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6570 Magnolia Avenue, Riverside, CA

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6570 Magnolia Avenue

NEC of Magnolia Ave. & Central Ave.
Riverside, CA 92506-2410 - Riverside Submarket

(2.4 MB)

Property Type:Retail Sub Type:Freestanding Status:Existing , Renov 2016 Year Built:1981
Building Size:9,415 SF Land Area:.84 AC (36,508 SF)
For Sale Price:$4,290,000 Price/SF:$455.66
Cap Rate:5.00 %
Parking:Free Surface spaces are available; Ratio of 4.21/1,000 SF
Features:Bus Line, Pylon Sign, Signage, Signalized Intersection

Sale Notes:
Faris Lee Investments is pleased to offer for sale the flagship corporate bank branch of Provident Bank. Provident Bank relocated from across the street and signed a new 10 year lease with 10% rental increases every five years. This flagship branch has deposits in excess of $216 million.

Provident Bank, a publicly traded financial services company, established in 1956, is the largest independent community bank headquartered in Riverside County. The company currently operates 15 full service banking offices in Southern California.
The subject property is strategically located at one of Riverside' s busiest intersections (Central and Magnolia Ave) with over 53,000 cars per day. This site draws from Riverside' s most affluent neighbourhoods with average household incomes north of $100,000 including the esteemed Victoria Country Club. The branch is near the highly successful Riverside Plaza which was recently redeveloped with anchors including Trade Joes, Regal Theatres, Nordstrom Rack, Panera Bread, and CPK. This close proximity generates a high daytime population that creates increased foot traffic for Provident Bank. There are more than 284,900 permanent residents within 5 miles as well as a daytime population of over 110,000 employees.

Faris Lee Investments
Joe Chichester
(949) 221-1813

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