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    4505 Allstate Drive

    Riverside, CA 92501
    • $2,599,000
    • STATUS: Active
    • ON SITE: 56 days
    • MLS #: PW21124627
    UPDATED: 22 min ago
    $2,599,000
    • 0
      BEDS
    • 0.75
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1988
    County:

    School Ratings & Info

    Description

    Riverfront Office Plaza is a three-story, 20,500 square foot multi-tenant office building. It was constructed in 1988 with woodframe, stucco, concrete block and brick veneer and includes a surface parking lot as well as a parking garage garage which is presently used for storage. Renovations in 2020 included a new roof and complete exterior painting. Cost of those capital improvements are not included in the income and expense analysis contained herein. The property is 97% occupied with a total of thirty-three tenants occupying thirty-eight of the property's forty suites. Although suites range in size from 130-2,940 rentable square feet, most of the suites are in the range of of 200-500 rentable square feet. With one exception, all leases are full-service gross. There are two conference rooms and two kitchens available for use by tenants. There is also income from a lease of a tower to a cell phone service provider.The property has a very convenient location just one block norths of the Market Street on/offramps to the Pomona (60) Freeway and one mile northwest of downtown Riverside. There is moderate visibility from the above freeway. The interchange of Interstate 215 and the Pomona Freeways is just a mile to the east. The city of Riverside, as the county seat of Riverside County, and particularly downtown Riverside, has a dense concentration of government and financial institutions serving the Inland Empire. One of the alluring features of the location of the property is that the tenants have a very quick, five-minute drive by vehicle on Market Street to the heart of downtown Riverside. As a result, many of the tenants are small, independent service businesses including attorneys and accountants.Current leases are mostly short-term or month-to-month. although many tenants have occupied their suites for a lengthy period of time. Most office buildings in this neighborhood offer only much larger suitses, which results in the property having very little competition for tenants seeking to lease small suites. Current lease rates for these smaller suites at the property appear to be significantly below market, affording the purchaser an excellent opportunity to increase cash flow. There may be an opportunity to add major building signage, subject to city regulations.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-08-05T10:43:28.257. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
    www.desertareahomesforsale.com/homes/118072364
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    4505 Allstate Drive Riverside, CA 92501

    • Price: $2,599,000
    • Status: Active
    • Updated: 22 min ago
    • MLS #: PW21124627
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.75
    Acres
    1988
    Built
    Neighborhood:
    252 - Riverside
    County:
    Riverside
    Area:
    252 - Riverside
    Property Description
    Riverfront Office Plaza is a three-story, 20,500 square foot multi-tenant office building. It was constructed in 1988 with woodframe, stucco, concrete block and brick veneer and includes a surface parking lot as well as a parking garage garage which is presently used for storage. Renovations in 2020 included a new roof and complete exterior painting. Cost of those capital improvements are not included in the income and expense analysis contained herein. The property is 97% occupied with a total of thirty-three tenants occupying thirty-eight of the property's forty suites. Although suites range in size from 130-2,940 rentable square feet, most of the suites are in the range of of 200-500 rentable square feet. With one exception, all leases are full-service gross. There are two conference rooms and two kitchens available for use by tenants. There is also income from a lease of a tower to a cell phone service provider.The property has a very convenient location just one block norths of the Market Street on/offramps to the Pomona (60) Freeway and one mile northwest of downtown Riverside. There is moderate visibility from the above freeway. The interchange of Interstate 215 and the Pomona Freeways is just a mile to the east. The city of Riverside, as the county seat of Riverside County, and particularly downtown Riverside, has a dense concentration of government and financial institutions serving the Inland Empire. One of the alluring features of the location of the property is that the tenants have a very quick, five-minute drive by vehicle on Market Street to the heart of downtown Riverside. As a result, many of the tenants are small, independent service businesses including attorneys and accountants.Current leases are mostly short-term or month-to-month. although many tenants have occupied their suites for a lengthy period of time. Most office buildings in this neighborhood offer only much larger suitses, which results in the property having very little competition for tenants seeking to lease small suites. Current lease rates for these smaller suites at the property appear to be significantly below market, affording the purchaser an excellent opportunity to increase cash flow. There may be an opportunity to add major building signage, subject to city regulations.
    Exterior Features

    Carport Spaces 15 Carport YN Yes Construction Materials AsphaltBrick VeneerBlockDrywallFrameStucco Entry Level 1 Lot Features Corner LotLandscapedRectangular LotStreet LevelLevel Open Parking Spaces 85 Parking Total 100 Roof CompositionFlatMansardMetalRolled/Hot Mop Sign On Property YN No Topography Level

    Interior Features

    Building Features Elevator(S) Cooling ElectricZoned Cooling YN Yes Heating ElectricForced AirZoned Heating YN Yes

    Property Features

    Additional Parcels YN No Building Name Riverfront Office Plaza Business Type Multi-Tenant Common Interest None Current Financing Conventional Electric Electricity - On Property Electric Expense 46126 Gross Scheduled Income 272820 Insurance Expense 4228 Land Lease YN No Laundry Features None Lease Considered YN No Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional1031 Exchange Maintenance Expense 36646 Net Operating Income 123620 Number Of Units Leased 38 Operating Expense 142600 Other Expense 1822 Property Sub Type Office Security Features Security SystemSmoke Detector(S) Special Listing Conditions Standard Supplies Expense 17258 Utilities Cable ConnectedElectricity ConnectedSewer ConnectedWater Connected Vacancy Allowance 8400 Vacancy Allowance Rate 3 Water Source Public Zoning C-1

    Listing provided courtesy of Carl Reinhart of Carl Reinhart, Broker


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-08-05T10:43:28.257. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.
     
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