1935 Chicago AveRiverside, CA 92507

Property Details for 1935 Chicago Ave

Year built

2006

Construction

TILT-UP CONCRETE

Lot size

0.07 AC

Property size (Sq ft)

2,980 SF

Zone code

M1

Property type

Office properties

Property subtype

Office buildings

APN

210-081-012

APU

210081012

Description

This exceptional 2,983 square foot executive office condominium is situated in the desirable Hunter Park area of Riverside, California, at 1935 Chicago Avenue within the Chicago Gateway campus. Built in 2006, this single-story building offers a highly improved and functional floor plan, perfect for owner-users seeking a prominent presence in a thriving market. The property boasts excellent visibility on Chicago Avenue, within a beautifully landscaped, 160,000 square foot master-planned campus. With easy access to the 60, 91, and 215 freeways and proximity to the University of California, Riverside, and downtown Riverside, this location offers unparalleled convenience. The property includes ample parking (4 spaces per 1,000 sq ft), providing convenient access for employees and visitors. The asking price is $835,240, representing a price per square foot of $280, significantly below replacement cost. This presents a unique opportunity for substantial after-tax savings compared to leasing. The property's high-quality interior improvements and flexible floor plan allow for easy customization to meet specific business needs. The strong location within the Inland Empire, a region with a robust economy and a population of 4.6 million, further enhances the investment potential. Excellent signage opportunities are available to increase visibility and brand recognition. The property's APN is 210-081-012. This is a rare chance to acquire a highly desirable office space in a prime Riverside location.

• CAP approach

  CAP return

  Valuation

  6%

  $757,104

  6.5%

  $698,865

  7%

  $648,946

• Comparable approach

  Method

  Valuation

  Relative Method

  $508,715

  Geo Method

  $1,048,871

• Alternative Use

  Use

  Valuation

  Residential

  $866,592

  Hospitality

  $793,794

  Educational

  $660,427

  Medical

  $683,140

  Retail

  $1,027,331

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9938

Longitude

-117.35

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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