Rancho Mirage Retail/Education
For Sale
Contact for pricing
34275 Monterey Ave, Rancho Mirage, CA 92270
Single-tenant building approved for education use in Rancho Mirage.
Property Size45,586 SF
Price / SF$197.43
Days on Market155
Property Features for 34275 Monterey Ave
General Information
Standard status
Active
Size
45,586 SF
Total Parking Spaces
189
Property subtype
Retail
Zoning
C-C
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$552,000
Building Details
Year Built
2003
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
eXp Commercial LLC
(502) 817-6484
Listed By:
Sam Griffin, CCIM, CBI, NACREP · License #RES#02235597
Source:
Crexi
Added: Mar 10
Changed: Aug 11
Last Checked: Aug 10 at 9:42AM
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 eXp Commercial LLC
Investment Insights
Based on property information with market context.
Located in the Monterey Marketplace of Rancho Mirage, this single-tenant building is approved for education use and currently occupied by San Joaquin Valley College, an accredited trade school with 15 campuses in California. The lease structure is NNN+CAM, with the landlord responsible for roof and structure. The current lease runs through January 2029, featuring 3% annual rent increases, and includes one additional 3-year extension option at 95% of FMV. The property shares center traffic with retailers such as Home Depot, Regal Movie Theaters, and Pacific Sales, and is directly across the street from Costco and Walmart. It is also located less than 1 mile from the new Disney development, Cotino. Significant recent improvements to the property include roof reconditioning completed in December 2025 with a 10-year warranty, and a new $595,000 HVAC system installed in 2022. The property is zoned C-C, “Community Commercial,” intended for large, community-scale shopping centers and malls that can include large retail outlets, restaurants, hotels, and entertainment uses. The property size is 45586 square feet.
Key Highlights
- NNN+CAM lease structure with a strong regional tenant (San Joaquin Valley College) provides stable income.
- Lease extends through January 2029 with 3% annual rent increases and a 3‑year extension option.
- Prime location in Monterey Marketplace**, sharing traffic with major retailers like Home Depot and Regal Movie Theaters, and near Costco, Walmart, and the new Disney Cotino development.
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
$653,419
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
7.26%
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%
$13,068,380
$13.1M
Cap Rate 7%
$9,334,557
$9.3M
Cap Rate 9%
$7,260,211
$7.3M
Market Conditions
NOI Build-Up for 45,586 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
$984.7K $21.60/SF
− Vacancy
−$51.2K −$1.12/SF
EGI
$933.5K $20.48/SF
− OpEx
−$280.0K −$6.14/SF
NOI
$653.4K $14.33/SF
Area
Riverside County, CA
Vacancy
5.20%
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%
$13,068,380
Cap Rate 7%
$9,334,557
Cap Rate 9%
$7,260,211
Alternative Uses
Best Use
Retail
$9.33M
$8.17M – $10.89M
NOI $653,419 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.66M
$11.95M – $15.93M
NOI $955,976 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 92270, CA
16,999
Population
14,936
Households
1.1
Avg Household Size
66
Median Age
47%
College-Educated
95%
High-School Grad
25.6 sq mi
ZIP Area
664
Density / Sq Mi
$109,943
Median Household Income
$60,084
Median Earnings
$1,575
Median Rent
$747,800
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?
NNN property - Single-tenant building approved for education use in Rancho Mirage.
Where is this nnn property located?
The property is located at 34275 Monterey Ave Rancho Mirage, CA.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: NNN+CAM lease structure with a strong regional tenant (San Joaquin Valley College) provides stable income.; Lease extends through January 2029 with 3% annual rent increases and a 3‑year extension option.; Prime location in Monterey Marketplace**, sharing traffic with major retailers like Home Depot and Regal Movie Theaters, and near Costco, Walmart, and the new Disney Cotino development.
