1955 Chicago AveRiverside, CA 92507

Property Details for 1955 Chicago Ave

Year built

2006

Construction

TILT-UP CONCRETE

Lot size

0.41 AC

Property size (Sq ft)

35,550 SF

Zone code

M1

Property type

Office buildings

APN

210-081-002

APU

210081002

Description

This exceptional 34,531-square-foot executive office building in Riverside, California, presents a rare owner-user opportunity. Located at 1955 Chicago Avenue within the prestigious Chicago Gateway campus, this two-story building boasts high-quality interior improvements and a flexible floor plan, ideal for a variety of businesses. Built in 2006, the property offers excellent visibility on Chicago Avenue and is situated in the desirable Hunter Park Market, near restaurants, retail, the University of California, Riverside, and downtown Riverside. The building features ample parking (4 spaces per 1,000 sq ft), an elevator, and excellent signage opportunities. Its strategic location provides easy access to the 60, 91, and 215 freeways, and is only 17 miles from Ontario International Airport. Currently, approximately 54% of the building is vacant, with Suite 110 (2,327 sq ft), Suite 120 (8,189 sq ft), and Suite 240 (8,194 sq ft) available. The asking price is $6,734,000 ($195 per square foot), significantly below replacement cost, offering substantial after-tax savings compared to leasing. This property represents a unique chance to own a high-quality office building in a thriving Southern California market with a population of 4.6 million and a $200 billion economy. The property's APN is 210-081-002.

• CAP approach

  CAP return

  Valuation

  6%

  $9,032,187

  6.5%

  $8,337,403

  7%

  $7,741,874

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,068,800

  Geo Method

  $12,512,534

• Alternative Use

  Use

  Valuation

  Residential

  $10,338,380

  Hospitality

  $9,469,900

  Educational

  $7,878,846

  Medical

  $8,149,812

  Retail

  $12,255,983

Location Insight

City

Riverside

County

Riverside

State

California

Latitude

33.9935

Longitude

-117.349

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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