Romantix - Riverside

Downtown Riverside is the historic and cultural heart of the city of Riverside, located in the Inland Empire region of Southern California. Downtown Riverside boasts a rich architectural heritage, with landmarks such as the Mission Inn, the Riverside County Courthouse, and the Fox Performing Arts Center. The neighborhood is also home to the University of California, Riverside, a public research university with over 20,000 students and a strong reputation for academic excellence and diversity. Downtown Riverside offers a lively and vibrant atmosphere, with an array of restaurants, bars, cafes, museums, galleries, and theaters. The neighborhood also hosts several festivals and events throughout the year, such as the Festival of Lights, the Riverside Dickens Festival, and the Riverside Arts Walk. Downtown Riverside is a charming and attractive location for those looking for a unique and cultural experience in the Inland Empire. Riverside Economy Overview: Riverside, California, situated in the Inland Empire region, boasts a diverse and resilient economy with strong sectors in manufacturing, education, health services, and logistics. The city is home to several higher education institutions, including the University of California, Riverside (UCR), which not only contributes to the local economy through education and research but also stimulates innovation and technology transfer, particularly in agriculture, engineering, and environmental sciences. Riverside’s manufacturing sector is varied, encompassing food processing, medical devices, and electronics, benefitting from its strategic location for distribution and logistics operations due to its proximity to major Southern California ports and transportation networks. The health services sector is another significant contributor, with numerous hospitals and medical centers providing employment and supporting the community’s well-being. Additionally, Riverside has invested in arts and culture, enhancing its quality of life and attracting tourists to its historic sites, festivals, and museums. This balanced economic composition, combined with initiatives to foster business growth and sustainability, positions Riverside as a key economic player in Southern California.Cap Rate is Pro Forma. The Subject Property is a +5,480 square foot, freestanding multi-tenant retail building situated on a +8,276 square foot lot, complemented by an additional +6,098 square foot parking lot. Presently, the property enjoys full occupancy with three tenants, with the adjacent +6,098 square foot parking lot exclusively leased to Romantix for parking purposes. Strategically located along Market Street in the Downtown District of Riverside, the Subject Property benefits from the area’s recent gentrification and proximity to the majority of the civic offices for the City of Riverside. Adjacent to a city park and surrounded by various retail and office establishments, the property is ideally positioned. The property features on-site parking for six vehicles, with the Romantix NNN lease including an additional dedicated parking lot accommodating approximately sixteen vehicles. Given the current rental rates are significantly below market value, there exists a substantial opportunity to increase revenue through rent adjustments as existing leases conclude.Lease Description