Single-Story Medical Office
For Sale
$1,700,000
4-264 N Highland Springs Ave, Banning, CA 92220
Configured with private exam rooms, therapy space, conference facilities, and dedicated storage.
Property Size6,757 SF
Lot Size0.20 Acres
Price / SF$251.59
Days on Market15
Property Features for 4-264 N Highland Springs Ave
General Information
Standard status
Active
Size
6,757 SF
Lot size
0.20 Acres
Additional Details
Office Units
1
Amenities
private offices/exam rooms
restrooms
conference room
kitchen
exercise/therapy room
storage rooms
Building Details
Year Built
1992
Buildings
1
Stories
1
Building Size
6,757 SF
Listing Agency:
Pay It Forward Realty
(714) 855-8184
Listed By:
Brad Petersen · License #01724042
(714) 855-8184
Source:
Exprealty
Added: Aug 7
Changed: Aug 18
Last Checked: Aug 20 at 10:29AM
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 Pay It Forward Realty
Investment Insights
Based on property information with market context.
This single-story medical office property at 264 N. Highland Springs Ave. #4 in Banning, California, was built in 1992 and contains approximately 6,757 square feet of gross interior space on an 8,624-square-foot lot. The current layout includes more than 20 private offices and exam rooms, three restrooms, a conference room, kitchen, exercise and therapy room, and five dedicated storage rooms. On-site parking serves staff and visitors, while the building’s Professional Office zoning supports its current office configuration.
The property is adjacent to San Gorgonio Memorial Hospital, placing the office directly within an established healthcare setting. It is located within Flood Zone X, indicating minimal flood risk. The combination of medical-office improvements, dedicated support areas, and proximity to the hospital provides a functional setting for medical, healthcare, and professional office operations.
The property is adjacent to San Gorgonio Memorial Hospital, placing the office directly within an established healthcare setting. It is located within Flood Zone X, indicating minimal flood risk. The combination of medical-office improvements, dedicated support areas, and proximity to the hospital provides a functional setting for medical, healthcare, and professional office operations.
Key Highlights
- Approximately 6,757 SF of gross interior space on an 8,624‑square‑foot lot
- More than 20 private offices and exam rooms
- Built in 1992; single‑story medical office configuration
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
$106,164
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
6.24%
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%
$2,123,280
$2.1M
Cap Rate 7%
$1,516,629
$1.5M
Cap Rate 9%
$1,179,600
$1.2M
Market Conditions
NOI Build-Up for 6,757 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
$154.9K $22.92/SF
− Vacancy
−$13.3K −$1.97/SF
EGI
$141.6K $20.95/SF
− OpEx
−$35.4K −$5.24/SF
NOI
$106.2K $15.71/SF
Area
Riverside County, CA
Vacancy
8.60%
Lease Rate
$22.92 /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%
$2,123,280
Cap Rate 7%
$1,516,629
Cap Rate 9%
$1,179,600
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.77M
NOI $106,164 @ 7.0% cap · market cap 6.24%
Second Best
Healthcare Medical
$981.5K
$858.8K – $1.15M
NOI $68,703 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,700 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92220, CA
32,947
Population
13,258
Households
2.5
Avg Household Size
43
Median Age
17%
College-Educated
82%
High-School Grad
141.3 sq mi
ZIP Area
233
Density / Sq Mi
$59,116
Median Household Income
$35,428
Median Earnings
$1,499
Median Rent
$324,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with private exam rooms, therapy space, conference facilities, and dedicated storage.
Where is this medical office space located?
The property is located at 4-264 N Highland Springs Ave Banning, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Approximately 6,757 SF of gross interior space on an 8,624‑square‑foot lot; More than 20 private offices and exam rooms; Built in 1992; single‑story medical office configuration
