Multifamily Property for Sale in Mentone, CA

  • Price: $4.7M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Mentone, CA 92359

Description

21 Units Mentone Portfolio | 11 + 10 Unit Near University of Redlands | All Single Story on 2.30 Acres Lot CBRE is proud to exclusively present The Mentone Portfolio, a 21-Unit apartment asset comprised of two separate properties located on two contiguous parcels in the desirable city of Mentone. The portfolio consists of 1358 Jasper Avenue (11 Units) and 1354-1356 Jasper Avenue (10 Units), which are situated directly next to one another. Both properties can be sold together or individually. The Mentone Portfolio is strategically located just two blocks east of the city of Redlands, north of Interstate 10, and east of the 210 Freeway. The properties are situated directly off of the scenic State Route 38, which connects Interstate 10 to the Big Bear Lake area. The properties are positioned within walking distance to Redlands Sports Park, supermarkets, retail shopping centers, and restaurants. They are also within close proximity to the University of Redlands and Downtown Redlands; and approximately an hour from Lake Arrowhead and Big Bear Lake. The Mentone Portfolio offers convenient access to the 10, 210, and 215 freeways and neighboring cities in the county—Loma Linda, Yucaipa, and Colton. They are less than six miles from the San Bernardino International Airport and just a short drive from Riverside, Ontario, Moreno Valley, and San Bernardino—all major logistic hubs within the region. Several significant local landmarks are also within a short distance, including: Yaamava’ Resort & Casino, Big Bear Lake, Lake Arrowhead, the San Bernardino National Forest, Morongo Casino Resort & Spa and more. Built in 1925, 1981, and 1985, The Mentone Portfolio is comprised of well-maintained, single-story buildings totaling 21 units. Each property has been well-maintained and features unique characteristics that are extremely well sought after within this area of Mentone. The portfolio has a total combined lot size of ±99,058 square feet and a total building size of ±18,570 square feet. The portfolio’s unit mix is comprised of 18 two-bed/one-bathroom units, 2 two-bed/two-bathroom units, and 1 three-bed/one-and-a-half-bath unit averaging ±883 square feet per unit. The units feature spacious floor plans, fenced in back yard patios, wall air conditioning and heating, and individual washer/dryer hookups (at select units). The common areas feature on-site laundry facilities, assigned parking spaces, and ample off-street parking. The properties have vacant land at the rear of the property for possible future development and represent stable, income-producing assets with a strong unit mix, offering attractive stability for a future owner. The Mentone Portfolio is an income-producing property and a great long-term investment opportunity. The property is in a highly desirable area and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or a 1031 exchange opportunity.

Market Context

This multifamily in Mentone, CA is listed for sale at $4,700,000. It has been on the market for 148 days. Compare it against other multifamily listings for sale in Mentone, CA — <a href="/search/sale/multifamily/california/mentone">view the full market</a>.

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