Perris Retreat Facility and
For Sale
$2,200,000
Pending
21871 Richard Street, Perris, CA 92570
13.88-acre retreat facility and place of worship in Perris, CA.
Property Size7,500 SF
Lot Size13.88 Acres
Days on Market150
Property Features for 21871 Richard Street
General Information
Standard status
Pending
Size
7,500 SF
Lot size
13.88 Acres
Property subtype
Commercial Sale / Mixed Use
Building Details
Year Built
1961
Buildings
12
Listing Agency:
REALTY MASTERS & ASSOCIATES
(909) 303-4500
Listed By:
Zoram Luna · License #01743140
(909) 303-4500
Source:
Compass
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 8 at 12:44PM
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 REALTY MASTERS & ASSOCIATES
Investment Insights
Based on property information with market context.
Located in unincorporated Meadowbrook, Riverside County, at 21871 Richard Street, Perris, CA 92570, this property spans 13.88 acres (604,613 sq ft lot) and includes more than a dozen structures. Currently operating as a retreat facility and place of worship, the property has specialized features for these purposes. It is held under permitted Plot Plan #PP19818. Zoned as Rural Residential with a plot plan/zoning variance, the property offers versatile possibilities. Structures could serve as sanctuaries, church gathering centers, shelters, retreat centers, office spaces, care centers, and dining halls. Some buildings have multiple bedrooms and bathrooms. Shelter 1 has 10 rooms with full showers and bathrooms, Shelter 2 features 10 rooms with full bathrooms and bathtubs, and Shelter 3 offers 8 rooms with full bathrooms and bathtubs. All three buildings have wall-mounted A/C units. Three buildings have tankless water heaters. Three buildings are used as church gathering centers and/or retreat centers, while others could be private living quarters. There is also a standalone building with multiple restrooms. The Main Worship Center accommodates 450 pew chairs. The property includes a dedicated well and a septic tank with five access holes on nearly 14 acres of flat terrain. An elongated driveway winds throughout the property, with multiple patio areas. The primary structures, totaling over 7,500 square feet, appear to have been built around 1961 and modified for their current use. Given its zoning variance and Plot Plan Permit, the property suits use as a church, retreat, or religious center. Its rural residential zoning also allows for potential residential housing development. The property is near the 215 freeway and Central Avenue.
Key Highlights
- Large 13.88‑acre lot with flat terrain, offering significant development potential.
- Currently operating as a Retreat Facility/Place of Worship under existing Plot Plan #PP19818 and zoning variance.
- Multiple buildings (over a dozen) suitable for various uses.
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
$76,258
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
3.47%
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%
$1,525,160
$1.5M
Cap Rate 7%
$1,089,400
$1.1M
Cap Rate 9%
$847,311
$847.3K
Market Conditions
NOI Build-Up for 7,500 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
$138.6K $18.48/SF
− Vacancy
−$11.5K −$1.53/SF
EGI
$127.1K $16.95/SF
− OpEx
−$50.8K −$6.78/SF
NOI
$76.3K $10.17/SF
Area
Riverside County, CA
Vacancy
8.30%
Lease Rate
$18.48 /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%
$1,525,160
Cap Rate 7%
$1,089,400
Cap Rate 9%
$847,311
Alternative Uses
Best Use
Healthcare Medical
$1.09M
$953.2K – $1.27M
NOI $76,258 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.25M
$1.97M – $2.62M
NOI $157,281 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 92570, CA
59,015
Population
15,590
Households
3.8
Avg Household Size
32
Median Age
10%
College-Educated
68%
High-School Grad
106.3 sq mi
ZIP Area
555
Density / Sq Mi
$77,570
Median Household Income
$34,671
Median Earnings
$1,461
Median Rent
$419,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - 13.88-acre retreat facility and place of worship in Perris, CA.
Where is this church & religious facility located?
The property is located at 21871 Richard Street Perris, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Large 13.88‑acre lot with flat terrain, offering significant development potential.; Currently operating as a Retreat Facility/Place of Worship under existing Plot Plan #PP19818 and zoning variance.; Multiple buildings (over a dozen) suitable for various uses.
