Unique Event Venue with
For Sale
$3,250,000
22092 US Highway 18, Apple Valley, CA 92307
Versatile venue with retail space, event center, and bar.
Property Size38,215 SF
Price / SF$180.56
Days on Market268
Property Features for 22092 US Highway 18
General Information
Standard status
Active
Size
38,215 SF
Property subtype
Special Purpose
Building Details
Building Size
38,215 SF
Year Built
1977
Listing Agency:
Coldwell Banker Commercial Rea
(760) 684-8000
Listed By:
Jerrad Schendel · License #01971338
Source:
Velocityrealtysd
Added: Dec 6, 2025
Changed: Aug 28
Last Checked: Aug 30 at 9:57PM
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 Rea
Investment Insights
Based on property information with market context.
The Townsend Market is available for purchase, offering a unique venue suitable for concerts, live music, gatherings, weddings, car shows, events, food truck nights, and more. The property features almost 18,000 square feet of retail and storage space. It includes a lounge with a full bar that can be styled as a speakeasy or integrated into the event center. The event center itself spans 7,000 square feet but expands into 14,000 square feet of covered space designed for individual vendors and stalls. This property offers numerous uses and opportunities.
Key Highlights
- Owner financing available
- Unique venue suitable for concerts, live music, gatherings, weddings, car shows, events, and food truck nights
- Almost 18,000 SF of retail/storage space
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
$258,008
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
7.94%
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%
$5,160,160
$5.2M
Cap Rate 7%
$3,685,829
$3.7M
Cap Rate 9%
$2,866,756
$2.9M
Market Conditions
NOI Build-Up for 18,000 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
$388.8K $21.60/SF
− Vacancy
−$20.2K −$1.12/SF
EGI
$368.6K $20.48/SF
− OpEx
−$110.6K −$6.14/SF
NOI
$258.0K $14.33/SF
Area
San Bernardino County, CA
Vacancy
5.20%
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%
$5,160,160
Cap Rate 7%
$3,685,829
Cap Rate 9%
$2,866,756
Alternative Uses
Best Use
Retail
$3.69M
$3.23M – $4.30M
NOI $258,008 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,778 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
684
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Versatile venue with retail space, event center, and bar.
Where is this retail space located?
The property is located at 22092 US Highway 18 Apple Valley, CA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Owner financing available; Unique venue suitable for concerts, live music, gatherings, weddings, car shows, events, and food truck nights; Almost 18,000 SF of retail/storage space
