University Heights Shopping Center at UC Riverside

$7,625,000

3375 Iowa Avenue, Riverside, CA 92507

For Sale

Premium

Retail

Pending

Last Updated: 11/03/2022

Details:

Cap Rate: 6.756%

NOI: $510,993

Building Size: 35,660 sqft

Lot Area: 2.75 acres

Occupancy: 100%

Year Built: 1986

Price Per Sqft: $213.83

Tenancy: Multiple

Parking Spots: 140

Offered by

Ron Duong

Senior Vice President Investments -- Senior Director, National Retail Group

M&M Newport Beach

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Highlights:

Just Two Minutes from the University of California, Riverside which has Over 23,200 Students
Just Off the 215 Freeway (157,000+ Cars Per Day)
Over 1,600 Apartment & Student Living Units are Located ½ a mile from the Subject Property
Signalized Corner Location with a Combined Traffic Count of 41,050+ Cars Per Day
Close Proximity to the Areas Major Schools - 44,000+ Students are Located in this Submarket Providing a Long Term Stable Flow of Consumers
Across the Street From a Stater Bros. Anchored Center Whose Tenant Include, Jack in the Box, Duke’s Bar & Grill, and Farmer Boys

Description:

- Current Cap Rate of 6.70% With Substantial Upside to 7.53% Pro Forma Cap Rate by Converting Gross Leases to NNN
- Low Price Per Square Foot
- Now 100% Occupied
- Owner has Made Substantial Capital Improvements to the Shopping Center Including New Paint, Parking Lot Improvements, and Tenant Sign Improvements