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3644-3694 E Highland Ave 45,528 SF 98% Leased Retail Building Highland, CA 92346 $7,095,000 ($155.84/SF) 7.09% Cap Rate
Investment Highlights
- 98% occupied retail center with 24 units and a drive-thru pad across two parcels
- In-place 7.09% cap rate with pro forma upside to 8.4% through rent growth
- Strong demographics with 189,549 residents within 5 miles and high traffic counts
- Excellent visibility with dual street frontage and multiple access points
- Located near Walmart, Aldi, Ross, and other major retailers in a dense trade area
Executive Summary
This offering presents a rare opportunity to acquire a 98% occupied retail shopping center in the thriving Inland Empire market. Located at 3644–3694 E. Highland Avenue, the property spans approximately 45,528 SF across two parcels and includes 24 units plus a drive-thru pad. Positioned along a high-traffic corridor with dual street frontage and multiple access points, the center benefits from excellent visibility and strong consumer draw. The property is anchored by a diverse mix of established tenants, creating a stable income stream with an in-place cap rate of 7.09% and a pro forma cap rate of 8.4%. Current net operating income is approximately $503,240, with upside potential through rent increases and repositioning of the drive-thru pad for a national tenant upon lease expiration. The center’s cost basis is well below replacement cost, offering investors a compelling value proposition.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
45,528 SF
Building Class
B
Year Built
1990
Price
$7,095,000
Price Per SF
$155.84
Cap Rate
7.09%
NOI
$503,036
Percent Leased
98%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
3.70 AC
Zoning
C1, Highland - Limited Commercial
Parking
182 Spaces (4 Spaces per 1,000 SF Leased)
Frontage
587’ on East Highland Avenue
Amenities
- Bus Line
- Pylon Sign
- Signage
- Signalized Intersection
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 10
- 1,200 SF
- Retail
- In-Line
- Mar 2026
- 2
- 732 SF
- Retail
- In-Line
- May 2026
| Space | Size | Space Use | Position | Available |
| 10 | 1,200 SF | Retail | In-Line | Mar 2026 |
| 2 | 732 SF | Retail | In-Line | May 2026 |
10
| Size |
| 1,200 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Mar 2026 |
2
| Size |
| 732 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| May 2026 |
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,122,833 | |
| Land Assessment | $2,704,311 | Total Assessment | $5,827,144 |
Property Taxes
Parcel Numbers
Land Assessment
$2,704,311
Improvements Assessment
$3,122,833
Total Assessment
$5,827,144
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3644-3694 E Highland Ave
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