Industrial Distribution
For Sale
$4,000,000
21284 Corwin Road, Apple Valley, CA 92307
Commercial Sale, Apple Valley, CA
Property Size29,615 SF
Lot Size3.27 Acres
Price / SF$135.07
Days on Market78
Property Features for 21284 Corwin Road
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Call me, I will guide you.
Subdivision
APPV - Apple Valley
Standard status
Active
APN
0463381780000
Lot size
3.27 Acres
Building Details
Year built
1989
Listing Agency:
Coldwell Banker Commercial Rea · Coldwell Banker Real Estate
(760) 684-8000
Listed By:
Robert Basen · License #00521368
(760) 792-8622
Added: Jun 16
Changed: Aug 20
Last Checked: Sep 1 at 4:06PM
MLS# HD26131520
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This industrial distribution facility occupies 3.27 acres in Apple Valley’s Industrial Specific Plan. The building includes clear-height space, multiple access points for loading and unloading, and yard area suited to vehicle or container storage. The layout supports warehousing, logistics, manufacturing, distribution, and transfer-center operations. Built in 1989, the property has served as a transfer and storage center for an established business.
The site is minutes from I-15 and Apple Valley Airport, providing access to regional transportation connections. It is also located within an industrial plan where more than 12 million square feet of development is entitled and underway. The tenant is open to remaining at the property under a long-term lease.
The site is minutes from I-15 and Apple Valley Airport, providing access to regional transportation connections. It is also located within an industrial plan where more than 12 million square feet of development is entitled and underway. The tenant is open to remaining at the property under a long-term lease.
Key Highlights
- 3.27‑acre industrial distribution property in Apple Valley’s Industrial Specific Plan
- Clear‑height building space with multiple loading and unloading access points
- Yard area supports vehicle or container storage
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
$295,307
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
7.38%
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%
$5,906,140
$5.9M
Cap Rate 7%
$4,218,671
$4.2M
Cap Rate 9%
$3,281,189
$3.3M
Market Conditions
NOI Build-Up for 29,615 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
$369.6K $12.48/SF
− Vacancy
−$22.2K −$0.75/SF
EGI
$347.4K $11.73/SF
− OpEx
−$52.1K −$1.76/SF
NOI
$295.3K $9.97/SF
Area
San Bernardino County, CA
Vacancy
6.00%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
15.00%
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%
$5,906,140
Cap Rate 7%
$4,218,671
Cap Rate 9%
$3,281,189
Alternative Uses
Best Use
Warehouse
$4.22M
$3.69M – $4.92M
NOI $295,307 @ 7.0% cap · market cap 7.38%
Second Best
Industrial
$3.47M
$3.04M – $4.05M
NOI $243,194 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$6.25M
$5.47M – $7.29M
NOI $437,279 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 92307, CA
41,649
Population
13,832
Households
3
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
187.5 sq mi
ZIP Area
222
Density / Sq Mi
$74,715
Median Household Income
$39,014
Median Earnings
$1,379
Median Rent
$396,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Industrial property with yard space and multiple access points for loading and unloading.
Where is this distribution center located?
The property is located at 21284 Corwin Road Apple Valley, CA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 3.27‑acre industrial distribution property in Apple Valley’s Industrial Specific Plan; Clear‑height building space with multiple loading and unloading access points; Yard area supports vehicle or container storage
