A $1 million renovation is bringing an outdated office building back to life in Riverside.
The new owner of the Claypool Building at 4130 Linden Ave. is banking on updates like new paint, and landscaping to attract more tenants. The building will be renamed the Claypool Office Suites.
For now, the building is about 30 percent occupied and has had few updates since built in 1967. Larry Walling with Vic Green Realty, who represents the property owner, said the remodel should increase curb appeal and help draw more businesses to the building.
The 4130 Linden Ave. building sold for $330,000 in September to a Roseville, Call, real estate investor acting as Roseville RE Holdings LLC. The same investor bought Grove Park Office Suites in Huber Heights about eight years ago and rehabbed the property, which at the time was about 40 percent occupied.
“Now its about 80 percent occupied and its making money, so they decided to spend more money in Dayton because that has become so successful,” Walling said. “They told me I had $6 million to find other properties like this.”
Office real estate in the Dayton region is about 22 percent vacant, according to real estate firm Cushman & Wakefield. When buildings aren’t updated, the communities they are in can lose out on jobs while businesses leave for modern offices.
Down the block at 4032 Linden Ave., an office building in need of major updates has been vacant for years and its county property value has tumbled from $2.8 million in 2008 to $230,000 in 2018. It sold in 2016 to a trust in Santa Monica, Cal.
Riverside City Manager Mark Carpenter said that building needs “tremendous” work.
“Big difference between that and what is going on at the Claypool Building,” Carpenter said.
Property records show the Claypool Building lost almost half of its value since 2007, down to $793,540 as of 2018, according to the Montgomery County Auditor.
The building new has new carpet, paint and a renovated the bathroom, breakroom and entryway. More updates are coming such as updates to the HVAC system, new landscaping, replaced windows and lights, new signage, accessibility improvements, and solar panels.
“Once the public sees an outside change, I’m going to draw people in,” Walling said.