The subject property is a medical/dental office building with two tenants totaling approximately 4,030 square feet, with onsite parking for 12 vehicles via alley access in 6 tandem parking stalls. The building is a U-shaped configuration with a courtyard between each of the two suites which face each other. The improvements were constructed in 1956 and are situated on a 5,298 square foot lot zoned C-2 with the Riviera Village RIV-PD Pedestrian Overlay. The C-2 zoning allows a broad array of commercial, office, and retail uses, while the RIV-PD Overlay is intended to encourage pedestrian oriented retail uses. The current dental and medical tenant use is grandfathered in, however both of the tenant leases expire respectively in 2018, providing an opportunity for an owner-user, investor or developer. The zoning allows for development of up to .50 Floor Area Ratio and a maximum height limit of 30' or 2 stories subject to current building standards, required setbacks, and other planning requirements. The property is in an A+ location in Riviera Village. The median annual household income within a 1 mile radius is in excess of $100,000, with a population of over 15,000. The immediate area has multi-million dollar homes and condominiums selling at $1 million plus. Riviera Village has a selection of restaurants, bars, eateries, boutique shops and professional offices. Catalina Avenue has a very low vacancy factor, and properties rarely become available for acquisition.
Listing courtesy of Stephen Lampe from Re/Max Commercial & Investment
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