10920 Magnolia Ave Riverside, CA 92505

Property Details for 10920 Magnolia Ave

Year built

2019

Lot size

1.33 lot acres

Property size

9,600 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a 9,600 square foot, single-story, multi-tenant retail building in Riverside, CA. Located at the highly visible southwest corner of Magnolia Avenue and Park Sierra Drive, this Class B property boasts a 100% occupancy rate with five high-quality tenants: Subway, Blaze Pizza, California Fish Grill, BurgerIM, and ShareTea. Built in 2019, the property features 77 parking spaces on a 1.33-acre lot and benefits from a strong NOI of $451,993, resulting in a 5.25% cap rate. The asking price is $8,628,000. The property is zoned CG and has a total of five units. Its prime location across from Kaiser Permanente Regional Medical Center, near UC Riverside, and other colleges, ensures high foot traffic and a strong customer base. The property's strategic placement within the Park Sierra Shopping Center, alongside established businesses like Walgreens, LA Fitness, McDonald's, and Raising Cane's, further enhances its appeal. A pending lease for a 50,000 square foot grocery store in an adjacent building promises to increase the property's value and draw even more customers. This is a rare opportunity to acquire a well-performing, multi-tenant retail property in a thriving Riverside location. The property's strong tenant mix, high occupancy, and excellent location make it an attractive investment for discerning buyers. The APN is 138-470-037. A potential $3,650,000 loan may be assumable.