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    3361 Hamner Avenue Norco, CA 92860

    Sponsored
    For Sale
    $3,950,000

    1.78-acre commercial land, I-15 access.

    Property size:
    77,536 SF

    Description

    Added:
    Jan 28, 2025
    Days on Market:
    351
    This exceptional 1.78-acre commercial development site in Norco, CA, presents a compelling investment opportunity. Strategically located off Interstate 15, this corner lot boasts high visibility and convenient access. Zoned C-3 – Heavy Commercial, the property offers significant potential for various uses. Previous entitlements existed for a 90-room Holiday Inn Express & Suites; complete architectural drawings are available upon request. The City of Norco is actively seeking development on this site, suggesting potential incentives for qualified projects. The area demonstrates strong growth projections, with a projected 4.61% population increase and a 4.02% household increase between 2024 and 2029. High traffic volume on nearby Interstate 15 (291,609 annual vehicles) further underscores the site's commercial viability. This prime location is also within close proximity to State Route 91 and 12, and approximately 12.3 miles from Ontario International Airport, providing excellent regional connectivity. The property's size and location make it ideal for a variety of commercial developments. This is a rare opportunity to acquire a well-positioned development site in a thriving area.

    Property Features for 3361 Hamner Avenue

    General Information

    Property type
    Other land
    Square Feet
    77,536 SF
    Price / Square Foot
    $50
    Elevators
    N/A
    Lot Size
    77,537 SF

    HighLights

    • 1.78 acres of commercial land in Norco, CA, ideally located off Interstate 15.
    • Previously approved for a 90‑room hotel; plans available.
    • High‑traffic area with strong projected population and household growth.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norco
    State
    California
    Longitude
    -117.557318
    Latitude
    33.930582

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    FAQs

    What type of property is this?
    Land - 1.78-acre commercial land, I-15 access.
    Where is this land located?
    The property is located at 3361 Hamner Avenue Norco, CA.
    What is the asking price?
    The asking price for this property is $3,950,000.
    What are key features of this property?
    This property features: 1.78 acres of commercial land in Norco, CA, ideally located off Interstate 15.; Previously approved for a 90-room hotel; plans available.; High-traffic area with strong projected population and household growth.
    (818) 667-0627
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    3361 Hamner Avenue Norco, CA 92860
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    Norco, CA 92860
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3361 Hamner Avenue Norco, CA 92860
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