Multi-Unit Office Building with Gated
For Sale
$2,150,000
437 N Riverside, Rialto, CA 92376
SINGLE_FAMILY - Rialto, CA
Property Size6,510 SF
Lot Size0.58 Acres
Price / SF$330.26
Days on Market123
Property Features for 437 N Riverside
General Information
Property type
Residential
Property subtype
Office
Directions
Riverside Avenue, North of Foothill Blvd.
Subdivision
272 - Rialto
Standard status
Active
APN
0127601290000
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Cooling system
Central Air
Building Details
Year built
2000
Listing Agency:
RE/MAX ADVANTAGE · RE/MAX International
(909) 797-4133
Listed By:
BRANDON MIHLD · License #01968068
(909) 709-9841
Added: Apr 20
Changed: Jul 6
Last Checked: Aug 20 at 5:06AM
MLS# IG26085672
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.
Located at 437 N Riverside in downtown Rialto, this two-level commercial office property has been fully restored and remodeled and features 10 office units and four bathrooms, with two on each level. The offering also includes the adjacent parking lot on a separate APN, supporting a combined total of approximately 33 parking spaces with 19 gated on-site spaces plus 14 spaces on the included lot.
The building is positioned on highly visible Riverside Avenue and is described as being between Interstate 210 and Interstate 10 for convenient access. Upgrades and exterior improvements noted by the owner include wrought iron fencing, an automatic security gate, prominent signage, built-in gutter systems, rooftop HVAC systems, dual-pane windows, decorative stone and masonry accents, mature landscaping, exterior lighting, and meticulous maintenance.
All 10 units are currently leased by three separate tenants, creating in-place rental income. Per owner, the building was designed in a manner that may allow for future conversion to an apartment-style residential use, and buyers are advised to verify possibilities with the City of Rialto.
The building is positioned on highly visible Riverside Avenue and is described as being between Interstate 210 and Interstate 10 for convenient access. Upgrades and exterior improvements noted by the owner include wrought iron fencing, an automatic security gate, prominent signage, built-in gutter systems, rooftop HVAC systems, dual-pane windows, decorative stone and masonry accents, mature landscaping, exterior lighting, and meticulous maintenance.
All 10 units are currently leased by three separate tenants, creating in-place rental income. Per owner, the building was designed in a manner that may allow for future conversion to an apartment-style residential use, and buyers are advised to verify possibilities with the City of Rialto.
Key Highlights
- ~6,510 SF two‑level commercial office building built in 2000 with 10 office units and 4 bathrooms (2 per level)
- All 10 units are currently leased by 3 tenants; reported ~6% cap rate and 2025 NOI of $131,348 annually
- Parking includes 19 gated on‑site spaces plus 14 additional spaces on included adjacent parking lot (total 33 spaces)
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
$85,952
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
4.00%
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%
$1,719,040
$1.7M
Cap Rate 7%
$1,227,886
$1.2M
Cap Rate 9%
$955,022
$955.0K
Market Conditions
NOI Build-Up for 6,510 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
$140.6K $21.60/SF
− Vacancy
−$26.0K −$4.00/SF
EGI
$114.6K $17.60/SF
− OpEx
−$28.7K −$4.40/SF
NOI
$86.0K $13.20/SF
Area
Rialto, CA
Vacancy
18.50%
Lease Rate
$21.60 /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%
$1,719,040
Cap Rate 7%
$1,227,886
Cap Rate 9%
$955,022
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,952 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,135 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 92376, CA
84,548
Population
22,716
Households
3.7
Avg Household Size
32
Median Age
10%
College-Educated
72%
High-School Grad
13.3 sq mi
ZIP Area
6,357
Density / Sq Mi
$76,914
Median Household Income
$36,399
Median Earnings
$1,613
Median Rent
$433,100
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-level office building with 10 leased units and 33 on-site parking spaces across an included adjacent lot.
Where is this office building located?
The property is located at 437 N Riverside Rialto, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: ~6,510 SF two‑level commercial office building built in 2000 with 10 office units and 4 bathrooms (2 per level); All 10 units are currently leased by 3 tenants; reported ~6% cap rate and 2025 NOI of $131,348 annually; Parking includes 19 gated on‑site spaces plus 14 additional spaces on included adjacent parking lot (total 33 spaces)
