Historic Single-Family Residence with
For Sale
$799,900
Pending
24771 Washington Avenue, Murrieta, CA 92562
Commercial Sale, Murrieta, CA
Property Size1,982 SF
Lot Size0.32 Acres
Days on Market248
Property Features for 24771 Washington Avenue
General Information
Property type
Residential
Property subtype
Retail
Directions
Washington Ave between B and Juniper
Subdivision
SRCAR - Southwest Riverside County
Special listing conditions
Real Estate Owned
Standard status
Pending
APN
906153003
Lot size
0.32 Acres
Building Details
Year built
1903
Listing Agency:
FARNAM & ASSOCIATES REAL ESTATE
(844) 432-7626
Listed By:
SCOTT FARNAM · License #01332087
(951) 265-8043
Added: Dec 22, 2025
Changed: Aug 24
Last Checked: Aug 27 at 1:06AM
MLS# IG25280243
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1903 and rehabbed to modern-day expectations while keeping original charm and history, this property offers a distinctive layout with room to entertain. The building includes approximately 1,982 square feet, with three rooms upstairs and two balconies. The downstairs area features multiple separate entertaining rooms, along with a kitchen, bath, and dining space. In addition to the main home, the site includes a metal storage/shop approximately 30 by 50 and is completely fenced. The lot comprises approximately 13,940 square feet and is made up of two separate APNs.
Located in Historical Downtown Murrieta, the property’s arrangement supports both everyday living and flexible hosting needs. Buyers should review the configuration with their own plans in mind, including how the two-APN setup and improvements may align with intended use.
For buyers seeking a character-rich home with usable outdoor space and an on-site metal shop, the combination of indoor entertaining areas, balconies, and fenced grounds can help support a range of personal and business-adjacent uses. Buyers are responsible for performing their own due diligence regarding intended use with the City of Murrieta.
Located in Historical Downtown Murrieta, the property’s arrangement supports both everyday living and flexible hosting needs. Buyers should review the configuration with their own plans in mind, including how the two-APN setup and improvements may align with intended use.
For buyers seeking a character-rich home with usable outdoor space and an on-site metal shop, the combination of indoor entertaining areas, balconies, and fenced grounds can help support a range of personal and business-adjacent uses. Buyers are responsible for performing their own due diligence regarding intended use with the City of Murrieta.
Key Highlights
- Built in 1903 with rehab to modern day expectations, maintaining the home’s historical charm and character
- 13,940 sq ft lot with 2 separate APNs
- 1982 sq ft building with multiple interior spaces, including kitchen, bath, and dining areas
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
$29,886
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
3.74%
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%
$597,720
$597.7K
Cap Rate 7%
$426,943
$426.9K
Cap Rate 9%
$332,067
$332.1K
Market Conditions
NOI Build-Up for 1,982 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
$57.3K $28.92/SF
− Vacancy
−$3.0K −$1.50/SF
EGI
$54.3K $27.42/SF
− OpEx
−$24.5K −$12.34/SF
NOI
$29.9K $15.08/SF
Area
Murrieta, CA
Vacancy
5.20%
Lease Rate
$28.92 /SF/Yr
Expense Ratio
45.00%
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%
$597,720
Cap Rate 7%
$426,943
Cap Rate 9%
$332,067
Alternative Uses
Best Use
Apartment 5plus
$426.9K
$373.6K – $498.1K
NOI $29,886 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$626.1K
$547.9K – $730.5K
NOI $43,828 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 92562, CA
64,270
Population
22,362
Households
2.9
Avg Household Size
38
Median Age
34%
College-Educated
94%
High-School Grad
110.3 sq mi
ZIP Area
583
Density / Sq Mi
$113,204
Median Household Income
$55,495
Median Earnings
$2,262
Median Rent
$629,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Rehabbed 1903 home with multiple indoor gathering spaces, fenced grounds, and a large metal storage/shop.
Where is this single family property located?
The property is located at 24771 Washington Avenue Murrieta, CA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Built in 1903 with rehab to modern day expectations, maintaining the home’s historical charm and character; 13,940 sq ft lot with 2 separate APNs; 1982 sq ft building with multiple interior spaces, including kitchen, bath, and dining areas
