Riverside Commercial Hub For
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3590 Central Ave, Riverside, CA 92506
Located in Riverside's Magnolia Center neighborhood, near major amenities.
Property Size111,382 SF
Price / SF$206.50
Days on Market675
Property Features for 3590 Central Ave
General Information
Standard status
Active
Size
111,382 SF
Total Parking Spaces
439
Property subtype
Office, Retail
Occupancy
96%
Investment Type
Owner/User
Building Details
Year Built
1968
Year Renovated
2018
Buildings
4
Tenancy
Multi
Listing Agency:
CBRE - Orange County
(949) 725-8425
Listed By:
Austin Reuland · License #02101405
Source:
Crexi
Added: Oct 24, 2024
Changed: Aug 28
Last Checked: Aug 28 at 11:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Orange County
Investment Insights
Based on property information with market context.
This commercial property is situated in Riverside's Magnolia Center neighborhood, a commercial hub where Magnolia, Central, Arlington, and Brockton Avenues converge. The location is less than 4.0 miles from Riverside Municipal Airport and less than 3.0 miles from Riverside’s revitalized Downtown, which has served as the county seat of government since 1893 and is the cultural and civic home for the Inland Empire. The University of California, Riverside (UCR), is less than 5.0 miles away. UCR enrolls approximately 23,000 students in more than 190 Bachelor’s, Master’s and Ph.D. degree-programs, attracts approximately $140 million in research funds, and provides an economic impact of nearly $3 billion annually. The property is suitable for both office and retail use. The Inland Empire has held the lowest office vacancy rate in the U.S. for five straight quarters, with vacancy declining to 8.5% as of the second quarter 2024. Retail availability has also continued to tighten. The property is located within the Inland Empire's West End submarket, boasting the third lowest availability rate among all Inland Empire submarkets at 7.3% as of the fourth quarter 2024. Over the last five years, Riverside’s total employment has grown at an average annual rate of 2.3%, while across the U.S., employment has grown at an average annual rate of 1.0%. In that same span, office employment alone has grown by 2.5% annually. The property size is 111382 square feet.
Key Highlights
- Located in the amenity‑rich and prestigious Magnolia Center neighborhood.
- Strong office/retail market fundamentals with low vacancy rates in the Inland Empire.
- Proximity to the University of California, Riverside (UCR).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$2,067,528
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$41,350,560
$41.4M
Cap Rate 7%
$29,536,114
$29.5M
Cap Rate 9%
$22,972,533
$23.0M
Market Conditions
NOI Build-Up for 111,382 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$2.94M $26.40/SF
− Vacancy
−$183.8K −$1.65/SF
EGI
$2.76M $24.75/SF
− OpEx
−$689.2K −$6.19/SF
NOI
$2.07M $18.56/SF
Area
ZIP 92506
Vacancy
6.25%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$41,350,560
Cap Rate 7%
$29,536,114
Cap Rate 9%
$22,972,533
Alternative Uses
Best Use
Office B
$29.54M
$25.84M – $34.46M
NOI $2,067,528 @ 7.0% cap · market cap 8.99%
Second Best
Retail
$22.81M
$19.96M – $26.61M
NOI $1,596,523 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$38.21M
$33.44M – $44.58M
NOI $2,674,879 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 92506, CA
45,185
Population
15,407
Households
2.9
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
2,789
Density / Sq Mi
$120,877
Median Household Income
$51,224
Median Earnings
$1,814
Median Rent
$634,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Located in Riverside's Magnolia Center neighborhood, near major amenities.
Where is this office building located?
The property is located at 3590 Central Ave Riverside, CA.
What is the asking price?
The asking price for this property is $23,000,000.
What are key features of this property?
This property features: Located in the amenity‑rich and prestigious Magnolia Center neighborhood.; Strong office/retail market fundamentals with low vacancy rates in the Inland Empire.; Proximity to the University of California, Riverside (UCR).
