Retail Property in Historic Lake
For Sale
$740,000
119 W Peck, Lake Elsinore, CA 92530
Retail property with tenant in Lake Elsinore's shopping district.
Property Size3,200 SF
Lot Size0.19 Acres
Days on Market164
Property Features for 119 W Peck
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.19 Acres
Property subtype
Commercial
Building Details
Building Size
3,200 SF
Year Built
1935
Listing Agency:
Mark 1 Real Estate, Inc.
(951) 640-2923
Listed By:
Teri Heuer · License #01202023
(951) 640-2923
Source:
Elliman
Added: Mar 12
Changed: Aug 10
Last Checked: Aug 22 at 9:50AM
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 Mark 1 Real Estate, Inc.
Investment Insights
Based on property information with market context.
This commercial real estate property features a spacious, open interior. It has historically been used as an antique boutique. The current tenant is operating under a month-to-month lease and has expressed interest in remaining on the property after its sale, subject to the new owner's discretion. Located in Lake Elsinore, the property benefits from its location within a historic community known for its numerous shops along Main Street, attracting shoppers. The area also draws water sports enthusiasts and fishing fans due to the presence of the lake.
Key Highlights
- Spacious open interior.
- Tenant interested in remaining after sale (month‑to‑month lease).
- Located in historic Lake Elsinore.
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
$45,868
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
6.20%
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%
$917,360
$917.4K
Cap Rate 7%
$655,257
$655.3K
Cap Rate 9%
$509,644
$509.6K
Market Conditions
NOI Build-Up for 3,200 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
$69.1K $21.60/SF
− Vacancy
−$3.6K −$1.12/SF
EGI
$65.5K $20.48/SF
− OpEx
−$19.7K −$6.14/SF
NOI
$45.9K $14.33/SF
Area
Riverside 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%
$917,360
Cap Rate 7%
$655,257
Cap Rate 9%
$509,644
Alternative Uses
Best Use
Retail
$655.3K
$573.4K – $764.5K
NOI $45,868 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$958.7K
$838.8K – $1.12M
NOI $67,107 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92530, CA
59,098
Population
18,502
Households
3.2
Avg Household Size
34
Median Age
17%
College-Educated
80%
High-School Grad
77.1 sq mi
ZIP Area
767
Density / Sq Mi
$84,799
Median Household Income
$41,138
Median Earnings
$1,705
Median Rent
$467,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Graham Florist & Flower Delivery Lake Elsinore CA — 119 W Graham Ave, Lake Elsinore, CA 92530
- Tulips Trophies & Treasures — 159 N Main St, Lake Elsinore, CA 92530
Frequently Asked Questions
What type of property is this?
Storefront property - Retail property with tenant in Lake Elsinore's shopping district.
Where is this storefront property located?
The property is located at 119 W Peck Lake Elsinore, CA.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Spacious open interior.; Tenant interested in remaining after sale (month‑to‑month lease).; Located in historic Lake Elsinore.
