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Multi-Tenant Mixed-Use with Existing Income 219-231 S Riverside Ave 19,205 SF 100% Leased Retail Building Online Auction Sale Rialto, CA 92376
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Investment Highlights
- Highly Diversified Income Stream – 30+ tenants; no tenant exceeds 8% of income, reducing concentration risk and supporting stable cash flow.
- Fully NNN-Leased Investment – Tenants reimburse taxes, insurance, and CAM expenses, minimizing landlord responsibilities.
- Below-Market, Replaceable Rents – Average rents of $1.50/SF and near-term expirations provide mark-to-market upside.
- Strong In-Place Income & Yield – 100% occupied asset generating $323,340 in current NOI with a history of stable occupancy.
- Limited Competing Product – Small suites average under 250 SF with virtually no comparable inventory or new supply planned.
- Flexible DMUZ Zoning – Broad zoning permits a wide range of retail, office, service, and business uses, supporting occupancy.
Executive Summary
Progressive Real Estate Partners is pleased to present the opportunity to acquire a 100% occupied multi-tenant commercial center located in Downtown Rialto along Riverside Avenue, the city's primary retail corridor connecting the I-10 and I-210 Freeways.
The Property consists of approximately 19,205 square feet situated on approximately 1.22 acres and is comprised of eight street-front retail units and twenty-eight small business suites occupied by more than 30 tenants. No tenant represents more than 8% of total income, creating a highly diversified and resilient income stream.
The Property generates current Net Operating Income of $323,340 and benefits from a fully NNN lease structure whereby tenants reimburse operating expenses including property taxes, insurance, and common area maintenance. Leases include annual CPI or 3% rent increases, providing built-in income growth and inflation protection.
A defining characteristic of the asset is its collection of small-format suites, most ranging from 125 to 400 square feet. This niche product type serves entrepreneurs, professional service providers, and small businesses seeking affordable space alternatives. Limited competing inventory, exceptionally low vacancy among comparable small-format spaces, and an existing tenant waitlist have historically supported strong occupancy and leasing demand.
Current rents ($1.50/SF/month on average) remain at or below market levels, providing investors with immediate downside protection and future upside through lease renewals and rent adjustments. Recent capital improvements, including roof replacement (retail portion), parking lot improvements, HVAC upgrades, interior renovations, flooring, and paint, further reduce near-term capital expenditure requirements.
In addition to its stable cash flow characteristics, the Property benefits from Downtown Mixed-Use (DMUZ) zoning, which permits a broad range of uses and enhances the leaseability of the Property's small-format incubator suites by allowing a diverse tenant base and supporting long-term occupancy.
The Property consists of approximately 19,205 square feet situated on approximately 1.22 acres and is comprised of eight street-front retail units and twenty-eight small business suites occupied by more than 30 tenants. No tenant represents more than 8% of total income, creating a highly diversified and resilient income stream.
The Property generates current Net Operating Income of $323,340 and benefits from a fully NNN lease structure whereby tenants reimburse operating expenses including property taxes, insurance, and common area maintenance. Leases include annual CPI or 3% rent increases, providing built-in income growth and inflation protection.
A defining characteristic of the asset is its collection of small-format suites, most ranging from 125 to 400 square feet. This niche product type serves entrepreneurs, professional service providers, and small businesses seeking affordable space alternatives. Limited competing inventory, exceptionally low vacancy among comparable small-format spaces, and an existing tenant waitlist have historically supported strong occupancy and leasing demand.
Current rents ($1.50/SF/month on average) remain at or below market levels, providing investors with immediate downside protection and future upside through lease renewals and rent adjustments. Recent capital improvements, including roof replacement (retail portion), parking lot improvements, HVAC upgrades, interior renovations, flooring, and paint, further reduce near-term capital expenditure requirements.
In addition to its stable cash flow characteristics, the Property benefits from Downtown Mixed-Use (DMUZ) zoning, which permits a broad range of uses and enhances the leaseability of the Property's small-format incubator suites by allowing a diverse tenant base and supporting long-term occupancy.
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Service Agreement
- Roof Warranty
- Proposed Plans
- Rialto TOPO Map
- Title and Insurance
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
19,205 SF
Building Class
B
Year Built
1963
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.36
Lot Size
1.22 AC
Opportunity Zone
Yes
Parcel Numbers
Zoning
Downtown Mixed-Use (DMUZ) - Downtown Mixed-Use
Parking
51 Spaces (2.66 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Commuter Rail
- Conferencing Facility
- Metro/Subway
- Signage
- Air Conditioning
Fairly walkable
50/100
Exceptionally drivable
100/100
Good public transit
70/100
Fairly bikeable
40/100
About Greater San Bernardino
Once primarily a bedroom community for commuters into Los Angeles and Orange counties, growth in the logistics and healthcare sectors makes Greater San Bernardino a resilient economy. Housing is affordable and draws migration from more expensive coastal communities.
