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511 Unit 1&2 Alvarado Street, Redlands, California 92373, Redlands, 92373 - bed, bath

511 Unit 1 home-pic-0
ACTIVE$1,149,999
511 Unit 1&2 Alvarado Street, Redlands, California 92373
0Bed
0Bath
2,488Sqft
13,104Lot

Price Vs. Estimate

The estimated value ($1,058,109.18) is $91,889.82 (7%) lower than the list price ($1,149,999). This property may be overpriced.

Key pros and cons

Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 13104, living area = 2488.
Top Cons:
Shared Utility Meter: Both units share a single water meter, which could complicate utility billing and management, particularly in a rental scenario or for separate household budgeting.

Compared to the nearby listings

Price:$1.15M vs avg $822.0K (+$327,999)80%
Size:2,488 sqft vs avg 2,110 sqft64%
Price/sqft:$462 vs avg $38880%

More Insights

Built in 1911 (114 years old).
Condition: This property features two distinct units. The rear ADU is explicitly described as 'newly constructed,' immediately qualifying it for an excellent rating. The front house, though built in 1911, has undergone extensive and recent renovations, including crucial updates like rewiring and re-piping. The images confirm modern kitchens with white shaker cabinets, dark quartz countertops, and stainless steel appliances, along with contemporary bathrooms featuring updated vanities, fixtures, and stylish tiling. The flooring throughout is updated, and light fixtures are modern, indicating a comprehensive renovation that brings the older structure to a virtually new condition in terms of functionality and aesthetics.
Year Built
1911
Close
-
List price
$1.15M
Original List price
$1.19M
Price/Sqft
$462
HOA
-
Days on market
-
Sold On
-
MLS number
TR25198483
Home ConditionExcellent
Features
Good View:
Patio
View-

About this home

Two properties on one lot! Prime Location on One of the Most Sought-After Streets in Redlands! A rare opportunity featuring two separate homes on one lot – ideal for multi-generational living or rental income. The front House (Unit 1) is approximately 1,300 sq. ft. with 3 bedrooms and 2.5 bathrooms. It retains classic Redlands character with thoughtful updates and has been recently rewired and re-piped for added peace of mind. The back House (Unit 2 – Newly Built ADU) is 1,200 sq. ft. with 3 bedrooms and 2 bathrooms, newly constructed with paid-off 8 solar panels and a modern electric range, designed with contemporary finishes for comfort and efficiency. Located in desirable Downtown Redlands, this property is close to the University of Redlands, restaurants, shopping, the historic Redlands Bowl outdoor amphitheater – home to one of the nation’s oldest free summer concert series -- the Lincoln Shrine Museum, library and city hall. Convenient freeway access provides easy connections, with Big Bear only 30 minutes away for year-round recreation. This unique property combines historic charm and modern construction in a highly sought-after neighborhood within the Redlands Unified School District, with Redlands Senior High School as the assigned high school (buyer to verify). Unit 2 has a separate electrical panel. Unit 1 with gas range, unit 2 with electric range per city code, shared water meter.

Condition Rating
Excellent
This property features two distinct units. The rear ADU is explicitly described as 'newly constructed,' immediately qualifying it for an excellent rating. The front house, though built in 1911, has undergone extensive and recent renovations, including crucial updates like rewiring and re-piping. The images confirm modern kitchens with white shaker cabinets, dark quartz countertops, and stainless steel appliances, along with contemporary bathrooms featuring updated vanities, fixtures, and stylish tiling. The flooring throughout is updated, and light fixtures are modern, indicating a comprehensive renovation that brings the older structure to a virtually new condition in terms of functionality and aesthetics.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 13104, living area = 2488.
Versatile Living Arrangement: The property features two distinct homes on one lot, offering exceptional flexibility for multi-generational living or significant rental income potential from the newly built ADU.
Premier Downtown Location: Situated on a highly sought-after street in desirable Downtown Redlands, providing walkability to the University, diverse dining, shopping, and cultural attractions like the Redlands Bowl.
Modern, Energy-Efficient ADU: The newly constructed 1,200 sq ft ADU boasts contemporary finishes, 3 bedrooms, 2 bathrooms, and includes paid-off solar panels, enhancing its appeal, efficiency, and potential for reduced utility costs.
Updated Historic Main House: The 1911 front house retains its classic Redlands character while benefiting from crucial recent updates, including rewiring and re-piping, ensuring modern functionality and peace of mind.
Strong Community & Recreational Access: Located within the reputable Redlands Unified School District and offers convenient freeway access, placing year-round recreation in Big Bear just 30 minutes away.

Cons

Shared Utility Meter: Both units share a single water meter, which could complicate utility billing and management, particularly in a rental scenario or for separate household budgeting.
Perceived Overpricing: The current listing price is 10% above the estimated property value, and a recent price reduction suggests potential market resistance or an initial overvaluation.
Ongoing Maintenance for Older Structure: Despite recent updates, the 1911 main house may still present ongoing maintenance considerations or unforeseen issues typical of historic properties, requiring potential future investment.

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