Freeway Fronting Community
For Sale
Contact for pricing
Pending
275 Teller St, Corona, CA 92879
Strategic location with daily-needs anchor and credit tenants.
Property Size197,995 SF
Lot Size13.54 Acres
Days on Market198
Property Features for 275 Teller St
General Information
Standard status
Pending
Size
197,995 SF
Lot size
13.54 Acres
Property subtype
Retail
Zoning
GC-General Commercial
Net Operating Income
$2,783,577
Building Details
Year Built
1989
Listing Agency:
CBRE - Orange County
Listed By:
Mark Damiani · License #0000
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 13 at 1:44PM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
McKinley Crossroads is a community center with frontage on Interstate 91, located proximate to Interstate 15. The center features a daily-needs anchor, 24 Hour Fitness, along with national and regional credit tenants such as Sherwin Williams, Dunn-Edwards, STGI (Corona VA Clinic), Gracie Barra, and Smart Parke. The property is situated within an established, infill Western Inland Empire trade area. The center is at 94% occupancy with long-term leases in place including Corona VA Clinic (exp. 2046), 24 Hour Fitness (exp. 2036), Carpet One (exp. 2035), Touch N Go Soccer (exp. 2034), and Smart Parke (exp. 2034), McKinley Crossroads has stable tenancy with a 7.00 years weighted-average lease term remaining (WALT). There is an immediate upside opportunity through the lease-up of the 11,511 SF of vacancy. The property is positioned along McKinley Street, framed by Sampson Ave and Gibson Ave E. McKinley Crossroads fronts Interstate 91 Fwy, within close proximity to Interstate 15, making it easily accessible to the vast majority of Southern California and providing convenient regional accessibility to the immediate surrounding Inland Empire and adjacent Orange/LA counties. The site encompasses approximately 13.54 acres, with ample parking, and General Commercial zoning allows for a multitude of uses to serve the surrounding residential and commercial density.
Key Highlights
- Irreplaceable freeway frontage on Interstate 91 with high visibility and traffic.
- High occupancy rate (94%) with long‑term leases in place, including Corona VA Clinic and 24 Hour Fitness, providing stable tenancy and a 7.00‑year weighted‑average lease term (WALT).
- Below replacement cost acquisition opportunity.
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
$2,739,221
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
7.13%
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%
$54,784,420
$54.8M
Cap Rate 7%
$39,131,729
$39.1M
Cap Rate 9%
$30,435,789
$30.4M
Market Conditions
NOI Build-Up for 197,995 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
$4.28M $21.60/SF
− Vacancy
−$363.5K −$1.84/SF
EGI
$3.91M $19.76/SF
− OpEx
−$1.17M −$5.93/SF
NOI
$2.74M $13.83/SF
Area
Corona, CA
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$54,784,420
Cap Rate 7%
$39,131,729
Cap Rate 9%
$30,435,789
Alternative Uses
Best Use
Retail
$39.13M
$34.24M – $45.65M
NOI $2,739,221 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$61.58M
$53.89M – $71.85M
NOI $4,310,906 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
734k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 31%
Shops & Services 28%
Superstores 20%
Apparel 7%
Costco Wholesale
Superstores
144,660 visits/mo
0.2 miles
Costco Gasoline
Shops & Services
85,016 visits/mo
0.1 miles
99 Ranch Market
Groceries
50,732 visits/mo
0.3 miles
T.J. Maxx
Apparel
47,304 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
45,492 visits/mo
0.1 miles
Demographics for 92879, CA
47,243
Population
14,919
Households
3.2
Avg Household Size
35
Median Age
23%
College-Educated
80%
High-School Grad
9.8 sq mi
ZIP Area
4,821
Density / Sq Mi
$91,862
Median Household Income
$42,496
Median Earnings
$1,968
Median Rent
$592,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Strategic location with daily-needs anchor and credit tenants.
Where is this shopping center located?
The property is located at 275 Teller St Corona, CA.
What is the asking price?
The asking price for this property is $38,394,000.
What are key features of this property?
This property features: Irreplaceable freeway frontage on Interstate 91 with high visibility and traffic.; High occupancy rate (94%) with long‑term leases in place, including Corona VA Clinic and 24 Hour Fitness, providing stable tenancy and a 7.00‑year weighted‑average lease term (WALT).; Below replacement cost acquisition opportunity.
