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    2305 Chicago Ave Riverside, CA 92507

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    For Sale
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    Prime Riverside location, 7,345 sq ft.

    Property size:
    7,345 SF

    Property Features for 2305 Chicago Ave

    General Information

    Property type
    Land
    Square Feet
    7,345 SF

    We can help!

    Listing Contact
    Crystal Sanders
    Crystal Sanders

    Listing Agency: CENTURY 21 Top Producers Listing Agent: Crystal Sanders

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional commercial property, located at 2305 Chicago Avenue in Riverside, California (zip code 92507), presents a unique investment opportunity. Situated on the corner of Spruce Street and Chicago Avenue, this single-story building offers unparalleled visibility and curb appeal. The 7,345 square foot space features a remodeled interior with open office space, divided by half-walls, and currently configured with 12 desks. The layout includes 18 individual offices, two kitchens (without gas or dishwashers), and three ADA-compliant bathrooms. A large conference room provides ample space for meetings and presentations. Secure parking is a significant advantage, with 27 spaces, including two handicapped-accessible spots, all accessed via an automatic gate with remote and keypad entry. The property is zoned BMP, offering flexibility for a variety of commercial uses. This high-visibility location, combined with the substantial square footage and ample parking, makes this property an ideal investment for businesses seeking a prominent Riverside presence. The property is priced at $1,850,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    TKE Engineering Inc Engineering Consultant Renner Terry Civil Engineer

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.3488008
    Latitude
    33.9899665

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    FAQs

    What type of property is this?
    Land - Prime Riverside location, 7,345 sq ft.
    Where is this land located?
    The property is located at 2305 Chicago Ave Riverside, CA.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Prime Riverside, CA location at 2305 Chicago Avenue, 92507.; 7,345 SF single-story building with high visibility and curb appeal.; Remodeled interior with open office space, 18 offices, 2 kitchens, and 3 ADA bathrooms.
    (909) 841-8125 Call to check price and availability
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    2305 Chicago Ave Riverside, CA 92507
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    Riverside, CA 92507
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2305 Chicago Ave Riverside, CA 92507
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Crystal Sanders
    Crystal Sanders
    (909) 841-8125 (909) 864-2121
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