Professional Office
New
For Sale
$1,700,000
264 N Highland Springs 4, Banning, CA 92220
Professional Office zoning, central air, and forced-air heating support a dedicated office environment.
Property Size6,757 SF
Days on Market6
Property Features for 264 N Highland Springs 4
General Information
Standard status
Active
Size
6,757 SF
Total Parking Spaces
40
Zoning
Professional Office
Amenities
Central Air
Forced Air
Wrought Iron
Building Details
Building Size
6,757 SF
Year Built
1992
Buildings
1
Stories
1
Listing Agency:
Pay It Forward Realty
(714) 855-8184
Listed By:
Brad Petersen · License #01724042
(714) 855-8184
Source:
Evrealestate
Added: Aug 7
Changed: Aug 12
Last Checked: Aug 12 at 6:08AM
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 Pay It Forward Realty
Investment Insights
Based on property information with market context.
This office property was constructed in 1992 and carries Professional Office zoning. Interior systems include central air and forced-air heating, while wrought-iron elements provide a defined exterior feature.
Access is from the 10 Freeway via the Highland Springs exit, followed by northbound travel on Highland Springs. The property is positioned north of Ramsey Street, with Walgreens identified on the right side along the approach. The asset is located in Riverside County at 264 N Highland Springs 4, Banning, California 92220.
Access is from the 10 Freeway via the Highland Springs exit, followed by northbound travel on Highland Springs. The property is positioned north of Ramsey Street, with Walgreens identified on the right side along the approach. The asset is located in Riverside County at 264 N Highland Springs 4, Banning, California 92220.
Key Highlights
- Professional Office zoning
- Constructed in 1992
- Central air conditioning
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
$106,164
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
6.24%
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%
$2,123,280
$2.1M
Cap Rate 7%
$1,516,629
$1.5M
Cap Rate 9%
$1,179,600
$1.2M
Market Conditions
NOI Build-Up for 6,757 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
$154.9K $22.92/SF
− Vacancy
−$13.3K −$1.97/SF
EGI
$141.6K $20.95/SF
− OpEx
−$35.4K −$5.24/SF
NOI
$106.2K $15.71/SF
Area
Riverside County, CA
Vacancy
8.60%
Lease Rate
$22.92 /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%
$2,123,280
Cap Rate 7%
$1,516,629
Cap Rate 9%
$1,179,600
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.77M
NOI $106,164 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,700 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Explore this area
Business Placement
Demographics for 92220, CA
32,947
Population
13,258
Households
2.5
Avg Household Size
43
Median Age
17%
College-Educated
82%
High-School Grad
141.3 sq mi
ZIP Area
233
Density / Sq Mi
$59,116
Median Household Income
$35,428
Median Earnings
$1,499
Median Rent
$324,800
Median Home Value
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 - Professional Office zoning, central air, and forced-air heating support a dedicated office environment.
Where is this office building located?
The property is located at 264 N Highland Springs 4 Banning, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Professional Office zoning; Constructed in 1992; Central air conditioning
