Refrigerated Cold Storage
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For Sale
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2648 W Ramsey St, Banning, CA 92220
Three-building industrial property with substantial refrigerated capacity, dock-high loading, and an available yard area.
Property Size41,000 SF
Price / SF$120.73
Days on Market4
Property Features for 2648 W Ramsey St
General Information
Standard status
Active
Size
41,000 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Dock-High Doors
10
Power
1,000 amps
Three-Phase Power
Yes
Cold Storage
Yes
Cold Storage Area
18,000 SF
Additional Details
Outdoor Storage
Yes
Building Details
Buildings
3
Listing Agency:
Lee & Associates
(951) 276-3600
Listed By:
Rick Lazar · License #00549349
(951) 316-1298
Source:
Moodyscre
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 11 at 2:06PM
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 refrigerated and cold storage facility comprises 3 buildings totaling 41,000 square feet, including approximately 18,000 square feet of cold storage across 2 buildings. The main building includes 6 dock-high doors, while the 8,000-square-foot refrigerated building provides 4 dock-high doors.
Power service includes a 1,000-amp, 3-phase, 4-wire system. An available yard area adds exterior operating space to the property.
Power service includes a 1,000-amp, 3-phase, 4-wire system. An available yard area adds exterior operating space to the property.
Key Highlights
- 3 buildings totaling 41,000 SF
- Approximately 18,000 SF of cold storage in 2 buildings
- 1,000 amps, 3‑phase, 4‑wire system power
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
—
—
no second resolved use
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
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Open Analytics
Current Use
Lease Details
10
Dock-high doors
Location Intelligence
Trade Area within ½ mile
367
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Three-building industrial property with substantial refrigerated capacity, dock-high loading, and an available yard area.
Where is this refrigerated & cold storage located?
The property is located at 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: 3 buildings totaling 41,000 SF; Approximately 18,000 SF of cold storage in 2 buildings; 1,000 amps, 3‑phase, 4‑wire system power
