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    Property profile & analytics

    1492 Palmyrita Ave Riverside, CA 92507

    • Warehouses
    • 11,200 SF
    • 2.81 lot acres
    For Lease
    View listing
    Last Sale
    Dec 21, 2021
    $5,700,000
    Value Estimations
    $8,315,000
    Cap Rate Potential
    2%
    Warehouses
    Location Intelligence
    Property ID
    US09-1369299
    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

    • Warehouses

    Property Details for 1492 Palmyrita Ave

    Year built
    1973
    Construction
    TILT-UP CONCRETE
    Lot size
    2.81 lot acres
    Property size
    11,200 SF
    Zone code
    R1
    Property type
    Warehouses
    APN
    249-040-001
    APU
    249040001

    Description

    This exceptional industrial property, located at 1492 Palmyrita Ave, Riverside, CA 92507, presents a significant opportunity. The single-tenant warehouse boasts a substantial 11,760 square feet of space, with 10,026 square feet currently vacant, situated on a generous 2.81-acre lot. Built in 1973, the building features an impressive 18-foot ceiling height, providing ample vertical space for storage or operations. Three loading docks and three dock-high doors ensure efficient loading and unloading of goods. The property also offers convenient parking with a 2:1000 ratio. The warehouse is powered by a 120/208 system and is fully fenced, enhancing security. The property's zoning designation is currently listed as "Fenced". The Assessor's Parcel Number (APN) is 249-040-001, and the property is located in Riverside County, California. This property is perfect for businesses seeking a large, well-equipped warehouse in a convenient Riverside location. The significant vacant space offers immediate occupancy potential for a variety of industrial uses. The ample lot size provides room for expansion or future development. This is a rare opportunity to acquire a substantial industrial property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,425,000
      ML approach
      $8,410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,544,000
      Market price range: $2.02M - $5.54M

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Riverside
    State
    California
    Longitude
    -117.344
    Latitude
    34.0042
    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
    $65,593
    $3,849,480
    $2,080,800
    $5,930,280
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      1020 Palmyrita Ave

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    • Value Estimation
      $1,225,000
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      972 Columbia Ave

      WAREHOUSE, STORAGE • 49,336 SF
      972 Columbia Ave, Riverside, CA 92507-2140
      View Details
    • Value Estimation
      $415,000
      4,940 SF

      2993 Msn Inn Ave

      WAREHOUSE, STORAGE • 4,940 SF
      2993 Msn Inn Ave, Riverside, CA 92507
      View Details
    • Value Estimation
      $1,405,000
      242,550 SF

      7105 Old 215th Frontage Rd

      WAREHOUSE, STORAGE • 242,550 SF
      7105 Old 215th Frontage Rd, Riverside, CA 92507
      View Details
    • Value Estimation
      $1,650,000
      251,550 SF

      1455 Citrus St

      WAREHOUSE, STORAGE • 251,550 SF
      1455 Citrus St, Riverside, CA 92507-1603
      View Details
    • Value Estimation
      $1,765,000
      304,560 SF

      800 Iowa Ave

      WAREHOUSE, STORAGE • 304,560 SF
      800 Iowa Ave, Riverside, CA 92507-1613
      View Details

    Similar Nearby for Sale

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      Large Industrial Warehouse, Excellent Location
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    • $14,600,000
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      Freestanding Warehouse in Cottonwood Creek

      Freestanding warehouse building in Cottonwood Creek Business Park.
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      125,974 SF

      Riverside Multi-Tenant Business Park

      125,974 SF multi-tenant industrial, flex, and office business park.
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    Similar Nearby for Lease

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      Riverside Freestanding Warehouse with Secured Yard

      81,373 SF warehouse with secured yard for lease.
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      Industrial Buildings with Yard Space

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    • $1.20 SF/Yr
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      Free Standing Industrial Building

      Industrial building with office space and freeway access for lease.
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      Iowa Corporate Center: Prime Space Available

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      View Details
    • $2 SF/Yr
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      Riverside Flex Space For Lease

      Modern Flex/Warehouse Space Available
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      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
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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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