223 W Olive Ave, Redlands, CA 92373

Property Description

Drastic Price Reduction! Motivated Seller!! Submit All Offers!! Historic Home with approved plans for 7 units and potential income of $12K+. Built in 1903 as boarding home, later converted into seven (7) apartments. Sits on a prominent corner in the heart of the downtown historic district. The building has been under renovation since 2010 & is completely gutted inside. A new foundation and ornate masonry staircase was completed and approved by the City of Redlands on December 2012 with a cost of $85,000. Current owner has taken it to the next step of renovation by contracting for architectural drawings and getting approval through the Historic and Scenic Preservation Commission. HSPC approved the plans on October 5, 2017. Architectural Construction Plans were approved through the City of Redlands on October 30, 2018. The approved plans include 7 units- One 2 bedroom/2 bath, five 1 bedroom/1 bath, and one studio apartment for a total of 4,640 sq. ft. Amazing location provides walkability and cycling to downtown dining and entertainment, A.K. Smiley Library, Redlands Bowl, the Lincoln Shrine, University of Redlands and other points of interest. Redlands is a highly desirable place to live with easy commute to U of R, ESRI, and easy access to I-10. Seller has completed a structure and pricing analysis for this multi-unit income producing complex. If you are an investor with vision and courage call for an appointment to view the property and architectural plans today!!