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Office

Riverside Aiport Office Plaza

6810 Airport Dr, Riverside, CA 92504

Listing Price: $1,025,000

Cap Rate
4.95%
Gross SF
5,073
Rentable SF
5,073
Price/Gross SF
$202.05
Lot Size
0.37 acres
Year Built
1989

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to present for-sale the Riverside Airport Office Plaza located in Riverside, California. This investment provides an opportunity for either an owner/user or an investor to acquire 5,073 square foot, two-story office plaza adjacent to the Riverside Municipal Airport. A new purchaser or owner/user will be acquiring this unique opportunity below replacement costs using historically low financing. Situated on 0.37 acres of commercially zoned land, the Riverside Airport Office Plaza consists of a single, 2-story building located directly adjacent to the airport at the southeast corner of Airport Drive and Gemende Drive. The property is approximately 5,073 total square feet with each floor being approximately 2,537 square feet. Each floor has both a men’s and a women’s restrooms. The first floor is open space that has been recently refinished in a contemporary style. This space is ready for a new owner to add their own tenant improvements. The second floor is a standard buildout with office space, conference room, and kitchen/break areas. The second floor also features a large balcony looking out towards the airport. The air conditioning systems are approximately 5 years old, and the roof appears to be in good condition as well. Built in 1989, the property offers abundant parking. The Riverside Airport Office Plaza will give the new ownership the ability to reposition and/or occupy a portion of the subject and have a tenant(s) supplement the mortgage payments. An owner/user will be able to obtain historically low interest rates using Small Business Administration (SBA) financing with only a 10% down payment. Effectively, it may be more economical to own the building rather than to lease space elsewhere when considering today’s low interest rates and the potential tax advantages of real estate ownership. The Airport neighborhood abuts the Santa Ana River, with Arlington Avenue forming the southern boundary and Van Buren Boulevard, Central and Jurupa Avenues representing the major roadways traversing the area as well as offering access to Interstates 15, 91 and 60. The Riverside Municipal Airport is owned and operated by the City of Riverside. The airport is comparable in site size and runway length to the John Wayne Airport in Orange County. In 2019, the Riverside Municipal Airport ranked the 24th busiest airport (out of 224 airports) in the country that has a FAA contract tower. Also, the airport is the 137th busiest airport in the county, out of all 520 airports regulated by the FAA. Riverside Airport is an aeronautical education hub providing the Inland Empire and surrounding counties with the largest selection of educational programs in flight, mechanical, and aviation degree programs. Meeting the aviation needs of the Inland Empire, the Riverside Airport facilitates pilots’ needs with a full-service fixed base operator, manned FAA control tower, and offers competitive leasing rates on 140 airport hangers. The airport also houses the Riverside Police Department’s Aviation Unit and occasionally hosts military use usually helicopter flights associated with the region’s military bases. Located in the Inland Empire metropolitan area, the City of Riverside is the county seat of Riverside County, California. The city is the most populous in the Inland Empire, Riverside County and is the 12th most populous city in California. As of the 2019 Census, Riverside had a population of approximately 331,360. The City of Riverside is located about 50 miles east of downtown Los Angeles.

Investment Highlights

  • Ideal Owner/User Opportunity
  • Riverside Airport Location
  • Historically Low Interest Rates; 3.3% - 3.75% Fixed
  • 10% Down Payment with SBA Financing
  • Effective "Rent" of Ownership only $0.52 - $0.89/MG/SF
  • Strong Demographics & Employment within a 5-Mile Radius

Exclusively Listed By

Office

Riverside Aiport Office Plaza

Listing Price: $1,025,000

Cap Rate
4.95%
Gross SF
5,073
Rentable SF
5,073
Price/Gross SF
$202.05
Lot Size
0.37 acres
Year Built
1989

Investment Highlights

  • Ideal Owner/User Opportunity
  • Riverside Airport Location
  • Historically Low Interest Rates; 3.3% - 3.75% Fixed
  • 10% Down Payment with SBA Financing
  • Effective "Rent" of Ownership only $0.52 - $0.89/MG/SF
  • Strong Demographics & Employment within a 5-Mile Radius

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to present for-sale the Riverside Airport Office Plaza located in Riverside, California. This investment provides an opportunity for either an owner/user or an investor to acquire 5,073 square foot, two-story office plaza adjacent to the Riverside Municipal Airport. A new purchaser or owner/user will be acquiring this unique opportunity below replacement costs using historically low financing. Situated on 0.37 acres of commercially zoned land, the Riverside Airport Office Plaza consists of a single, 2-story building located directly adjacent to the airport at the southeast corner of Airport Drive and Gemende Drive. The property is approximately 5,073 total square feet with each floor being approximately 2,537 square feet. Each floor has both a men’s and a women’s restrooms. The first floor is open space that has been recently refinished in a contemporary style. This space is ready for a new owner to add their own tenant improvements. The second floor is a standard buildout with office space, conference room, and kitchen/break areas. The second floor also features a large balcony looking out towards the airport. The air conditioning systems are approximately 5 years old, and the roof appears to be in good condition as well. Built in 1989, the property offers abundant parking. The Riverside Airport Office Plaza will give the new ownership the ability to reposition and/or occupy a portion of the subject and have a tenant(s) supplement the mortgage payments. An owner/user will be able to obtain historically low interest rates using Small Business Administration (SBA) financing with only a 10% down payment. Effectively, it may be more economical to own the building rather than to lease space elsewhere when considering today’s low interest rates and the potential tax advantages of real estate ownership. The Airport neighborhood abuts the Santa Ana River, with Arlington Avenue forming the southern boundary and Van Buren Boulevard, Central and Jurupa Avenues representing the major roadways traversing the area as well as offering access to Interstates 15, 91 and 60. The Riverside Municipal Airport is owned and operated by the City of Riverside. The airport is comparable in site size and runway length to the John Wayne Airport in Orange County. In 2019, the Riverside Municipal Airport ranked the 24th busiest airport (out of 224 airports) in the country that has a FAA contract tower. Also, the airport is the 137th busiest airport in the county, out of all 520 airports regulated by the FAA. Riverside Airport is an aeronautical education hub providing the Inland Empire and surrounding counties with the largest selection of educational programs in flight, mechanical, and aviation degree programs. Meeting the aviation needs of the Inland Empire, the Riverside Airport facilitates pilots’ needs with a full-service fixed base operator, manned FAA control tower, and offers competitive leasing rates on 140 airport hangers. The airport also houses the Riverside Police Department’s Aviation Unit and occasionally hosts military use usually helicopter flights associated with the region’s military bases. Located in the Inland Empire metropolitan area, the City of Riverside is the county seat of Riverside County, California. The city is the most populous in the Inland Empire, Riverside County and is the 12th most populous city in California. As of the 2019 Census, Riverside had a population of approximately 331,360. The City of Riverside is located about 50 miles east of downtown Los Angeles.

Exclusively Listed By

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