Renovated Flex Space with
For Sale
$1,190,000
1115 Grove Avenue, Ontario, CA 91761
Office and warehouse areas provide a practical mix of work, storage, and delivery functions.
Property Size3,308 SF
Price / SF$359.73
Days on Market387
Property Features for 1115 Grove Avenue
General Information
Standard status
Active
Size
3,308 SF
Property subtype
Mixed Use
Additional Details
Road Access
Yes
Drive-In Doors
1
Amenities
Reception area
Private offices
Conference room
Kitchen
Restrooms
Storage room
Central Air
3
Building Details
Year Built
2008
Listing Agency:
(626) 913-2808
Listed By:
Coldwell Banker Envision
Source:
Xome
Added: Aug 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Envision
Investment Insights
Based on property information with market context.
This 3,308-square-foot flex space combines renovated office improvements with a warehouse component. The office area includes a reception space, 5 private offices, a conference room, a kitchen with sink, and 2 restrooms. Central air serves the property, while the warehouse provides high ceilings, a separate storage room, and a tall roll-up grade-level door for receiving and distribution activities.
The property fronts Grove Avenue within Belmont & Grove Business Park in Ontario, providing direct street frontage and ample parking. Ontario International Airport is located within 10 minutes of the property. Built in 2008, the building offers a combination of office accommodation and functional warehouse space for commercial operations.
The property fronts Grove Avenue within Belmont & Grove Business Park in Ontario, providing direct street frontage and ample parking. Ontario International Airport is located within 10 minutes of the property. Built in 2008, the building offers a combination of office accommodation and functional warehouse space for commercial operations.
Key Highlights
- 3,308‑square‑foot flex space with renovated office and warehouse areas
- 5 private offices, reception area, conference room, kitchen, and 2 restrooms
- Warehouse includes high ceilings and a tall roll‑up grade‑level door
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
$53,523
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
4.50%
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%
$1,070,460
$1.1M
Cap Rate 7%
$764,614
$764.6K
Cap Rate 9%
$594,700
$594.7K
Market Conditions
NOI Build-Up for 3,308 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
$93.3K $28.20/SF
− Vacancy
−$7.6K −$2.31/SF
EGI
$85.6K $25.89/SF
− OpEx
−$32.1K −$9.71/SF
NOI
$53.5K $16.18/SF
Area
Ontario, CA
Vacancy
8.20%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,070,460
Cap Rate 7%
$764,614
Cap Rate 9%
$594,700
Alternative Uses
Best Use
Mixed Use
$764.6K
$669.0K – $892.1K
NOI $53,523 @ 7.0% cap · market cap 4.50%
Second Best
Warehouse
$707.3K
$618.9K – $825.2K
NOI $49,513 @ 7.0% cap · market cap 4.16%
Theoretical Best
Specialty Retail
$855.6K
$748.6K – $998.2K
NOI $59,889 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91761, CA
60,306
Population
18,309
Households
3.3
Avg Household Size
35
Median Age
21%
College-Educated
81%
High-School Grad
28.5 sq mi
ZIP Area
2,116
Density / Sq Mi
$97,396
Median Household Income
$44,493
Median Earnings
$2,015
Median Rent
$590,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse areas provide a practical mix of work, storage, and delivery functions.
Where is this flex space located?
The property is located at 1115 Grove Avenue Ontario, CA.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 3,308‑square‑foot flex space with renovated office and warehouse areas; 5 private offices, reception area, conference room, kitchen, and 2 restrooms; Warehouse includes high ceilings and a tall roll‑up grade‑level door
