Freeway Adjacent Cold Storage
For Sale
$4,950,000
2642-2648 W Ramsey St., Banning, CA 92220
41,000 SF warehouse with cold storage near I-10.
Property Size41,000 SF
Price / SF$120.73
Days on Market290
Property Features for 2642-2648 W Ramsey St.
General Information
Standard status
Active
Size
41,000 SF
Property subtype
Industrial
Building Details
Building Size
41,000 SF
Listing Agency:
Lee & Associates
Listed By:
Rick Lazar · License #CalDRE #00549349
(951) 276-3652
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Sep 11
Last Checked: Sep 11 at 8:10AM
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 Lee & Associates
Investment Insights
Based on property information with market context.
This property features three buildings totaling 41,000 square feet, including 18,000 square feet of cold storage, situated on 4.53 acres of land. It has heavy power, with 1000 amps, 3 phase, and 4 wire. The property is adjacent to the I-10 Freeway and in close proximity to the 22nd Street off-ramp. A large freeway visible pole sign is included. The property is equipped with a life safety fire sprinkler system. It is suitable for warehouse and industrial use.
Key Highlights
- 18,000 SF of Cold Storage
- 41,000 SF Total Across 3 Buildings on 4.53 Acres
- Heavy Power: 1000 Amps, 3 Phase, 4 Wire
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
$408,832
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
8.26%
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%
$8,176,640
$8.2M
Cap Rate 7%
$5,840,457
$5.8M
Cap Rate 9%
$4,542,578
$4.5M
Market Conditions
NOI Build-Up for 41,000 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
$511.7K $12.48/SF
− Vacancy
−$30.7K −$0.75/SF
EGI
$481.0K $11.73/SF
− OpEx
−$72.1K −$1.76/SF
NOI
$408.8K $9.97/SF
Area
Riverside County, CA
Vacancy
6.00%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
15.00%
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%
$8,176,640
Cap Rate 7%
$5,840,457
Cap Rate 9%
$4,542,578
Alternative Uses
Best Use
Warehouse
$5.84M
$5.11M – $6.81M
NOI $408,832 @ 7.0% cap · market cap 8.26%
Second Best
Industrial
$4.81M
$4.21M – $5.61M
NOI $336,685 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$12.28M
$10.75M – $14.33M
NOI $859,803 @ 7.0% cap · market cap 17.37%
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
359
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- RightSpace Self Storage — 2909 W Lincoln St, Banning, CA 92220
- RightSpace Self Storage — 2822 W Ramsey St, Banning, CA 92220
- Storage Lockers — 2844 W Ramsey St, Banning, CA 92220
Frequently Asked Questions
What type of property is this?
Warehouse - 41,000 SF warehouse with cold storage near I-10.
Where is this warehouse located?
The property is located at 2642-2648 W Ramsey St. Banning, CA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 18,000 SF of Cold Storage; 41,000 SF Total Across 3 Buildings on 4.53 Acres; Heavy Power: 1000 Amps, 3 Phase, 4 Wire
