Multi-Tenant Shopping
For Sale
$950,000
9210 Thornton Rd, Stockton, CA 95209
Retail center with personal-service tenants, vacant suites, NNN leases, and secured rear employee parking.
Property Size6,213 SF
Price / SF$152.91
Days on Market9
Property Features for 9210 Thornton Rd
General Information
Standard status
Active
Size
6,213 SF
Property subtype
Shopping Strip
Amenities
Significant Value-Add Opportunity: Multiple avenues to increase income through leasing vacant suites, raising below-market rents, and renovating the property.
60% Current Occupancy: Two vacant suites provide an investor with immediate leasing and repositioning opportunities.
Prime Front Suite Available: The larger vacant unit is located at the front of the building and offers arguably the best visibility and positioning within the property.
Internet-Resistant Tenancy: Existing tenants provide personal and experiential services that require physical locations and are less susceptible to e-commerce competition.
Strong Traffic Exposure: High-visibility location benefits from traffic counts exceeding 35,000 vehicles per day.
Ample Parking: Convenient customer parking is complemented by secured and gated employee parking at the rear of the property.
Building Details
Building Size
6,213 SF
Year Built
1991
Listing Agency:
(916) 724-1326
Listed By:
Ed Nelson · License #License(s): CA: 01452610
(916) 724-1326
Source:
Marcusmillichap
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 10:19PM
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 Ed Nelson
Investment Insights
Based on property information with market context.
This multi-tenant shopping center contains 6,213 square feet within a retail building constructed in 1991 on approximately 0.58 acres. Three personal-service businesses occupy the property, while two suites are vacant, including a larger space at the front of the building. Current occupancy is 60%. Existing tenants operate under triple-net leases and reimburse their pro rata shares of operating expenses.
The property includes customer parking and secured, gated parking at the rear for employees. Located at 9210 Thornton Rd in Stockton, the center receives exposure to reported traffic exceeding 35,000 vehicles per day. The surrounding area includes an established residential trade area along with nearby retail and commercial businesses. Tenant uses include tattoo, brow, and beauty services.
The property includes customer parking and secured, gated parking at the rear for employees. Located at 9210 Thornton Rd in Stockton, the center receives exposure to reported traffic exceeding 35,000 vehicles per day. The surrounding area includes an established residential trade area along with nearby retail and commercial businesses. Tenant uses include tattoo, brow, and beauty services.
Key Highlights
- 6,213‑square‑foot multi‑tenant retail building on approximately 0.58 acres
- 60% occupied by three personal‑service tenants, with two vacant suites
- Three existing tenants operate under triple‑net (NNN) leases
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
$57,304
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
6.03%
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%
$1,146,080
$1.1M
Cap Rate 7%
$818,629
$818.6K
Cap Rate 9%
$636,711
$636.7K
Market Conditions
NOI Build-Up for 6,213 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
$89.5K $14.40/SF
− Vacancy
−$7.6K −$1.22/SF
EGI
$81.9K $13.18/SF
− OpEx
−$24.6K −$3.95/SF
NOI
$57.3K $9.22/SF
Area
ZIP 95209
Vacancy
8.50%
Lease Rate
$14.40 /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%
$1,146,080
Cap Rate 7%
$818,629
Cap Rate 9%
$636,711
Alternative Uses
Best Use
Retail
$818.6K
$716.3K – $955.1K
NOI $57,304 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,941 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95209, CA
44,660
Population
13,923
Households
3.2
Avg Household Size
37
Median Age
25%
College-Educated
87%
High-School Grad
8.2 sq mi
ZIP Area
5,446
Density / Sq Mi
$106,056
Median Household Income
$47,456
Median Earnings
$1,813
Median Rent
$464,900
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?
Shopping center - Retail center with personal-service tenants, vacant suites, NNN leases, and secured rear employee parking.
Where is this shopping center located?
The property is located at 9210 Thornton Rd Stockton, CA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 6,213‑square‑foot multi‑tenant retail building on approximately 0.58 acres; 60% occupied by three personal‑service tenants, with two vacant suites; Three existing tenants operate under triple‑net (NNN) leases
