Investment Overview

Marcus & Millichap is pleased to present 211 East Olive Avenue, a rare Ready-To-Issue development opportunity located in the heart of downtown Redlands, offered at $1,550,000. This fully entitled 15-unit multifamily project represents one of the few remaining opportunities to deliver ground-up residential housing in a high-demand urban core under prior zoning code allowances that are no longer easily replicated. At $103,333 per buildable unit, the pricing reflects meaningful entitlement value that cannot be replicated under current zoning. The project was designed by Gary Miller of Miller Architectural Corporation, one of the Inland Empire's most respected architects. The approved plans call for a three-story main building and a detached ADU structure totaling approximately 22,277 square feet of building area across two structures. The unit mix consists of 11 apartments including three one-bedroom, seven two-bedroom, and one three-bedroom unit, along with four ADUs, for a combined total of 15 residences. The plans feature spacious layouts, private balconies, and on-site parking, a meaningful differentiator for a downtown infill site of this nature. All major design disciplines have been fully coordinated and approved by the City of Redlands, including architectural, structural, civil, mechanical, electrical, plumbing, fire and life safety, and landscape. The site totals approximately 17,038 square feet and benefits from an AB 2097 parking exemption due to its location within half a mile of a transit station. This depth of entitlement and consultant coordination significantly reduces risk, eliminates months of processing time, and provides the next owner with a clear and confident path to construction. Redlands consistently ranks as one of the highest-income communities in the Inland Empire. With a median household income of approximately $105,000, the city outpaces the broader Riverside-San Bernardino metro area by roughly 25 percent and sits above the California statewide median. This demographic profile reflects a well-educated, professionally employed renter base anchored by the University of Redlands, Loma Linda University Medical Center, and a growing concentration of regional employers. For a developer, this translates directly into stronger achievable rents, lower credit risk among tenants, and a submarket that commands a premium over surrounding cities in San Bernardino County. 211 East Olive Avenue sits steps from the Orange Street Alley, downtown Redlands' most celebrated dining and entertainment corridor, and within walking distance of State Street's retail, restaurants, and cultural destinations. The University of Redlands is minutes away, generating consistent demand from students, faculty, and young professionals. Loma Linda University Medical Center, one of the largest employers in the Inland Empire, is a short drive from the site. Direct access to the 10 Freeway connects residents to employment centers across the region and into the greater Los Angeles basin.