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Listed by Teri Alvarez • KELLER WILLIAMS REALTY
$769,000
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID IG-26202415
Year Built 1964
Property Sub-Type Retail
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Downtown Banning Value-Add Investment Opportunity | 5-Unit Freestanding Commercial Building + Adjacent Excess Lot | Opportunity Zone. Strategically positioned in Banning's established Downtown Commercial District, 89 N. San Gorgonio Avenue presents a unique value-add investment opportunity consisting of a freestanding 3600sf commercial building configured into five individual units, together with an adjacent excess lot for a combined 6097sf/.14ac site. The property is currently occupied by a diverse mix of commercial and residential uses, including a street front candy shop, barber shop, engineering office, one vacant office/retail suite, and a 2nd floor studio apartment. All units are currently leased on a month-to-month basis, providing an investor or owner/user with flexibility to improve rents, reposition the property or stabilize occupancy.
The adjacent parcel adds additional value and flexibility, featuring drought tolerant landscaping and a distinctive wall mural that contributes to the property's downtown character and street presence. A nicely updated property; surrounded by civic, retail, dining and service-oriented businesses. The City of Banning has recently adopted a Downtown Revitalization and Complete Streets Plan intended to enhance circulation, pedestrian connectivity, streetscape improvements and the public realm while establishing a framework to encourage new investment and redevelopment throughout the downtown area over the coming years. Buyer to verify own zoning/use with City of Banning. Please inquire with listing agent as to requests for showing and for financial information.
The adjacent parcel adds additional value and flexibility, featuring drought tolerant landscaping and a distinctive wall mural that contributes to the property's downtown character and street presence. A nicely updated property; surrounded by civic, retail, dining and service-oriented businesses. The City of Banning has recently adopted a Downtown Revitalization and Complete Streets Plan intended to enhance circulation, pedestrian connectivity, streetscape improvements and the public realm while establishing a framework to encourage new investment and redevelopment throughout the downtown area over the coming years. Buyer to verify own zoning/use with City of Banning. Please inquire with listing agent as to requests for showing and for financial information.
Location
State CA
County Riverside
Area 263 - Banning/Beaumont/Cherry Valley
Zoning DC
Interior
Heating None, Central
Laundry None
Exterior
Utilities Available Sewer Connected, Electricity Connected, Natural Gas Connected
Building
Lot Description Walkstreet, Level, Level with Street, Lot 6500-9999, Near Public Transit, Park Nearby, Rectangular Lot, Corner Lot, 2-5 Units/Acre
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900