4505 Allstate Drive, Riverside, CA 92501

About this commercial property

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.

Listing description from the December 2021 sale, as reported to CRMLS.

Sale history

$2,450,000

Sold December 2021 · listed $2,599,000, on market June 2021, 76 days on market · MLS #PW21124627 · Source: CRMLS

Listing Agent: Carl Reinhart · Listing Office: Carl Reinhart, Broker · Contact: 714-404-8020 · Bought with: KENNETH GREEN · ALTICORE REALTY

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