Building Details

Building Size 12,520 SF

Listing Agency: Lee & Associates - Ontario j***@lee-associates.com Show Phone

Listed By: Judd Hietbrink · License #01346629

Source: Lee-associates

Added: Nov 26, 2025 Changed: Aug 8 Last Checked: May 9 at 1:06AM

Report an Issue

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 Lee & Associates - Ontario

Investment Insights

Based on property information with market context.

This office building, located at March Air Reserve Base, offers 12,520 square feet of space. The property is suitable for office use.

Key Highlights

• 12,520 square feet of office space
• Office building
• Proximity to air base

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

$259,502

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

7.82%

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%

$5,190,040 $5.2M

Cap Rate 7%

$3,707,171 $3.7M

Cap Rate 9%

$2,883,356 $2.9M

Market Conditions

NOI Build-Up for 12,520 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

$368.1K $29.40/SF

− Vacancy

−$22.1K −$1.76/SF

EGI

$346.0K $27.64/SF

− OpEx

−$86.5K −$6.91/SF

NOI

$259.5K $20.73/SF

Area

Riverside, CA

Vacancy

6.00%

Lease Rate

$29.40 /SF/Yr

Expense Ratio

25.00%

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%

$5,190,040

Cap Rate 7%

$3,707,171

Cap Rate 9%

$2,883,356

Alternative Uses

Best Use

Office B

$3.71M

$3.24M – $4.33M (±1% cap)

NOI $259,502 @ 7.0% cap · market cap 7.82%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.30M

$3.76M – $5.01M (±1% cap)

NOI $300,672 @ 7.0% cap · market cap 9.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Plumbing Service (Bike/Boat/Book/etc) Store Storage Facility Furniture & Home Goods Grocery & Convenience Store Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

151

Businesses Nearby

Explore this area Business Placement

Demographics for 92518, CA

806

Population

815

Households

1

Avg Household Size

62

Median Age

34%

College-Educated

98%

High-School Grad

7.8 sq mi

ZIP Area

103

Density / Sq Mi

$83,438

Median Household Income

$69,265

Median Earnings

$1,845

Median Rent

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Office building - Office building totaling 12,520 square feet near air base.

Where is this office building located?

The property is located at 21870 Van Buren Boulevard Bldg 12 March Air Reserve Base, CA.

What is the asking price?

The asking price for this property is $3,317,800.

What are key features of this property?

This property features: 12,520 square feet of office space; Office building; Proximity to air base