9340 Magnolia Avenue, Riverside, CA 92503

$3,690,000
20,850
SqFt
Sold Price
$3,690,000
List Price
$3,750,000
Closing Date
Mar 31, 2020
Status
CLOSED
MLS#
PW19261110
Year Built
1950
Living Sq. Ft
20,850
Days on Market
124
Property Type
Commercial
Property Sub Type
Retail

Property Description

NINE PARCEL 9340-9370 MAGNOLIA AVE, RIVERSIDE WITH 1.61AC.... Well Established Neighborhood Shopping Center with infill Riverside location. Well maintained & stabilized fully occupied with Eleven spaces occupied by ten tenants long term tenants. Located on the busy corner of McKinzey and Magnolia in the heart of Riverside. Property is located on nine parcels 1.61 Acers with extra land to possibly build on in the future. High cap rate with established long term tenants will give the new owner healthy cash flow year after year. Center is anchored by a long term busy laundromat and a local antique store with a substantial client base. Long term owners have kept the center up to date with new roofs, ADA bathrooms, paint, water piping, iron fencing, and newly surfaced front & back parking lots. This is a must-see with great actual cash flow and future upside. Owners are retiring and are motivated to sell. We will look at all offers!

Additional Information

Taxes
$45,338
Water
Public
Gross Scheduled Income
$340,992
Operating Expense
85717

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Listing courtesy of Azhar Sabir from Shamoon Sikora, Broker

Listing sold by Azhar Sabir from Shamoon Sikora, Broker