Several leisure and entertainment attractions help drive tourism into the neighborhood. San Manuel Casino hosts nationally recognized musicians and recently underwent renovations to expand its resort with luxury hotel rooms and suites, a pool and spa, and premium dining venues. Big Bear Lake and Snow Summit, which attract visitors from across Southern California year-round for hiking, skiing, and snowboarding, is just a short, scenic drive away. A vibrant student community lives near the California State University of San Bernardino, while many government offices are situated in Downtown San Bernardino, increasing daytime population.
Greater San Bernardino has had few retail deliveries in recent years, and most have been located in Rialto. Leasing activity is supported by non-traditional retail tenants, such as healthcare and education establishments. Rents are among the most affordable in the Inland Empire.
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
24,739
167,074
368,535
2020 Population
24,528
166,493
366,881
2030 Population
24,990
168,587
371,961
2025-2030 Projected Population Growth
1.0%
0.9%
0.9%
Daytime Employees
4,696
27,521
94,138
Total Businesses
766
3,814
12,189
Average Household Income
$91,966
$95,572
$92,064
Median Household Income
$76,168
$81,371
$75,814
Total Consumer Spending
$227.9M
$1.6B
$3.3B
Median Age
33.7
33.5
33.2
2025 Households
6,603
43,351
97,289
Percent College Degree or Above
6%
7%
7%
Average Home Value
$467,797
$487,715
$507,527
$ values in USD
Nearby Major Retailers
Sale Advisor
Sale Advisor
Lance Mordachini, VP, Investment Sales
Lance specializes in representing owners of retail investment properties throughout the Inland Empire and San Gabriel Valley markets. He has a passion for building lasting relationships with his clients through understanding their needs and providing excellent customer service. Lance is committed to ongoing education and improving his skills as an investment sales expert. He is currently pursuing the Certified Commercial Investment Manager (CCIM) designation, a title held among the most distinguished professionals in the industry.
Prior to Brokerage, Lance held a position in our Investment Sales and Land Sales support team where he worked with our brokers to provide superior service to our clients. In this capacity, he helped to ensure the following:
Property inquiries are acknowledged, and that the potential buyers and brokers get a prompt response to their initial questions.
Creating investment sales proposals and Offering Memorandums
Due Diligence is assembled and disseminated to the buyer in an efficient and organized manner.
Transaction details are properly tracked to help the brokers verify that all aspects of the escrow are being addressed. This includes tracking critical dates of the escrow process.
That the buyer has a point person for the coordination of 3rd party inspections.
That the estoppel process is organized and completed. This includes coordination with the brokers and clients to complete and follow up with the tenants.
Lance’s favorite aspect of commercial real estate is that it allows him to utilize his problem-solving skills to overcome obstacles and assist his clients with achieving their investment goals. He prides himself on his work ethic, attention to detail, and demonstrates outstanding analytical, strategical, organizational, communication, marketing, and underwriting skills.
Lance graduated from Azusa Pacific University with a bachelor’s degree in Psychology. He is a licensed California real estate salesperson and is a FAA certified drone pilot.
Prior to Brokerage, Lance held a position in our Investment Sales and Land Sales support team where he worked with our brokers to provide superior service to our clients. In this capacity, he helped to ensure the following:
Property inquiries are acknowledged, and that the potential buyers and brokers get a prompt response to their initial questions.
Creating investment sales proposals and Offering Memorandums
Due Diligence is assembled and disseminated to the buyer in an efficient and organized manner.
Transaction details are properly tracked to help the brokers verify that all aspects of the escrow are being addressed. This includes tracking critical dates of the escrow process.
That the buyer has a point person for the coordination of 3rd party inspections.
That the estoppel process is organized and completed. This includes coordination with the brokers and clients to complete and follow up with the tenants.
Lance’s favorite aspect of commercial real estate is that it allows him to utilize his problem-solving skills to overcome obstacles and assist his clients with achieving their investment goals. He prides himself on his work ethic, attention to detail, and demonstrates outstanding analytical, strategical, organizational, communication, marketing, and underwriting skills.
Lance graduated from Azusa Pacific University with a bachelor’s degree in Psychology. He is a licensed California real estate salesperson and is a FAA certified drone pilot.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Jameson Kuykendall
Contact
Auctioneer License:
Ten-X Jessica Figueroa RE Brkr 01937601. Ten-X Auction Surety Bond 106465786
1 of 29
Videos
Matterport 3D Exterior
Matterport 3D Tours
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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Multi-Tenant Mixed-Use with Existing Income | 219-231 S Riverside Ave
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Multi-Tenant Mixed-Use with Existing Income | 219-231 S Riverside Ave
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