10015 Magnolia Ave
Riverside, CA 92503
Shoeteria & Shops · Local commercial Bien À vendre

-$176.55 Per Square Foot, Approximately 19% Below Market Average and Well Below Replacement Cost
-Located Immediately Off of the 91 Freeway (280,000 Cars Per Day) Exit/Entrance
-100% Occupied Three-Tenant Center Anchored by a Fresh Corporate-Guaranteed NNN Shoeteria Lease, Less Than a Half-Mile From the 1.2 Million Square Foot Galleria at Tyler
---Below Market Rents---
-Riverside TV & Appliance (±5,000 SF) and Rat Hole Records (±14,000 SF) Occupy ±66% of the Center on Month-to-Month Holdover, Giving a New Owner Immediate Control Over Rent Without Waiting Out Lease Terms or Buying Out Tenancies
-The Two Holdover Suites Average ±$0.82 Per Square Foot Against the Anchor's $1.50 Per Square Foot in the Same Building, ±45% Below In-Place Anchor Rent With No Physical or Locational Justification for the Spread
-Riverside TV & Appliance Has Operated From This Center for More Than 65 Years
-The Two Month-to-Month Suites Also Preserve the Flexibility to Recapture ±19,000 Contiguous Square Feet for a Single Larger User or a Repositioning, an Option Not Available in a Fully Leased Center
-The Shoeteria Guaranty Is Backed by Work World, a Private Equity-Sponsored Specialty Workwear Platform Operating 38 Locations Across California, Nevada, and Washington, With Shoeteria Continuing to Operate Under Its Own Banner From Its Commerce, California Headquarters
---Magnolia Avenue Position and Basis---
-Less Than a Half-Mile From the Galleria at Tyler, a ±1.2 Million Square Foot Regional Mall With Roughly 170 Stores, Macy's, JCPenney, AMC Theatres, Furniture City, and ±5,700 Parking Spaces
-Active Remodeling and New Development Surround the Property
-±29,000 Square Feet of Improvements on ±1.10 Acres of Fee Simple Land in a Fully Built-Out Corridor, a Land Position That Provides Long-Term Optionality Beyond In-Place Income
-Magnolia Avenue Is the Primary Retail Spine Through Riverside's Arlington / La Sierra Trade Area, Carrying Both Mall-Generated and Local Neighborhood Traffic
±142,570+ Residents and $102,292 Average Household Income Within Three Miles, With Magnolia Avenue Carrying 32,000] Vehicles Per Day