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    37412 Casino Dr Lake Elsinore, CA 92530
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    37412 Casino Dr, Lake Elsinore, CA 92530

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    • Neighborhood centers
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    Cap Rate Potential
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    Current Use by Public Records

    • Neighborhood centers

    Property Details for 37412 Casino Dr

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Shopper's Square, located at 37412-37124 Casino Drive in Lake Elsinore, CA 92530, presents a fantastic opportunity for retail businesses seeking space in a vibrant Riverside County location. This multi-tenant strip center offers flexible space options, ideal for a variety of retail concepts and restaurants. Three spaces are currently available, ranging from a minimum of 1,000 square feet to a maximum contiguous space of 7,195 square feet. The property's strategic location provides excellent visibility and accessibility, ensuring high foot traffic and potential for strong sales. The address is easily accessible from major roadways, making it convenient for both customers and employees. This is an exceptional opportunity to establish or expand your business in a thriving community. The property is classified as a retail strip center with restaurant capabilities, offering a diverse range of possibilities for prospective tenants. The building's total square footage is not currently specified, but the available spaces provide ample room for various business needs. Serious inquiries are encouraged to explore this prime retail space in the desirable Lake Elsinore market. Contact us today to learn more about leasing options and to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lake Elsinore
    County
    Riverside
    State
    California
    Longitude
    -117.296
    Latitude
    33.6575

    Comparable in this City

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      9,568 SF

      31750 Casino Dr

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    • Value Estimation
      $960,000
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      31712 Casino Dr

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      31712 Casino Dr, Lake Elsinore, CA 92530-4547
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    • Value Estimation
      $675,000
      5,350 SF

      2497 Lakeshore Dr

      SHOPPING CENTER, STRIP CENTER
      2497 Lakeshore Dr, Lake Elsinore, CA 92530-4437
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    • Value Estimation
      $835,000
      7,173 SF

      17955 Collier Ave

      SHOPPING CENTER, STRIP CENTER
      17955 Collier Ave, Lake Elsinore, CA 92530-2623
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    • Value Estimation
      $725,000
      7,800 SF

      32291 Msn Trl

      SHOPPING CENTER, STRIP CENTER
      32291 Msn Trl, Lake Elsinore, CA 92530-2310
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      Property with great visibility and accessibility on Interstate-15 freeway.
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    Similar Nearby for Lease

    • $1.50 SF/Yr

      Retail and Restaurant Space Available

      In-line retail and restaurant space for rent on Casino Drive.
      31712-31724 Casino Dr, Lake Elsinore, CA 92530
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      1,590 SF

      Retail Space in Neighborhood Center

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    • $2.00 SF/Yr
      4,000 SF

      Anchored Retail Center For Lease

      Neighborhood shopping center anchored by Cardenas Market.
      31928-31960 Mission Trl, Lake Elsinore, CA 92530
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      Retail Space Near I-15 Freeway

      Retail property available for lease near I-15 Freeway.
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      Corner Suite at Central Business

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      600 Central Ave, Lake Elsinore, CA 92530
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    Lake Elsinore, CA 92530
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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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