Listed by Lee & Associates - Riverside
$3,950,000
232, 236, 242 Cajon St.
Details
APN 0171-324-014; 0171-324-015; 0171-324-016; 0171-324-08; 0171-324-07
Property Type Office
Sub Type Executive Office, Medical Office
Square Footage 14,328
Occupancy 100%
Tenancy Multi
Price per SqFt $276
Year Built 1963, 1967, 1968
Buildings 3
Stories 3
Acreage 0.820
Zoning AP/Administrative Professional Office District
Investment Type Owner/User
Sale Condition 1031 exchange
Office | 14,328 SqFt
Marketing description
Lee & Associates is pleased to present for sale the three
(3) buildings, Redlands Office & Medical Building Portfolio.
The Portfolio consists of a 100% leased, 14,328 square foot
multi-tenant/medical office building and two leased, single
tenant professional office buildings located in the heart of
Redlands close to its historical downtown core, just west of
Interstate 10. The Portfolio is located along Cajon Street with
each building located on separate parcels. 236 Cajon and
242 Cajon are both leased by Optum, which has vacated the
buildings but continues to pay rent through 2027. Optum has
indicated interest in terminating their lease early creating an
ideal opportunity for an owner-user to occupy immediately
over +10,000 square feet. The subject property also allows
an owner-user ample time to complete the permitting
process and secure tenant improvement plan approvals while
collecting rental income from Optum.
Investment highlights
- Potential Owner-User Opportunity - Currently 100% occupied with strong, credit cash flow with the potential opportunity to occupy up to +10,000 square feet as an Owner/User.
- Rare Opportunity to Own in Redlands – As of mid-year 2025, Redlands has the lowest office vacancy level in the Inland Empire with a 1.8% vacancy level and this opportunity provides a rare opportunity to own professional office space in the Redlands market.
- Downtown Redlands Location – Located within walking distance of historic downtown Redlands with its perfect mix of small-town charm, modern convenience and a thriving restaurant scene.
- Above Standard Parking – On-site parking combined with a parking agreement with an adjacent property owner provide above standard parking for the property.
- Ability to Accommodate Medical Users – The above standard, available parking creates the opportunity to house additional medical services at the property.
- Wholly-Owned/Multiple Parcels – Tremendous opportunity to own and potentially occupy three (3) free-standing office buildings on separate parcels allowing for future investment flexibility in hold/sell scenarios.
- Below Replacement Cost – The property is offered at $285.00 PSF which is significant discount to its land-inclusive replacement cost, particularly given its ability to serve medical-oriented users in the Redlands Market.
- Close Proximity to Major Medical Centers - Strategically located in close proximity to Redlands Community Hospital, VA Loma Linda Ambulatory Care Center, Inland Surgery Center, Loma Linda University Behavioral Medicine Center, Optum Medical Center, Mountain View Surgery Center to name a few.
- A Very Strong Office Market - A lack of new development in the region, expanding tenant demand, combined with population growth, make the Inland Empire an attractive market for office, medical and medical supporting tenants.
- HVAC Replacement - Over 50% of the HVAC units have been replaced (new units on 232 Cajon except pharmacy and all units on 236 Cajon) reducing long term occupancy costs.
- Garden Style, Low-rise design - Affords ease of maintenance, reduced operating expenses, and clearer tenant identity than mid-rise or Highrise properties.
Listing Contacts
Listed by Lee & Associates - Riverside
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