Crescent Building 3466-3478 University Ave 16,600 SF 100% Leased Retail Building Riverside, CA 92501 $2,500,000 ($150.60/SF)

The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present the iconic Crescent Building for sale in Riverside, California—a rare generational opportunity to acquire a historic asset in the heart of Downtown Riverside’s rapidly transforming urban core. The property is ideally located across from the historic YMCA and just one block from the world-renowned Mission Inn Hotel & Spa, with immediate access to the Riverside Convention Center, museums, dining, nightlife, and strong pedestrian activity, along with excellent regional connectivity via the 91 Freeway and Metrolink commuter rail.
Preliminary redevelopment plans have been prepared and advanced through the City Planning process, positioning the project for an efficient and predictable path forward. The project is 100% complete with the Planning Department submittal, representing approximately half of the overall entitlement timeline, and has progressed meaningfully through Building & Safety, with the first Building Department submittal approximately 50% complete. Remaining work is limited to mortar testing and final structural seismic reinforcement engineering, after which the project is expected to be ready for City submittal within approximately 1.5 months, with project approval anticipated within 4–6 months thereafter, inclusive of standard City comments and resubmittals. The estimated remaining budget to complete the entitlement and approval process is approximately $115,000, inclusive of the remaining contract balance and required mortar testing, with a prudent 10–15% contingency factored in—providing incoming ownership with clear cost visibility and a defined path to execution.
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.