Downtown Craftsman Office
For Sale
$1,995,000
437 N Riverside, Rialto, CA 92376
Two-level office building with 10 leased suites, upgraded rooftop HVAC, dual-pane windows, and gated parking.
Property Size6,510 SF
Lot Size0.58 Acres
Price / SF$306.45
Days on Market138
Property Features for 437 N Riverside
General Information
Standard status
Active
Size
6,510 SF
Total Parking Spaces
33
Lot size
0.58 Acres
Property subtype
Office
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
6%
Office Units
10
Building Details
Building Size
6,510 SF
Year Built
2000
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX ADVANTAGE
Listed By:
BRANDON MIHLD · License #01968068
(909) 709-9841
Source:
Camdenmckayre
Added: Apr 20
Changed: Sep 3
Last Checked: Sep 2 at 2:45PM
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 RE/MAX ADVANTAGE
Investment Insights
Based on property information with market context.
Located in downtown Rialto, this two-level office building has been fully restored with Craftsman-style character and modern commercial functionality. The property offers 10 total office units and four bathrooms, with upgrades that include rooftop HVAC systems and dual-pane windows.
The building is set on highly visible Riverside Avenue and includes prominent signage, wrought iron fencing, an automatic security gate, exterior lighting, and mature landscaping. Parking is provided by 19 gated on-site spaces plus 14 additional spaces on the included adjacent parking lot, for 33 total parking spaces, with the adjacent lot included on a separate APN.
As currently configured, all 10 units are leased by three separate tenants. The owner also states the building may allow for future conversion to apartment-style residential use, which the buyer would need to verify with the City of Rialto.
The building is set on highly visible Riverside Avenue and includes prominent signage, wrought iron fencing, an automatic security gate, exterior lighting, and mature landscaping. Parking is provided by 19 gated on-site spaces plus 14 additional spaces on the included adjacent parking lot, for 33 total parking spaces, with the adjacent lot included on a separate APN.
As currently configured, all 10 units are leased by three separate tenants. The owner also states the building may allow for future conversion to apartment-style residential use, which the buyer would need to verify with the City of Rialto.
Key Highlights
- Two‑level, 6,510 SF office building built in 2000 with 10 office units and 4 bathrooms (2 per level)
- All 10 units are currently leased by 3 separate tenants; approximate 6% CAP rate and 2025 NOI of $131,348
- 19 gated on‑site parking spaces plus 14 spaces on an included adjacent parking lot (33 total spaces); adjacent lot is separate APN
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
4.31%
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 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,135 @ 7.0% cap · market cap 5.77%
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
Yes
Highway access
Yes
Paved road 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 suites, upgraded rooftop HVAC, dual-pane windows, and gated parking.
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 $1,995,000.
What are key features of this property?
This property features: Two‑level, 6,510 SF office building built in 2000 with 10 office units and 4 bathrooms (2 per level); All 10 units are currently leased by 3 separate tenants; approximate 6% CAP rate and 2025 NOI of $131,348; 19 gated on‑site parking spaces plus 14 spaces on an included adjacent parking lot (33 total spaces); adjacent lot is separate APN
