Two-Story Mixed-Use
For Sale
$499,000
31961 Hilltop, Running Springs, CA 92382
Commercial Sale, Running Springs, CA
Property Size2,100 SF
Price / SF$237.62
Days on Market349
Property Features for 31961 Hilltop
General Information
Property type
Residential
Property subtype
Office
Directions
Highway 330 To Hilltop
Subdivision
288 - Running Springs
Standard status
Active
APN
0295181560000
Amenities
multiple patios
balconies
decks
Building Details
Year built
2005
Listing Agency:
COLDWELL BANKER SKY RIDGE REALTY · Coldwell Banker Real Estate
(909) 336-2131
Listed By:
Steven Keefe · License #01085197
(909) 744-7690
Added: Sep 26, 2025
Changed: Aug 24
Last Checked: Sep 9 at 3:06PM
MLS# IG25227161
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story mixed-use property contains nearly 2,100 square feet of interior space across four separately configured units. The layout includes 581 square feet in Unit 1, 456 square feet in Unit 2, 600 square feet of interior space in Unit 3, and 451 square feet in Unit 4. Unit 3 also includes a 182-square-foot rear patio and 116-square-foot front balcony, while Unit 4 has a 182-square-foot rear patio. Three half baths serve the building, with two upstairs and one downstairs. A large upper-level deck provides open views across downtown Running Springs.
The property occupies the intersection of Highway 18 and Highway 330 in Running Springs, California. It offers access to parking and sits along a route used by travelers heading toward Big Bear and Lake Arrowhead. The building was constructed in 2005 and can accommodate retail, professional office, or blended commercial occupancy within its four-unit configuration.
The property occupies the intersection of Highway 18 and Highway 330 in Running Springs, California. It offers access to parking and sits along a route used by travelers heading toward Big Bear and Lake Arrowhead. The building was constructed in 2005 and can accommodate retail, professional office, or blended commercial occupancy within its four-unit configuration.
Key Highlights
- Nearly 2,100 square feet of interior space in a two‑story building
- Four units measuring 581 SF, 456 SF, 600 SF, and 451 SF
- Unit 3 includes a 182 sq ft rear patio and 116 sq ft front balcony
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,101
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$602,020
$602.0K
Cap Rate 7%
$430,014
$430.0K
Cap Rate 9%
$334,456
$334.5K
Market Conditions
NOI Build-Up for 2,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.4K $21.60/SF
− Vacancy
−$2.4K −$1.12/SF
EGI
$43.0K $20.48/SF
− OpEx
−$12.9K −$6.14/SF
NOI
$30.1K $14.33/SF
Area
San Bernardino County, CA
Vacancy
5.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$602,020
Cap Rate 7%
$430,014
Cap Rate 9%
$334,456
Alternative Uses
Best Use
Retail
$430.0K
$376.3K – $501.7K
NOI $30,101 @ 7.0% cap · market cap 6.03%
Second Best
Office B
$353.1K
$309.0K – $412.0K
NOI $24,718 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$443.0K
$387.6K – $516.8K
NOI $31,007 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 92382, CA
5,721
Population
4,006
Households
1.4
Avg Household Size
45
Median Age
36%
College-Educated
95%
High-School Grad
20.4 sq mi
ZIP Area
280
Density / Sq Mi
$85,208
Median Household Income
$53,164
Median Earnings
$1,731
Median Rent
$373,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four separately configured units support retail, office, or combined commercial use.
Where is this mixed-use property located?
The property is located at 31961 Hilltop Running Springs, CA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Nearly 2,100 square feet of interior space in a two‑story building; Four units measuring 581 SF, 456 SF, 600 SF, and 451 SF; Unit 3 includes a 182 sq ft rear patio and 116 sq ft front balcony
