University Heights Shopping Center at UC Riverside

3375 Iowa Avenue, Riverside, CA

$7,950,000

Price

5.7%

Cap Rate

$452,833

NOI

Overview
Cap Rate
5.7%
NOI
$452,833
Building Size
35,660 sqft
Lot Area
2.75 acres
Occupancy
91%
Year Built
1986
Price Per Sqft
$222.94
Tenancy
Multiple
Parking Spots
140
Description

- Current Cap Rate of 5.70% With Substantial Upside to 7.27% Pro Forma Cap Rate by Converting Gross Leases to NNN
- Low Price Per Square Foot
- 43% of Rents are Below Market Providing an Excellent Opportunity for Upside
- Owner has Made Substantial Capital Improvements to the Shopping Center Including New Paint, Parking Lot Improvements, and Tenant Sign Improvements

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
Documents
Location
Gallery