Two-Story Multi-Unit Retail-Office
For Sale
$499,000
31961 Hilltop, Running Springs, CA 92382
SINGLE_FAMILY - Running Springs, CA
Property Size2,100 SF
Price / SF$237.62
Days on Market329
Property Features for 31961 Hilltop
General Information
Property type
Residential
Property subtype
Office
Directions
Highway 330 To Hilltop
Subdivision
288 - Running Springs
Standard status
Active
APN
0295181560000
Building Details
Year built
2005
Listing Agency:
COLDWELL BANKER SKY RIDGE REALTY · Coldwell Banker Real Estate
(909) 336-2131
Listed By:
Steven Keefe · License #01085197
(909) 336-2131
Added: Sep 26, 2025
Changed: Jul 6
Last Checked: Aug 20 at 5:06AM
MLS# IG25227161
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story commercial building is configured as four distinct units, offering flexibility for retail shops, professional offices, or a mix of both. Unit sizes range from 456 to 600 square feet of interior space, with select units also featuring rear patios and/or front balconies. The property includes outdoor space such as a large upper-story deck. Restroom service includes two half baths upstairs and one half bath downstairs.
Located at the intersection of Highway 18 and Highway 330 in downtown Running Springs, the building is positioned for high visibility and convenient access with ample parking for clients and customers.
The layout provides a multi-tenant configuration within a single structure, supported by the unit-level outdoor features and consistent restroom availability across the building.
Located at the intersection of Highway 18 and Highway 330 in downtown Running Springs, the building is positioned for high visibility and convenient access with ample parking for clients and customers.
The layout provides a multi-tenant configuration within a single structure, supported by the unit-level outdoor features and consistent restroom availability across the building.
Key Highlights
- Two‑story commercial building built in 2005 at the corner of Highway 18 and Highway 330 in downtown Running Springs
- Four distinct units with flexible multi‑use layout for retail shops and/or professional offices
- Nearly 2,100 sq ft total interior space plus patios, balconies, and decks (including an upper‑story deck with open downtown views)
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
$24,718
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
4.95%
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%
$494,360
$494.4K
Cap Rate 7%
$353,114
$353.1K
Cap Rate 9%
$274,644
$274.6K
Market Conditions
NOI Build-Up for 2,100 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
$35.8K $17.04/SF
− Vacancy
−$2.8K −$1.35/SF
EGI
$33.0K $15.69/SF
− OpEx
−$8.2K −$3.92/SF
NOI
$24.7K $11.77/SF
Area
San Bernardino County, CA
Vacancy
7.90%
Lease Rate
$17.04 /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%
$494,360
Cap Rate 7%
$353,114
Cap Rate 9%
$274,644
Alternative Uses
Best Use
Office B
$353.1K
$309.0K – $412.0K
NOI $24,718 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$443.0K
$387.6K – $516.8K
NOI $31,007 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 92382, CA
5,721
Population
4,006
Households
1.4
Avg Household Size
45
Median Age
36%
College-Educated
95%
High-School Grad
20.4 sq mi
ZIP Area
280
Density / Sq Mi
$85,208
Median Household Income
$53,164
Median Earnings
$1,731
Median Rent
$373,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story building with four distinct units, indoor and outdoor space, and multiple half baths serving tenants and customers.
Where is this office building located?
The property is located at 31961 Hilltop Running Springs, CA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑story commercial building built in 2005 at the corner of Highway 18 and Highway 330 in downtown Running Springs; Four distinct units with flexible multi‑use layout for retail shops and/or professional offices; Nearly 2,100 sq ft total interior space plus patios, balconies, and decks (including an upper‑story deck with open downtown views)
