Retail

Albertson's NNN Ground Lease

Listing Price: $2,450,000

Lot Size
2.61 acres
Price/Acre
$938,697
Land Type
Land

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to present an extremely unique opportunity to acquire a triple-net leased investment guaranteed by Albertson's Inc. and a multi-family development opportunity. The subject property consists of approximately 2.61 acres located in the City of Riverside. The property is triangular and in bordered by Hole Avenue, Polk Street and Collett Avenue. The site is vacant and level with all utilities to the site or nearby. Location: Vacant parcel of multi-family residential land located on the signalized southwest corner of Hole Avenue and Collett Avenue (covers an entire block, and is also on the northeast corner of Collett Avenue and Polk Street and the southeast corner of Hole Avenue and Polk street) in Riverside, CA 92505. APN: 143-332-002 The subject property is located approximately 1.2 miles north of the 91 freeway and four and 3/4 miles east of the 15 freeway. Tyler street is 1/2 a mile east of the subject property; La Sierra Avenue is 3/4 miles west; and Magnolia Avenue is 3/4 miles to the south. These three streets are all on/off ramps from the 91 freeway. The Riverside Airport is located approximately two and 1/2 miles northeast of the subject property. The Galleria at Tyler is a 1.2 million SqFt regional mall consisting of 180 stores/retailers and is also located within 1.5 miles of the subject property. Property Type: Vacant multi-family residential land (allows for a maximum density of 29 dwelling units per gross acre). Zoning: R-3-1500, multi-family residential zone. Land Size: Approximately 113,692 SF or 2.61 acres. Ground Lease: Albertson's Inc., a Deleware corporation. Best Use: The subject parcel is vacant land, and as such, its highest and best use would likely be development that is legally permitted under its R-3-1500, multi-family residential zoning. The maximum density is 29 dwelling units per gross acre, which would allow for 75 dwelling units on the subject site. The Buyer should inquire with the City of Riverside for other permitted uses.

Investment Highlights

  • Unique Opportunity to Acquire a Net Leased Investment & Multi-Family Land Development
  • Albertson's Corporate NNN Lease has 7.5 Years Remaining with Huge Development Upside
  • 2.61 Acres; Multi-Family Land Zoned for up to 75 Units
  • 4.89% Cap Rate; $21.55/Square Foot
  • Cash Flow while the Entitlements/ Development are Determined

Exclusively Listed By

Retail

Albertson's NNN Ground Lease

Listing Price: $2,450,000

Lot Size
2.61 acres
Price/Acre
$938,697
Land Type
Land

Investment Highlights

  • Unique Opportunity to Acquire a Net Leased Investment & Multi-Family Land Development
  • Albertson's Corporate NNN Lease has 7.5 Years Remaining with Huge Development Upside
  • 2.61 Acres; Multi-Family Land Zoned for up to 75 Units
  • 4.89% Cap Rate; $21.55/Square Foot
  • Cash Flow while the Entitlements/ Development are Determined

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to present an extremely unique opportunity to acquire a triple-net leased investment guaranteed by Albertson's Inc. and a multi-family development opportunity. The subject property consists of approximately 2.61 acres located in the City of Riverside. The property is triangular and in bordered by Hole Avenue, Polk Street and Collett Avenue. The site is vacant and level with all utilities to the site or nearby. Location: Vacant parcel of multi-family residential land located on the signalized southwest corner of Hole Avenue and Collett Avenue (covers an entire block, and is also on the northeast corner of Collett Avenue and Polk Street and the southeast corner of Hole Avenue and Polk street) in Riverside, CA 92505. APN: 143-332-002 The subject property is located approximately 1.2 miles north of the 91 freeway and four and 3/4 miles east of the 15 freeway. Tyler street is 1/2 a mile east of the subject property; La Sierra Avenue is 3/4 miles west; and Magnolia Avenue is 3/4 miles to the south. These three streets are all on/off ramps from the 91 freeway. The Riverside Airport is located approximately two and 1/2 miles northeast of the subject property. The Galleria at Tyler is a 1.2 million SqFt regional mall consisting of 180 stores/retailers and is also located within 1.5 miles of the subject property. Property Type: Vacant multi-family residential land (allows for a maximum density of 29 dwelling units per gross acre). Zoning: R-3-1500, multi-family residential zone. Land Size: Approximately 113,692 SF or 2.61 acres. Ground Lease: Albertson's Inc., a Deleware corporation. Best Use: The subject parcel is vacant land, and as such, its highest and best use would likely be development that is legally permitted under its R-3-1500, multi-family residential zoning. The maximum density is 29 dwelling units per gross acre, which would allow for 75 dwelling units on the subject site. The Buyer should inquire with the City of Riverside for other permitted uses.

Exclusively Listed By

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