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3466-3478 University Ave
Riverside, CA 92501
Crescent Building · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Iconic Historic Property – Rare generational investment opportunity in Downtown Riverside
- Preliminary Plans have been greenlighted by both the Historic Preservation and City Planning Departments, streamlining the path for redevelopment
- Surging Downtown Growth – Surrounded by new developments and revitalization projects
- Adaptive Re-Use Potential – Ideal for mixed-use redevelopment, boutique hotel, or creative office
- Prime Mission District Location – Steps from Mission Inn, Convention Center, museums, and nightlife
- Flexible Tenancy – All tenants on month-to-month leases, enabling immediate repositioning
EXECUTIVE SUMMARY
The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present the iconic Crescent Building for sale in Riverside, California. This is a rare generational opportunity to acquire a historic property in the heart of Downtown Riverside’s rapidly transforming urban core. Preliminary redevelopment plans have already been greenlighted by both the Historic Preservation and City Planning Departments, streamlining the entitlement process and paving the way for a fast-tracked transformation. The building is ideally positioned across from the historic YMCA and just one block from the world-renowned Mission Inn Hotel & Spa, with immediate proximity to the Riverside Convention Center, museums, restaurants, and nightlife. The location benefits from strong pedestrian traffic and excellent connectivity, including easy access to the 91 Freeway and Metrolink commuter rail.
The Crescent Building offers significant value-add and redevelopment potential, supported by approved plans for 5,900 square feet of retail storefront, 10,000 square feet of office space above, and 2,500 square feet of basement retail or storage. Surrounded by successful adaptive reuse projects such as Imperial Lofts and Stalder Plaza, the property is perfectly positioned for conversion into mixed-use residential, boutique hotel, creative office, or high-demand storage space. All tenants are currently on month-to-month leases, providing maximum flexibility for repositioning. The building features soaring ceilings of 15 to 30 feet, architectural character, and owner-user potential with SBA financing options.
Investors can benefit from existing income to offset carrying costs while pursuing final approval on entitlements for redevelopment, making this a unique opportunity to curate and reimagine a landmark asset in one of Southern California’s most vibrant downtown districts. With strong demographics, a growing cultural scene, and continued investment in the surrounding area, the Crescent Building represents an exceptional chance to create a transformative project in Riverside’s historic core.
The Crescent Building offers significant value-add and redevelopment potential, supported by approved plans for 5,900 square feet of retail storefront, 10,000 square feet of office space above, and 2,500 square feet of basement retail or storage. Surrounded by successful adaptive reuse projects such as Imperial Lofts and Stalder Plaza, the property is perfectly positioned for conversion into mixed-use residential, boutique hotel, creative office, or high-demand storage space. All tenants are currently on month-to-month leases, providing maximum flexibility for repositioning. The building features soaring ceilings of 15 to 30 feet, architectural character, and owner-user potential with SBA financing options.
Investors can benefit from existing income to offset carrying costs while pursuing final approval on entitlements for redevelopment, making this a unique opportunity to curate and reimagine a landmark asset in one of Southern California’s most vibrant downtown districts. With strong demographics, a growing cultural scene, and continued investment in the surrounding area, the Crescent Building represents an exceptional chance to create a transformative project in Riverside’s historic core.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
16,600 SF
Building Class
C
Year Built
1910
Price
$2,750,000
Price Per SF
$165.66
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
10’
Building FAR
1.41
Lot Size
0.27 AC
Opportunity Zone
Yes
Zoning
C3
Frontage
92’ on University Ave
PROPERTY TAXES
| Parcel Number | 213-311-002 | Improvements Assessment | $3,075,300 |
| Land Assessment | $239,700 | Total Assessment | $3,315,000 |
PROPERTY TAXES
Parcel Number
213-311-002
Land Assessment
$239,700
Improvements Assessment
$3,075,300
Total Assessment
$3,315,000
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