Remodeled Office Building For
For Sale
Contact for pricing
2305 Chicago Avenue, Riverside, CA 92507
Single-story office building with remodeled open space and ample parking.
Property Size7,345 SF
Price / SF$251.87
Days on Market721
Property Features for 2305 Chicago Avenue
General Information
Standard status
Active
Size
7,345 SF
Property subtype
Special Purpose, Land
Listing Agency:
CENTURY 21 Top Producers
Listed By:
Crystal Sanders · License #CA
(909) 841-8125
Source:
Crexi
Added: Sep 26, 2024
Changed: Sep 12
Last Checked: Sep 15 at 5:24AM
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 CENTURY 21 Top Producers
Investment Insights
Based on property information with market context.
Located at the corner of Spruce Street and Chicago Avenue in Riverside, CA, this single-story commercial building offers 7,345 square feet of remodeled office space. The interior features an open layout with half walls and includes 18 offices, 2 kitchens (without gas or dishwashers), and a large conference room. There are 3 bathrooms, all of which are ADA compliant. The property includes 27 parking spaces, with 2 designated as handicapped spots. Parking is secured by an automatic gate with remotes and keypad. The property is zoned BMP.
Key Highlights
- High visibility corner location at a bustling intersection.
- 7,345 sq. ft. of open, remodeled office space.
- 27 dedicated parking spaces secured by an automatic gate.
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
$139,068
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
7.52%
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%
$2,781,360
$2.8M
Cap Rate 7%
$1,986,686
$2.0M
Cap Rate 9%
$1,545,200
$1.5M
Market Conditions
NOI Build-Up for 7,345 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
$198.3K $27.00/SF
− Vacancy
−$12.9K −$1.76/SF
EGI
$185.4K $25.25/SF
− OpEx
−$46.4K −$6.31/SF
NOI
$139.1K $18.93/SF
Area
ZIP 92507
Vacancy
6.50%
Lease Rate
$27.00 /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%
$2,781,360
Cap Rate 7%
$1,986,686
Cap Rate 9%
$1,545,200
Alternative Uses
Best Use
Office B
$1.99M
$1.74M – $2.32M
NOI $139,068 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.52M
$2.20M – $2.94M
NOI $176,206 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,437
Businesses Nearby
Explore this area
Business Placement
Demographics for 92507, CA
63,191
Population
19,739
Households
3.2
Avg Household Size
28
Median Age
32%
College-Educated
84%
High-School Grad
21.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$72,367
Median Household Income
$31,961
Median Earnings
$1,780
Median Rent
$503,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - Single-story office building with remodeled open space and ample parking.
Where is this office building located?
The property is located at 2305 Chicago Avenue Riverside, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: High visibility corner location at a bustling intersection.; 7,345 sq. ft. of open, remodeled office space.; 27 dedicated parking spaces secured by an automatic gate.
