NNN Medical Office
For Sale
Contact for pricing
21801 ALESSANDRO BLVD, Moreno Valley, CA 92553
Medical office space offered with a true NNN lease structure.
Property Size9,100 SF
Price / SF$439.89
Days on Market129
Property Features for 21801 ALESSANDRO BLVD
General Information
Standard status
Active
Size
9,100 SF
Total Parking Spaces
40
Property subtype
Retail, Office
Occupancy
100%
Net Operating Income
$257,199
Building Details
Year Built
1954
Stories
1
Units
40
Tenancy
Single
Listing Agency:
CBRE - Orange County
(949) 725-8625
Listed By:
Darren Fitch · License #02094043
Source:
Crexi
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 29 at 6:07PM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
This NNN property comprises 9,100 square feet of medical office space at 21801 Alessandro Blvd in Moreno Valley, California. The building was constructed in 1954 and is offered for sale with a true NNN lease structure.
The asset combines a specialized office use with an established building footprint. Property information identifies the address as 21801 ALESSANDRO BLVD, MORENO VALLEY, CA 92553.
The asset combines a specialized office use with an established building footprint. Property information identifies the address as 21801 ALESSANDRO BLVD, MORENO VALLEY, CA 92553.
Key Highlights
- 9,100 SF medical office property
- True NNN lease structure
- Constructed in 1954
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
$136,937
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
3.42%
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%
$2,738,740
$2.7M
Cap Rate 7%
$1,956,243
$2.0M
Cap Rate 9%
$1,521,522
$1.5M
Market Conditions
NOI Build-Up for 9,100 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
$240.2K $26.40/SF
− Vacancy
−$12.0K −$1.32/SF
EGI
$228.2K $25.08/SF
− OpEx
−$91.3K −$10.03/SF
NOI
$136.9K $15.05/SF
Area
Moreno Valley, CA
Vacancy
5.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$2,738,740
Cap Rate 7%
$1,956,243
Cap Rate 9%
$1,521,522
Alternative Uses
Best Use
Healthcare Medical
$1.96M
$1.71M – $2.28M
NOI $136,937 @ 7.0% cap · market cap 3.42%
Second Best
Office B
$1.91M
$1.67M – $2.22M
NOI $133,477 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,308 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Medical office space offered with a true NNN lease structure.
Where is this nnn property located?
The property is located at 21801 ALESSANDRO BLVD Moreno Valley, CA.
What is the asking price?
The asking price for this property is $4,003,000.
What are key features of this property?
This property features: 9,100 SF medical office property; True NNN lease structure; Constructed in 1954
