Investment Overview

Register to Bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3262 Marcus & Millichap is pleased to present the Crescent Building, a 16,600 SF historic three-story mixed-use property at 3466-3478 University Avenue in Downtown Riverside, California. Built in 1910 and situated on an 11,761 SF lot zoned C3, the building comprises ground-floor retail, upper-floor office space, and a basement, with soaring ceilings of 15 to 30 feet and significant architectural character. Preliminary redevelopment plans are fully approved through the Planning Department and approximately 50% complete through Building & Safety, with the remaining work limited to mortar testing and final structural seismic reinforcement engineering. The estimated remaining budget to reach full entitlement approval is approximately $115,000, inclusive of consultant contract balance, required testing, and a 10–15% contingency — providing incoming ownership with a clearly defined and costed path to execution. All current tenants are on month-to-month leases, offering maximum flexibility for repositioning, owner-user occupancy, or conversion to mixed-use residential, boutique hotel, creative office, or restaurant uses. The property is one block from the Mission Inn Hotel & Spa and proximate to Riverside City Hall, the Convention Center, and the 91 Freeway. Preliminary redevelopment plans have been prepared and advanced through the City Planning process, positioning the project for an efficient and predictable path forward. The project is 100 percent complete with the Planning Department submittal, representing approximately half of the overall entitlement timeline, and has progressed meaningfully through Building & Safety, with the first Building Department submittal approximately 50% complete. Remaining work is limited to mortar testing and final structural seismic reinforcement engineering, after which the project is expected to be ready for City submittal within approximately 1.5 months, with final project approval anticipated within 4–6 months thereafter, inclusive of standard City comments and resubmittals. The estimated remaining budget to complete the entitlement and approval process is approximately $115,000, inclusive of the remaining contract balance and required mortar testing, with a prudent 10–15 percent contingency factored in—providing incoming ownership with clear cost visibility and a defined path to execution. The Crescent Building offers significant value-add and redevelopment potential, supported by approved plans for 5,900 square feet of retail storefront, 10,000 square feet of office space above, and 2,500 square feet of basement retail or storage. Surrounded by successful adaptive reuse projects such as Imperial Lofts and Stalder Plaza, the property is perfectly positioned for conversion into mixed-use residential, boutique hotel, creative office, or high-demand storage space. All tenants are currently on month-to-month leases, providing maximum flexibility for repositioning. The building features soaring ceilings of 15 to 30 feet, architectural character, and owner-user potential with SBA financing options. Investors can benefit from existing income to offset carrying costs while pursuing final approval on entitlements for redevelopment, making this a unique opportunity to curate and reimagine a landmark asset in one of Southern California’s most vibrant downtown districts. With strong demographics, a growing cultural scene, and continued investment in the surrounding area, the Crescent Building represents an exceptional chance to create a transformative project in Riverside’s historic core.