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    3112 1St St Riverside, CA 92507

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    For Sale
    $1,489,000

    Updated duplex with workshop, ideal for commercial use.

    Lot size:
    0.67 Acres

    Property Features for 3112 1St St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.67 Acres

    Building Details

    Year built
    1904

    We can help!

    Listing Contact
    Ann Casillas
    Source: Elliman

    Listing Agency: RE/MAX TOP PRODUCERS Listing Agent: Ann Casillas

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Riverside Duplex with Commercial Potential

    This property features a detached side-by-side duplex with a separate garage/workshop, suitable for running an industrial commercial business. Located near Downtown Riverside, the property includes two updated units, each with its own address, laminate floors, crown molding, appliances, and upgraded kitchen cabinets. Each unit has a private yard, a carport, and storage space; one unit also has a basement. Automatic gates provide access to each unit. The landscape is manicured and includes various fruit trees. The exterior of the units shows attention to detail. The property is currently rented to established renters at $2,500 each on a month-to-month basis. The total living space is approximately 3,600 square feet on a 29,185 square foot lot. The back of the lot is fenced off with no access for the tenants. A tall carport and a separate workshop/garage with an automatic rollup door and a restroom are located on the side. The property is at the corner of 1st and Commerce St, with large side access suitable for large vehicle access and parking. The zoning is commercial, industrial, non-conforming/grandfathered in for rental of the two homes. The property has room for vehicles, semi-trucks, and trailers, which may be stored as long as they belong to the owner of record. The grandfather status is lost if the units are vacant for more than six months. The property could be converted into offices, but it may lose its residential income status. It is located next to the railroad tracks with convenient access to the 91/215/60 freeways.
    Location Intelligence

    Current Use by Public Records

    Tio Pallets Freight Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.3634316
    Latitude
    33.985351

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    FAQs

    What type of property is this?
    Duplex - Updated duplex with workshop, ideal for commercial use.
    Where is this duplex located?
    The property is located at 3112 1St St Riverside, CA.
    What is the asking price?
    The asking price for this property is $1,489,000.
    What are key features of this property?
    This property features: - Detached side-by-side duplex with separate garage/workshop ideal for running an industrial commercial business.; - Zoned commercial/industrial, non-conforming/grandfathered in for residential rental income (verify status).; - Large 29,185 sq ft lot with ample side access for large vehicles, semi-trucks, and trailers (owner-operated).
    (909) 268-2712
    Request Owner's contact information
    3112 1St St Riverside, CA 92507
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    Riverside, CA 92507
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    3112 1St St Riverside, CA 92507
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    We can help!
    Listing Contact
    Ann Casillas
    Real Estate License ID: 01522109
    (909) 268-2712 (909) 590-8853
    Learn more
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