portion of the property, or selling each building separately or collectively. Moreover, there’s potential for owner-user financing, with the possibility of securing SBA Financing with a minimal 10% down payment. 

 

The property’s existing cash flow can cover ongoing expenses while investors work towards obtaining the necessary approvals for redevelopment. This feature ensures that investors can generate income during the transformation process. 

 

Diverse tenants currently occupy the property, including a well-established coffee shop and cafe facing North Fifth Street, a creative jewelry shop, and an Antique Shop tenant facing East State Street. The buildings feature impressive high ceilings ranging from 15 to 20 feet. 

 

Public records indicate that the property comprises approximately 36,000 square feet of building space on a 17,500-square-foot land area. Buyers are advised to conduct their own due diligence to verify square footage. 

 

For details regarding the buyer qualification process, property tours, and offer submission deadlines, we encourage prospective buyers to contact our listing agents. In accordance with the ownership’s request, please coordinate property tours with our experienced team to ensure the current tenants are not disturbed. 

 

The Redlands Galleria represents a significant investment opportunity in an evolving Downtown Redlands location. Its strategic position, redevelopment potential, and flexibility in ownership and usage make it an attractive prospect for investors looking to contribute meaningfully to the Redlands community while achieving a favorable return on investment. 

Redlands Galleria
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