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    Property profile & analytics

    495 Hospitality Ln San Bernardino, CA 92408-3549

    • Retail space
    • 15,032 SF
    • 0.57 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2025
    $3,731,500
    Value Estimations
    $3,735,000
    Show details
    Cap Rate Potential
    5.3%
    Retail space
    Location Intelligence
    Property ID
    US10-1210191
    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

    • La-Z-Boy Home Furnishings & Décor / Furniture Store

    Property Details for 495 Hospitality Ln

    Year built
    1995
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.57 lot acres
    Property size
    15,032 SF
    Property type
    Retail space
    APN
    0281-371-68-0000
    APU
    281371680000

    Description

    This exceptional investment opportunity presents a fee-simple, 15,032 square foot La-Z-Boy retail property located in a high-traffic San Bernardino shopping center. The property boasts a strong 11-year net lease with a corporate guarantee from La-Z-Boy Inc. (NYSE: LZB), a financially stable company with over 2,300 locations nationwide. The lease commenced September 1, 2024, and expires August 31, 2035, with two five-year renewal options and built-in 6.25% rent bumps. The tenant recently completed a significant $750,000-$900,000 remodel, adding to the over $1.5 million invested in renovations over the past eight years. This location has a proven track record of success, with over 30 years of operation and FY24 gross sales exceeding $3,600,000. The property generates a strong net operating income (NOI) of $297,000, resulting in a 6.25% cap rate. Strategically situated in South Palm Centre, a major power center alongside national retailers like Home Depot, PetSmart, and LA Fitness, this property benefits from high visibility and significant vehicle and foot traffic. The location is easily accessible off the 10 freeway, Hospitality Lane, and Waterman Avenue, with high daily vehicle counts. San Bernardino's strong demographics, with nearly 85,000 residents within a 3-mile radius and over 250,000 within 5 miles, further enhance the investment potential. This is a rare opportunity to acquire a stable, high-performing retail asset with a long-term lease and significant upside potential. Asking price is $4,752,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,815,000
      ML approach
      $3,710,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,390,000
      6.5%
      $3,125,000
      7%
      $2,905,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,764,000
      Market price range: $1.12M - $3.76M
      AI Estimate
      $2,886,000
      Market price range: $545k - $2.89M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,390,000
      Current use
      RESTAURANT
      $6,140,000
      Change: +157% Conversion: Easy
      MEDICAL BUILDING
      $4,350,000
      Change: +82% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,300,000
      Change: +80% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $4,045,000
      Change: +69% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $3,015,000
      Change: +26% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,010,000
      Change: +26% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    San Bernardino
    County
    San Bernardino
    State
    California
    Longitude
    -117.275
    Latitude
    34.0653
    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
    2023
    $59,851
    $580,292
    $4,352,197
    $4,932,489
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,980,000
      17,300 SF

      151 Redlands Blvd

      RETAIL STORES (PERSONAL SERVICES) • 17,300 SF
      151 Redlands Blvd, San Bernardino, CA 92408-3710
      View Details
    • Value Estimation
      $1,305,000
      6,020 SF

      1049 Harriman Pl

      RETAIL STORES (PERSONAL SERVICES) • 6,020 SF
      1049 Harriman Pl, San Bernardino, CA 92408-4203
      View Details
    • Value Estimation
      $1,175,000
      25,000 SF

      710 St

      RETAIL STORES (PERSONAL SERVICES) • 25,000 SF
      710 St, San Bernardino, CA 92408-1907
      View Details
    • Value Estimation
      $2,705,000
      7,020 SF

      570 St

      RETAIL STORES (PERSONAL SERVICES) • 7,020 SF
      570 St, San Bernardino, CA 92408-1904
      View Details
    • Value Estimation
      $4,875,000
      20,020 SF

      675 Hospitality Ln

      RETAIL STORES (PERSONAL SERVICES) • 20,020 SF
      675 Hospitality Ln, San Bernardino, CA 92408-3539
      View Details
    • Value Estimation by Request

      2345 Artesia St

      RETAIL STORES (PERSONAL SERVICES)
      2345 Artesia St, San Bernardino, CA 92408-3915
      View Details

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    • Contact for pricing
      0.89 Acres

      San Bernardino Commercial Land Pads

      Prime San Bernardino location, two developable pads.
      0 Hospitality Ln & Harriman Pl, San Bernardino, CA 92408
      View Details
    • $1,995,000
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      San Bernardino Commercial Land Available

      1.9 acres of commercially zoned land ideal for various uses.
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    Similar Nearby for Lease

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      San Bernardino Retail Space Available

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    • $45 SF/Yr
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      Harriman Place Retail Center

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    • Contact for pricing
      58,760 SF

      San Bernardino Commercial Space Available

      Retail, office, industrial, and flex units available for lease.
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      Retail Space in San Bernardino

      Retail space available in 7-Eleven anchored strip center.
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      Flex Warehouse/Office Space

      7,824 SF Single-Tenant Building
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      View Details
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    San Bernardino, CA 92408-3549
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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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