|Price/Rent PSF||$ 2,390,000.00|
|SQ. FT. Available||7,430|
The City of Riverside is located within the County of Riverside and is the most populous city in the Inland Empire and Riverside County. Riverside is located approximately 55 miles east of Los Angeles and is considered to be part of the Greater Los Angeles Metropolitan Area. As of the 2010 Census, Riverside is ranked top 59th most populous city in California with a population of over 300,000 people.
ABOUT THE PROPERTY
The Garabedian Commercial Group at Keller Williams is 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. There is an opportunity for an owner-user to occupy the anchor space of approximately 2,700± square feet, which is currently occupied by May Flowers. May Flowers can vacate the space at the close of escrow or sign a short term lease with a new Buyer. The remaining tenants include Fast 5 Pizza, a Beauty Salon, an Employment Agency and Metro PCS.
The strip center wraps the entire corner providing over 250’ of street visibility 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 a near 6% cap by keeping rents the same and just adjusting the lease structure as renewals come due.
Whether an owner-user or investor, this strip center is a uniquely built property in a busy retail corridor of Riverside and is built for maximum visibility and exposure.