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    2620-2698 Canyon Springs Pkwy Riverside, CA 92507

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    2620-2698 Canyon Springs Pkwy Riverside, CA 92507

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    • Retail properties & Spaces
    • 183,470 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2620-2698 Canyon Springs Pkwy

    Property size
    183,470 SF
    Property type
    Retail properties & Spaces

    Description

    Canyon Springs Marketplace, a dominant retail center in Riverside County, offers an exceptional opportunity for businesses seeking high-traffic exposure. This 183,470 square foot strip center boasts a strong tenant mix, including nationally recognized brands such as Nordstrom Rack, Marshalls, Sephora, Old Navy, Best Buy, Petco, Boot Barn, Michael's, and Smart & Final. The property is strategically located at the Day Street retail hub, serving a substantial trade area exceeding 500,000 people across multiple cities including Moreno Valley, eastern Riverside, Perris, Grand Terrace, and Jurupa Valley. Its prime location provides outstanding visibility to the over 180,000 vehicles that travel daily on the 60 freeway. A significant 35,000 square feet of retail space is currently available, presenting a unique opportunity for expansion or new business establishment. This space offers exceptional signage opportunities, including freeway visibility, back-of-building signage, and pylon/monument signage options. The center is institutionally owned and professionally managed, ensuring a consistently inviting and well-maintained shopping environment for customers. This is a rare chance to secure a prominent position within a thriving retail hub in a high-growth area of Riverside County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.285
    Latitude
    33.9429

    Comparable in this City

    • Value Estimation by Request
      690,000 SF

      2550 Canyon Springs Pkwy

      Retail properties & Spaces • 690,000 SF
      2550 Canyon Springs Pkwy, Riverside, CA 92507
      View Details
    • Value Estimation by Request
      182,256 SF

      1201 University Dr

      Lifestyle centers • 182,256 SF
      1201 University Dr, Riverside, CA 92507
      View Details
    • Value Estimation by Request
      0.27 Acres

      3075 10th St

      NURSERY, GREENHOUSE, FLORIST • 0.27 Acres
      3075 10th St, Riverside, CA 92507-4978
      View Details
    • Value Estimation by Request

      3180 15th St

      NURSERY, GREENHOUSE, FLORIST
      3180 15th St, Riverside, CA 92507-5506
      View Details
    • Value Estimation by Request
      62,000 SF

      Seq Ctr St. & California Ave

      Lifestyle centers • 62,000 SF
      0 Seq Ctr St. & California Ave, Riverside, CA 92507
      View Details
    • Value Estimation
      $18,640,000
      142,541 SF

      2663 Cyn Spgs Pkwy

      DEPARTMENT STORE • 142,541 SF
      2663 Cyn Spgs Pkwy, Riverside, CA 92507-0911
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Riverside Commercial Space For Lease

      Commercial space available for lease in Riverside, California.
      1575 University Ave, Riverside, CA 92507
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 1,326 square feet.
      12930 Day St, Riverside, CA 92507
      View Details
    • Contact for pricing
      24,982 SF

      Riverside Retail Opportunity For Lease

      Prime retail location ideal for restaurant or brewery.
      1575 University Ave, Riverside, CA 92507
      View Details
    • Contact for pricing

      Dominant Community Shopping Center Space

      Retail space in a dominant shopping center with high visibility.
      2620-2698 Canyon Springs Pkwy, Riverside, CA 92507
      View Details
    • Contact for pricing

      Riverside Office/Retail Space Available

      1,600 SF office/retail space with street frontage.
      1485 University Ave, Riverside, CA 92507
      View Details
    • Contact for pricing
      4,051 SF

      Retail Space in Riverside Center

      Retail property with high traffic and freeway access.
      3850 Chicago Ave, Riverside, CA 92507
      View Details
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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
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