2851 Canyon Springs Pky
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2851 Canyon Springs Pky
8,450 SF 100% Leased Retail Building Riverside, CA 92507 $5,250,000 ($621/SF) 5.54% Cap Rate
Investment Highlights
- Regional Power Center
- Great Tenant History
- 100% Leased
- Lots of Parking
- In High Demand for Lease
- Surrounded by Several Great Anchors
Executive Summary
The property sits along a busy corridor of the Interstate 60 with a Huge Pylon dedicated to this 2,000,000 +/- Square Foot Regional Retail Power Center, located at the Freeway Interchange of the I60 and the I215. This is the prime exit on the I60 coming from the east, and you can also come to the center from the south by exiting off the I215. This offering consists of two nationally branded tenants, including Verizon & GameStop, and one regionally branded tenant AhiPoki, and also Pho Ha which has more than one location. All tenants are on NNN leases, and all renewed their options, except AhiPoki (they are taking over Subway Space in July 2024, because Subway has no more options). The building is also well-suited for future leasing that can produce increase in rents over time. Brokers and tenants call regularly unsolicited, wanting to know if any leases are expiring soon so they can takeover the space. The entire power center is very low turnover, as landlord has only ever lost one tenant when Payless filed bankruptcy.
Shadow Anchored by Target, the subject is Pad Building C located at the drive entrance to Target, known to be one of the most visited shopping destinations in the region. All tenants are seasoned at this location, except for AhiPoki, but even then AhiPoki has clientele in the area, because they used to be located across Day Street in the Lowes shopping center.
Shadow Anchored by Target, the subject is Pad Building C located at the drive entrance to Target, known to be one of the most visited shopping destinations in the region. All tenants are seasoned at this location, except for AhiPoki, but even then AhiPoki has clientele in the area, because they used to be located across Day Street in the Lowes shopping center.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
8,450 SF
Building Class
B
Year Built
2004
Price
$5,250,000
Price Per SF
$621
Cap Rate
5.54%
NOI
$290,742
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Lot Size
1.18 AC
Opportunity Zone
Yes
Zoning
C2 - Commercial Retail
Parking
60 Spaces (7.21 Spaces per 1,000 SF Leased)
Frontage
89 FT on Canyon Spring Pky
Amenities
- Bus Line
- Signage
- Signalized Intersection
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 291-600-041 | Improvements Assessment | $2,078,644 |
| Land Assessment | $1,466,842 | Total Assessment | $3,545,486 |
PROPERTY TAXES
Parcel Number
291-600-041
Land Assessment
$1,466,842
Improvements Assessment
$2,078,644
Total Assessment
$3,545,486
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Presented by
Freeman & Associates
2851 Canyon Springs Pky
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