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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1220 Palmyrita Ave Riverside, CA 92507-1705

    • Manufacturing properties
    • 22,230 SF
    • 3.29 lot acres
    OFF-MARKET
    Last Sale
    Jan 18, 2022
    $16,750,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-0751213
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Social Vocational Services / Social Services Organization

    Property Details for 1220 Palmyrita Ave

    Year built
    1989
    Construction
    TILT-UP CONCRETE
    Lot size
    3.29 lot acres
    Property size
    22,230 SF
    Zone code
    R1
    Property type
    Manufacturing properties
    APN
    249-060-020
    APU
    249060020

    Description

    The Iowa Corporate Center, located at 1220 Palmyrita Ave, Riverside, CA 92507, presents a unique opportunity for businesses seeking flexible office and warehouse space. This single-story, 137,838 square foot building, built in 1987 and renovated in 1989, is currently fully vacant and available for lease. The property boasts a multi-tenant configuration, offering spaces ranging from a minimum of 876 square feet to a maximum contiguous space of 124,458 square feet, catering to a variety of business needs. High ceilings, ranging from 14 to 16 feet, provide ample vertical space, while 15 dock-high doors ensure efficient loading and unloading. Ample parking is available with 379 spaces. The property is zoned BMP and situated in Riverside County. This versatile property is ideal for companies requiring both office and warehouse functionality, offering a blend of executive office space and industrial capabilities. Its location in Riverside, California provides easy access to major transportation routes and a thriving business community. The property's size and flexible layout make it suitable for a wide range of businesses, from small startups to larger enterprises. Contact us today to learn more about leasing opportunities at this prime Riverside location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.338
    Latitude
    34.004
    CBSA code
    40140
    CBSA name
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $78,710
    $2,184,840
    $4,942,940
    $7,127,780
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $610,000
      3,360 SF

      689 Iowa Ave

      MANUFACTURING (LIGHT) • 3,360 SF
      689 Iowa Ave, Riverside, CA 92507
      View Details
    • Value Estimation
      $625,000
      15,000 SF

      570 La Cadena Dr

      MANUFACTURING (LIGHT) • 15,000 SF
      570 La Cadena Dr, Riverside, CA 92507-8719
      View Details
    • Value Estimation
      $1,125,000
      66,599 SF

      1221 Citrus St

      MANUFACTURING (LIGHT) • 66,599 SF
      1221 Citrus St, Riverside, CA 92507-1737
      View Details
    • Value Estimation
      $730,000
      31,768 SF

      1120 Citrus St

      MANUFACTURING (LIGHT) • 31,768 SF
      1120 Citrus St, Riverside, CA 92507-1731
      View Details
    • Value Estimation
      $875,000
      30,000 SF

      1495 Columbia Ave

      MANUFACTURING (LIGHT) • 30,000 SF
      1495 Columbia Ave, Riverside, CA 92507-2021
      View Details
    • Value Estimation
      $835,000
      11,040 SF

      1495 Columbia Ave

      MANUFACTURING (LIGHT) • 11,040 SF
      1495 Columbia Ave, Riverside, CA 92507-2021
      View Details

    Similar Nearby for Sale

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      24,960 SF

      Industrial Building in Riverside, CA

      24,960 SF industrial building on 1.18 acre lot.
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    • $14,600,000
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      Riverside Industrial Distribution Center

      Class A, 40,000 SF Warehouse for Sale
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      Riverside Industrial Property

      24,960 SF Warehouse, Value-Add Opportunity
      1350 Citrus St, Riverside, CA 92507
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    • $875,000
      2,151 SF

      250 Iowa Ave, Riverside, CA 92507

      Industrial properties • 2,151 SF
      250 Iowa Ave, Riverside, CA 92507
      View Details
    • $11,000,000
      189,922 SF

      Riverside Storage Yard For Sale

      4.36 acre storage yard with warehouse and canopy.
      225-263 Main St, Riverside, CA 92507
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    • Contact for pricing
      29,302 SF

      Riverside Office/Flex Space Opportunity

      29,302 SF office/flex building in Commerce Square Business Park.
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    Similar Nearby for Lease

    • $11 SF/Yr
      413,062 SF

      Riverside Industrial Warehouse For Sale

      ±162,262 SF, 17.8 Acres, I-215 Access
      6335 Sycamore Canyon Blvd, Riverside, CA 92507
      View Details
    • $15 SF/Yr
      124,458 SF

      Iowa Corporate Center: Prime Space Available

      Riverside County Office/Industrial Space for Lease
      1020 Palmyrita Ave, Riverside, CA 92507
      View Details
    • $2 SF/Yr
      24,025 SF

      Riverside Flex Space For Lease

      Modern Flex/Warehouse Space Available
      1533 Spruce St, Riverside, CA 92507
      View Details
    • Contact for pricing

      Industrial Property For Rent

      Industrial property available for rent in Riverside, California.
      1280 Palmyrita Ave, Riverside, CA 92507
      View Details
    • Contact for pricing
      241,238 SF

      Cold-Storage Distribution Warehouse Available

      Sublease available for cold-storage distribution warehouse with office space.
      6688 Box Springs Blvd, Riverside, CA 92507
      View Details
    • Contact for pricing
      11,760 SF

      Free Standing Industrial Building

      Industrial building with office space for rent in Riverside.
      1492 Palmyrita Ave, Riverside, CA 92507
      View Details
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    Riverside, CA 92507-1705
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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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