Multi-Tenant Retail
For Sale
Contact for pricing
28860 Old Town Front Street, Temecula, CA 92590
C1/CP-zoned retail center with multiple tenants and frontage along Old Town Front Street.
Property Size31,172 SF
Price / SF$202.10
Days on Market105
Property Features for 28860 Old Town Front Street
General Information
Standard status
Active
Size
31,172 SF
Total Parking Spaces
78
Property subtype
Retail
Zoning
C1/CP
Investment Type
Value Add
Additional Details
Gross Income
$526,368
Highway Access
Yes
Building Details
Year Built
1987
Year Renovated
2000
Units
18
Tenancy
Multi
Listing Agency:
Centennial Advisers
(714) 231-2537
Listed By:
Justin White · License #CA 00875427
Source:
Crexi
Added: May 19
Changed: Aug 30
Last Checked: Aug 30 at 8:45PM
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 Centennial Advisers
Investment Insights
Based on property information with market context.
This multi-tenant shopping center contains 30,539 SF of rentable retail space and was built in 1987. The property is zoned C1/CP and includes an established tenant roster across the center’s retail configuration.
The center is located at 28860 Old Town Front Street in Temecula’s historic district, with exposure along Old Town Front Street and access to Interstate 15. Approximately 25% of the building’s leases are scheduled to expire by the end of 2026, providing a defined leasing event within the existing tenancy profile.
The center is located at 28860 Old Town Front Street in Temecula’s historic district, with exposure along Old Town Front Street and access to Interstate 15. Approximately 25% of the building’s leases are scheduled to expire by the end of 2026, providing a defined leasing event within the existing tenancy profile.
Key Highlights
- 30,539 SF of rentable retail space
- Multi‑tenant shopping center with an established tenant roster
- C1/CP zoning
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
$453,850
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
7.20%
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%
$9,077,000
$9.1M
Cap Rate 7%
$6,483,571
$6.5M
Cap Rate 9%
$5,042,778
$5.0M
Market Conditions
NOI Build-Up for 31,172 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
$688.3K $22.08/SF
− Vacancy
−$39.9K −$1.28/SF
EGI
$648.4K $20.80/SF
− OpEx
−$194.5K −$6.24/SF
NOI
$453.9K $14.56/SF
Area
Temecula, CA
Vacancy
5.80%
Lease Rate
$22.08 /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%
$9,077,000
Cap Rate 7%
$6,483,571
Cap Rate 9%
$5,042,778
Alternative Uses
Best Use
Retail
$6.48M
$5.67M – $7.56M
NOI $453,850 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.68M
$8.47M – $11.29M
NOI $677,265 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92590, CA
4,840
Population
2,023
Households
2.4
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
54.4 sq mi
ZIP Area
89
Density / Sq Mi
$76,952
Median Household Income
$41,510
Median Earnings
$1,289
Median Rent
$1,201,400
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 - C1/CP-zoned retail center with multiple tenants and frontage along Old Town Front Street.
Where is this shopping center located?
The property is located at 28860 Old Town Front Street Temecula, CA.
What is the asking price?
The asking price for this property is $6,300,000.
What are key features of this property?
This property features: 30,539 SF of rentable retail space; Multi‑tenant shopping center with an established tenant roster; C1/CP zoning
