3700 Main Street

    Riverside, CA 92501
    • $10,000,000
    • STATUS: Active
    • ON SITE: 133 days
    • ID#: SR19031441
    $10,000,000
    • 0
      BEDS
    • 0.32
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 54,000
      SQFT
    • $185
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1938
    County:

    School Ratings & Info

    Description

    OWNER WILL CARRY!!! OWNER IS MOTIVATED!!! SEE ATTACHED OFFERING MEMORANDUM & SUPPLEMENTS: PRO FORMA 13.89% CAP RATE WITH ROOFTOP LOUNGE & PRO FORMA 8.66% CAP RATE WITHOUT ROOFTOP LOUNGE!!! Welcome To The Mission Galleria! Formerly Sears Building & Registered As A Historic Building, This Is A Huge Opportunity In Downtown Riverside Directly Across From Mission Inn! Be A Part Of A Developer's Dream Like Imperial Hardware Lofts & Stalder Plaza! Become An Owner-User Of An Entire 54,000 Square Foot Retail Building Or Purchase As A Value-Add Investment! Owner Is Willing To Carry With $3,000,000 Down Payment For The Right Buyer! Seller Is Proposing A New 14,700 Square Foot Rooftop Lounge/Restaurant/Bar To The City Of Riverside & $1,500,000 In Budgeted Costs For The Project! City Of Riverside Has Already Appraised The Building At $7,500,000 Several Years Ago Without The New Rooftop Development! Also Available For Lease! Existing Month-To-Month Tenants Paying $2.40/SF Up To $3.00/SF Triple-Net Plus 12% Of Gross Sales. Tenants Include Hideaway Bar & Mission Galleria Antique Shop & Existing Tenants Can Stay Or Leave! Building Has 4 Floors & Hideaway Bar In The Basement Grosses $1,500,000 In Annual Sales! Be Apart Of The Newly Renovated Downtown Riverside Empire!

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-06-24T00:34:39.517. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.themarellygroup.com/homes/91717974

    3700 Main Street Riverside, CA 92501

    • Price: $10,000,000
    • Status: Active
    • ID#: SR19031441
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.32
    Acres
    54,000
    SQFT
    $185
    $/SQFT
    1938
    Built
    Neighborhood:
    252 - Riverside
    County:
    Riverside
    Area:
    252 - Riverside
    Property Description
    OWNER WILL CARRY!!! OWNER IS MOTIVATED!!! SEE ATTACHED OFFERING MEMORANDUM & SUPPLEMENTS: PRO FORMA 13.89% CAP RATE WITH ROOFTOP LOUNGE & PRO FORMA 8.66% CAP RATE WITHOUT ROOFTOP LOUNGE!!! Welcome To The Mission Galleria! Formerly Sears Building & Registered As A Historic Building, This Is A Huge Opportunity In Downtown Riverside Directly Across From Mission Inn! Be A Part Of A Developer's Dream Like Imperial Hardware Lofts & Stalder Plaza! Become An Owner-User Of An Entire 54,000 Square Foot Retail Building Or Purchase As A Value-Add Investment! Owner Is Willing To Carry With $3,000,000 Down Payment For The Right Buyer! Seller Is Proposing A New 14,700 Square Foot Rooftop Lounge/Restaurant/Bar To The City Of Riverside & $1,500,000 In Budgeted Costs For The Project! City Of Riverside Has Already Appraised The Building At $7,500,000 Several Years Ago Without The New Rooftop Development! Also Available For Lease! Existing Month-To-Month Tenants Paying $2.40/SF Up To $3.00/SF Triple-Net Plus 12% Of Gross Sales. Tenants Include Hideaway Bar & Mission Galleria Antique Shop & Existing Tenants Can Stay Or Leave! Building Has 4 Floors & Hideaway Bar In The Basement Grosses $1,500,000 In Annual Sales! Be Apart Of The Newly Renovated Downtown Riverside Empire!
    Exterior Features

    Lot Features 0-1 Unit/Acre Lot Size Source Assessor Lot Size Units Square Feet

    Interior Features

    Condo Area Units Square Feet Laundry Features None

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Building Name Mission Galleria Building Status Existing Country Us Laundry YN No Leasable Area Units Square Feet Lease Considered YN Yes Max Total Area Units Square Feet Min Total Area Units Square Feet Property Sub Type Retail Special Listing Conditions Standard Water Source Public Year Built Source Seller

    Listing provided courtesy of Ryan Mcelveen of Ryan Mcelveen and Jerrold Tomeo of


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-06-24T00:34:39.517. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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    5256 South Mission Rd, Suite 1006
    Bonsall CA, 92003