Retail Buildings with Two
New
For Sale
$1,145,538
931 Armory, Barstow, CA 92311
Two newly leased spaces serve furniture retail and automotive repair uses.
Property Size7,154 SF
Price / SF$160.13
Days on Market2
Property Features for 931 Armory
General Information
Standard status
Active
Size
7,154 SF
Property subtype
Commercial
Site & Location
Anchor Co-Tenants
Stater Bros. Markets
Highway Access
Yes
Building Details
Building Size
7,154 SF
Year Built
1991
Buildings
2
Tenancy
Multi
Listing Agency:
MGR Real Estate, Inc
Listed By:
Randy Sanchez · License #01180997
(760) 955-7888
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:14PM
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 MGR Real Estate, Inc
Investment Insights
Based on property information with market context.
The property comprises two retail buildings within a larger shopping center. One building contains approximately 4,350 SF and is leased to a furniture store; the other contains approximately 2,804 SF and serves an auto repair tenant. Both leases are described as new. The property was built in 1991.
The center is anchored by Stater Bros. Markets and includes retail, restaurant, banking, medical, and service businesses. It sits just off the I-15 Freeway, with an established residential community to the south.
The center is anchored by Stater Bros. Markets and includes retail, restaurant, banking, medical, and service businesses. It sits just off the I-15 Freeway, with an established residential community to the south.
Key Highlights
- Two buildings totaling approximately 7,154 SF: ± 4,350 SF and ± 2,804 SF
- New leases with a furniture store and an auto repair tenant
- Part of a retail center anchored by Stater Bros. Markets
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
$102,544
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
8.95%
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%
$2,050,880
$2.1M
Cap Rate 7%
$1,464,914
$1.5M
Cap Rate 9%
$1,139,378
$1.1M
Market Conditions
NOI Build-Up for 7,154 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
$154.5K $21.60/SF
− Vacancy
−$8.0K −$1.12/SF
EGI
$146.5K $20.48/SF
− OpEx
−$43.9K −$6.14/SF
NOI
$102.5K $14.33/SF
Area
San Bernardino County, CA
Vacancy
5.20%
Lease Rate
$21.60 /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%
$2,050,880
Cap Rate 7%
$1,464,914
Cap Rate 9%
$1,139,378
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.71M
NOI $102,544 @ 7.0% cap · market cap 8.95%
Second Best
Industrial
$839.3K
$734.4K – $979.1K
NOI $58,748 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,632 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 92311, CA
34,524
Population
13,707
Households
2.5
Avg Household Size
33
Median Age
11%
College-Educated
84%
High-School Grad
424.4 sq mi
ZIP Area
81
Density / Sq Mi
$59,338
Median Household Income
$38,871
Median Earnings
$1,081
Median Rent
$217,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Retail space - Two newly leased spaces serve furniture retail and automotive repair uses.
Where is this retail space located?
The property is located at 931 Armory Barstow, CA.
What is the asking price?
The asking price for this property is $1,145,538.
What are key features of this property?
This property features: Two buildings totaling approximately 7,154 SF: ± 4,350 SF and ± 2,804 SF; New leases with a furniture store and an auto repair tenant; Part of a retail center anchored by Stater Bros. Markets
