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Multi-Tenant Mixed-Use with Existing Income 219-231 S Riverside Ave 95% Leased Retail Building Online Auction Sale Rialto, CA 92376
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Investment Highlights
- 219-231 S Riverside Avenue offers an income-producing, multi-tenant commercial center in Downtown Rialto, currently 95% occupied by 30+ tenants.
- Extensive recent CapEx completed, including new roofs, parking lot slurry seal and striping, new HVAC units, interior paint, new flooring, and more.
- Flexible Downtown Mixed-Use (DMUZ) zoning permits a wide range of potential uses, with added opportunity for residential mixed-use redevelopment.
- Fully NNN asset, with tenants reimbursing operating expenses such as property taxes, insurance, and CAM, minimizing landlord exposure.
- Existing rents are positioned at or below market levels, offering investors limited downside risk and meaningful upside potential as leases renew.
- Limited competing product, with few comparable small-format office suites in the market and no new supply currently in the development pipeline.
Executive Summary
Progressive Real Estate Partners is proud to present the opportunity to acquire a multi-tenant commercial center in Downtown Rialto located along Riverside Avenue, Rialto’s primary north-south corridor between the 210 and 10 Freeways. The property consists of ±20,122 SF situated on ±1.35 acres across five separate parcels.
Improvements include eight street-front retail units, 27 incubator-style office suites, and one flex warehouse unit with a loading dock, totaling 36 units occupied by 30+ tenants. The asset is 95% leased and no tenant represents more than 8% of total income, providing strong diversification and insulation from vacancy risk. Leases are fully NNN, with tenants covering operating expenses such as property taxes, insurance, and CAM, and all leases include embedded CPI or 3% annual increases, providing a hedge against inflation.
The property includes ±51 dedicated on-site parking supplemented by street-front parking, broadening the appeal to potential tenants and enhancing the value of the asset. The building has received significant capital improvements in recent years, with upgrades including new roofs, parking lot slurry seal and striping, new HVAC units, interior paint, new flooring, and full renovation of Unit 225-10 (±3,500 square feet).
The incubator office suites, averaging under 250 square feet, maintain consistent occupancy due to affordability, limited competing product, and flexible zoning that supports a broad range of uses. The property’s Downtown Mixed-Use (DMUZ) zoning permits a wide variety of uses including general offices, medical offices, personal services (salons, beauty), automotive brokers/wholesalers, and more.
Positioned within the Foothill Central Specific Plan, the site also allows for residential mixed-use redevelopment at 20–40 units per acre, building heights up to 5 stories (60 feet), and benefiting from AB 2097 which eliminates parking minimums. It is located just a three-minute walk to the Rialto Metrolink Station, enhancing long-term, transit-oriented development potential.
Rialto, California, is strategically located in the Inland Empire, a region recognized for its robust logistics infrastructure and sustained economic vitality. The city is exceptionally well-positioned for long-term growth, driven by strong market fundamentals, consistent consumer demand, and excellent regional accessibility. Looking within 2 miles of 219-231 S Riverside Avenue, Rialto boasts a growing population of more than 105,500 that earns an average household income of over $93,600. This valuable customer base contributes over $973 million in annual consumer spending, forming lucrative growth potential for both businesses and investors.
Claim a highly adaptable commercial center in Downtown Rialto that delivers stable in-place income alongside untapped growth opportunities at 219-231 S Riverside Avenue.
Property tours are by appointment only. Please contact the listing broker to schedule.
Improvements include eight street-front retail units, 27 incubator-style office suites, and one flex warehouse unit with a loading dock, totaling 36 units occupied by 30+ tenants. The asset is 95% leased and no tenant represents more than 8% of total income, providing strong diversification and insulation from vacancy risk. Leases are fully NNN, with tenants covering operating expenses such as property taxes, insurance, and CAM, and all leases include embedded CPI or 3% annual increases, providing a hedge against inflation.
The property includes ±51 dedicated on-site parking supplemented by street-front parking, broadening the appeal to potential tenants and enhancing the value of the asset. The building has received significant capital improvements in recent years, with upgrades including new roofs, parking lot slurry seal and striping, new HVAC units, interior paint, new flooring, and full renovation of Unit 225-10 (±3,500 square feet).
The incubator office suites, averaging under 250 square feet, maintain consistent occupancy due to affordability, limited competing product, and flexible zoning that supports a broad range of uses. The property’s Downtown Mixed-Use (DMUZ) zoning permits a wide variety of uses including general offices, medical offices, personal services (salons, beauty), automotive brokers/wholesalers, and more.
Positioned within the Foothill Central Specific Plan, the site also allows for residential mixed-use redevelopment at 20–40 units per acre, building heights up to 5 stories (60 feet), and benefiting from AB 2097 which eliminates parking minimums. It is located just a three-minute walk to the Rialto Metrolink Station, enhancing long-term, transit-oriented development potential.
Rialto, California, is strategically located in the Inland Empire, a region recognized for its robust logistics infrastructure and sustained economic vitality. The city is exceptionally well-positioned for long-term growth, driven by strong market fundamentals, consistent consumer demand, and excellent regional accessibility. Looking within 2 miles of 219-231 S Riverside Avenue, Rialto boasts a growing population of more than 105,500 that earns an average household income of over $93,600. This valuable customer base contributes over $973 million in annual consumer spending, forming lucrative growth potential for both businesses and investors.
Claim a highly adaptable commercial center in Downtown Rialto that delivers stable in-place income alongside untapped growth opportunities at 219-231 S Riverside Avenue.
Property tours are by appointment only. Please contact the listing broker to schedule.
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Data Room Click Here to Access
- Purchase Agreement
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 Class
B
Year Built
1963
Percent Leased
95%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Lot Size
1.22 AC
Parcel Numbers
Zoning
Downtown Mixed-Use (DMUZ) - Downtown Mixed-Use
Parking
43 Spaces (2.14 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Commuter Rail
- Conferencing Facility
- Metro/Subway
- Signage
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Position
- Available
| Space | Size | Space Use | Position | Available |
| 223-A | 1,100 SF | Retail | - | Now |
| 225-11 | 900 SF | Office | - | Now |
223-A
| Size |
| 1,100 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Now |
225-11
| Size |
| 900 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| Now |
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223-A
| Size | 1,100 SF |
| Space Use | Retail |
| Position | - |
| Available | Now |
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225-11
| Size | 900 SF |
| Space Use | Office |
| Position | - |
| Available | Now |
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
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
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Auction Contact
Jameson Kuykendall
Contact
Auctioneer License:
Ten-X Jessica Figueroa RE Brkr 01937601. Ten-X Auction Surety Bond 106465786
-
Lance Mordachini -
Progressive Real Estate Partners
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
Contact the Sale Advisor
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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