Description
We are pleased to present Arlington Plaza - a six-unit retail strip center on the 5-point signalized corner of Arlington Avenue, California Avenue & Streerer Avenue in Riverside, California. Arlington Plaza is a 7,430 square foot, multi-tenant strip center with a mix of local and regional tenants. The tenants include Fast 5 Pizza, a Beauty Salon, an Employment Agency, May Flowers and Metro PCS. The strip center wraps the entire corner providing over 250 of street frontage and allowing every tenant to have some street visibility. The subject property is clearly visible from all angles of the intersection as an estimated 40,000 vehicle pass through that intersection daily in accordance to 2017 vehicle traffic counts for California and Arlington Avenues. Current rents for the property average $1.75 gross providing a new owner the opportunity to convert gross leases to triple net leases and increase the cap rate to above a 7.0% cap with various rental increases and converting to NNN as renewals come due. This unique strip center is a uniquely built property on a busy retail corridor for maximum visibility and exposure.
Details
| MLS# | GD18224556 |
|---|---|
| Style | Retail |
| Sub-Type | Resale |
| Status | Active |
| Year | 1980 |
| Days On Site | 45 |
Features
| SQ Feet | 7,430 |
|---|---|
| Story(s) | 1 |
| Units | 6 |
| Zoning | CG |
Market Activity 92504
| Date | Sales | Avg $ Per SqFt | Min Sale Price | Max Sale Price | Med Sale Price |
|---|---|---|---|---|---|
| Date: Jan 2019 | Sales: 88 | Avg $ Per SqFt: $207.01 | Min Sale Price: $1,695 | Max Sale Price: $860,000 | Med Sale Price: $357,900 |
| Jan 2019 | |
|---|---|
| Sales: | 88 |
| Avg $ Per SqFt: | $207.01 |
| Min Sale Price: | $1,695 |
| Max Sale Price: | $860,000 |
| Med Sale Price: | $357,900 |
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Area Information | |
|---|---|
| State | CA |
| County | Riverside |
| City | Riverside |
| Zip Code | 92504 |
| Area | 252 - Riverside |
| Listing VS Median (in 92504) | |
Price: $2,225,000 low | high Med: $389,000 100% of Average SqFt: 7,430 low | high Med: 1,618 100% of Average $ / SqFt: $299 low | high Med: $240 69.715837280038% of Average On Site: 45 low | high Med: 33 100% of Average | |
MLS Number: GD18224556Listing Provided By:
Krikor Garabedian of Keller Williams R. E. Services