Renovated Multi-Tenant Shopping
For Sale
$3,500,000
14920 Perris Boulevard, Moreno Valley, CA 92553
Food court improvements and EV charging serve a diverse mix of retail and restaurant occupants.
Property Size18,906 SF
Days on Market125
Property Features for 14920 Perris Boulevard
General Information
Standard status
Active
Size
18,906 SF
Property subtype
Retail
Amenities
modernized food court
EV charging stations
Building Details
Building Size
18,906 SF
Year Built
2019
Year Renovated
2021
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial George Realty
Listed By:
Aldon Lai · License #01855739
Source:
Velocityrealtysd
Added: Apr 21
Changed: Aug 21
Last Checked: Aug 22 at 11:48AM
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 Commercial George Realty
Investment Insights
Based on property information with market context.
This multi-tenant shopping center at 14920 Perris Boulevard in Moreno Valley was built in 2019 and renovated in 2021. Property improvements include a modernized food court, EV charging stations, and upgraded amenities serving both occupants and visitors.
The center includes Little Caesars, China Bowl, Lemon Tree Sushi & Ramen, and Steer 'N Stein Steakhouse. It is adjacent to a retail center anchored by Cardenas Supermarket, placing the property within an established retail setting. The tenant mix combines national and regional operators across food and beverage uses, creating a varied commercial environment within the center.
The center includes Little Caesars, China Bowl, Lemon Tree Sushi & Ramen, and Steer 'N Stein Steakhouse. It is adjacent to a retail center anchored by Cardenas Supermarket, placing the property within an established retail setting. The tenant mix combines national and regional operators across food and beverage uses, creating a varied commercial environment within the center.
Key Highlights
- Multi‑tenant shopping center at 14920 Perris Boulevard, Moreno Valley, CA 92553
- Built in 2019 and renovated in 2021
- Modernized food court and upgraded property amenities
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
$270,136
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
7.72%
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%
$5,402,720
$5.4M
Cap Rate 7%
$3,859,086
$3.9M
Cap Rate 9%
$3,001,511
$3.0M
Market Conditions
NOI Build-Up for 18,906 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
$408.4K $21.60/SF
− Vacancy
−$22.5K −$1.19/SF
EGI
$385.9K $20.41/SF
− OpEx
−$115.8K −$6.12/SF
NOI
$270.1K $14.29/SF
Area
Moreno Valley, CA
Vacancy
5.50%
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%
$5,402,720
Cap Rate 7%
$3,859,086
Cap Rate 9%
$3,001,511
Alternative Uses
Best Use
Retail
$3.86M
$3.38M – $4.50M
NOI $270,136 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.48M
$5.67M – $7.56M
NOI $453,553 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
106k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 39%
Dining 33%
Shops & Services 24%
Electronics 4%
Cardenas Market
Groceries
41,459 visits/mo
0.0 miles
Jack in the Box
Dining
15,148 visits/mo
0.2 miles
Little Caesars Pizza
Dining
10,692 visits/mo
0.1 miles
7-Eleven
Shops & Services
10,484 visits/mo
0.1 miles
Family Dollar
Shops & Services
10,116 visits/mo
0.2 miles
Demographics for 92553, CA
76,761
Population
20,175
Households
3.8
Avg Household Size
30
Median Age
13%
College-Educated
74%
High-School Grad
10.3 sq mi
ZIP Area
7,453
Density / Sq Mi
$71,344
Median Household Income
$36,525
Median Earnings
$1,892
Median Rent
$413,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Food court improvements and EV charging serve a diverse mix of retail and restaurant occupants.
Where is this shopping center located?
The property is located at 14920 Perris Boulevard Moreno Valley, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Multi‑tenant shopping center at 14920 Perris Boulevard, Moreno Valley, CA 92553; Built in 2019 and renovated in 2021; Modernized food court and upgraded property amenities
