Riverside Commercial Hub For
3590 Central Ave, Riverside, CA 92506
Call to check price and availability
Located in Riverside's Magnolia Center neighborhood, near major amenities.
Type:Office, Retail
Property size:
111,382 SFPrice / SF:
$206/SF- Added:
- Oct 24, 2024
- Days on Market:
- 585
- Last Refresh:
- May 12 at 9:47 pm
Property Features for 3590 Central Ave
General Information
- Standard status
- Active
- Size
- 111,382 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1968
Listing agent Austin Reuland License #02101405
Listing office CBRE - Orange County (949) 725-8425
Listing date Oct 24, 2024
Source Crexi
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
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).
- Located less than 4 miles from Riverside Municipal Airport.
- Riverside's employment growth outpaces the national average.
- Close proximity to Riverside's revitalized Downtown and county seat.
Overview
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.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.94M | $26.40 |
| − Vacancy | −$183.8k | −$1.65 |
| EGI | $2.76M | $24.75 |
| − OpEx | −$689.2k | −$6.19 |
| NOI | $2.07M | $18.56 |
111,382 SF · lease $26.40/SF/yr · vacancy 6.25% · expense 25.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Lisa Liguori, MA, ...
Medical Clinic
123 Home Care
Home Health Care Service
Crave Coffee & Tea
Cafe & Coffee Shop
Ambercity Hospice Inc
Nursing Home
US Bank Mortgage
Loan Service
Location Insight
- Map
- Local Demand
- City
- Riverside
- County
- Riverside
- State
- California
- Longitude
- -117.3909051
- Latitude
- 33.9533339
Nearby Similar for Sale
FAQs
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).
