$3,690,000
$3,750,000
1.6%For more information regarding the value of a property, please contact us for a free consultation.
9340 Magnolia AVE Riverside, CA 92503
1.61 Acres Lot
Key Details
Sold Price $3,690,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW19261110
Sold Date 03/31/20
HOA Y/N No
Year Built 1950
Annual Tax Amount $45,338
Tax Year 2018
Lot Size 1.607 Acres
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!
Location
State CA
County Riverside
Area 252 - Riverside
Zoning C2
Interior
Fireplace No
Laundry See Remarks
Building
Lot Description 6-10 Units/Acre
Water Public
Others
Tax ID 233031001
Financing Cash to Loan
Special Listing Condition Standard
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Bought with Azhar Sabir • Shamoon Sikora, Broker