Multi-Tenant Retail Strip
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For Sale
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32475 Temecula Parkway, Temecula, CA 92592
Fully leased retail property with five tenants operating under NNN leases.
Property Size12,565 SF
Price / SF$437.72
Days on Market3
Property Features for 32475 Temecula Parkway
General Information
Standard status
Active
Size
12,565 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$307,483
Additional Details
Traffic Count
43,000 vehicles/day
Building Details
Tenancy
Multi
Listing Agency:
Marcus & Millichap - San Diego
Listed By:
Bill Rose · License #CA 01170320
(858) 373-3100
Source:
Crexi
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 2:51PM
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 Marcus & Millichap - San Diego
Investment Insights
Based on property information with market context.
Wolf Store Retail Park is a 12,565 SF multi-tenant strip center with five occupied retail suites and a fully leased rent roll. The property operates under NNN lease structures and offers a functional neighborhood retail format serving daily-needs, restaurant, and service-oriented businesses.
Positioned at 32475 Temecula Parkway in Temecula, California, the center sits along a commercial corridor reporting more than 43,000 vehicles per day. The surrounding trade area includes established retail destinations and residential density, with access to major regional transportation routes. Annual consumer traffic is reported at 1.1M, and the property is located within a market characterized by expanding employment and strong household incomes.
Positioned at 32475 Temecula Parkway in Temecula, California, the center sits along a commercial corridor reporting more than 43,000 vehicles per day. The surrounding trade area includes established retail destinations and residential density, with access to major regional transportation routes. Annual consumer traffic is reported at 1.1M, and the property is located within a market characterized by expanding employment and strong household incomes.
Key Highlights
- 12,565 SF multi‑tenant retail strip center
- Five tenants with 100% leased occupancy
- NNN lease structure across the tenant lineup
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
$182,941
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
3.33%
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%
$3,658,820
$3.7M
Cap Rate 7%
$2,613,443
$2.6M
Cap Rate 9%
$2,032,678
$2.0M
Market Conditions
NOI Build-Up for 12,565 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
$277.4K $22.08/SF
− Vacancy
−$16.1K −$1.28/SF
EGI
$261.3K $20.80/SF
− OpEx
−$78.4K −$6.24/SF
NOI
$182.9K $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%
$3,658,820
Cap Rate 7%
$2,613,443
Cap Rate 9%
$2,032,678
Alternative Uses
Best Use
Retail
$2.61M
$2.29M – $3.05M
NOI $182,941 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $272,996 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
43,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 92592, CA
79,740
Population
25,878
Households
3.1
Avg Household Size
38
Median Age
41%
College-Educated
95%
High-School Grad
110.2 sq mi
ZIP Area
724
Density / Sq Mi
$132,475
Median Household Income
$59,252
Median Earnings
$2,580
Median Rent
$664,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased retail property with five tenants operating under NNN leases.
Where is this strip mall located?
The property is located at 32475 Temecula Parkway Temecula, CA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 12,565 SF multi‑tenant retail strip center; Five tenants with 100% leased occupancy; NNN lease structure across the tenant lineup
