Offered subject to the lease and the tenant's purchase option, first-offer and first-refusal rights — all covered below.
eXp Commercial · DRE #02086093
Request the OM↗Lease & purchase rights↓Drone photographs from the August 2026 offering memorandum · parcel line as drawn in the OM, not a survey · slow push-in from a still, not video footage
Ten years of contracted net income on a fenced industrial yard — and a defined exit at a known price.
Base rent is $18,500 a month in lease year 1, steps 5.4% in year 2, then rises 3% a year. The tenant pays taxes, insurance, operating expenses and a 3% management fee.
The hard corner, in view.
Drone photograph from the August 2026 offering memorandum · Goetz Road and Malbert Street
From above · drone photograph
The yard, from above.
One parcel.
±2.42 gross acres — 105,415 SF — on APN 330-040-035, City of Perris.
Two frontages.
The southwest corner of Goetz Road and Malbert Street, with frontage on both.
Walled and gated.
Block-wall perimeter, fully fenced, gated access; a level, rough-graded yard.
Improved and served.
On-site office and support structures; utilities served to the site.
Top-down drone photograph from the August 2026 offering memorandum, tilted in your browser · blue parcel line as drawn in the OM · approximate, not a survey
Fenced. Gated.
Leased.
Drone photographs from the August 2026 offering memorandum
Offered at $3,162,456
A ±2.42-acre fenced and gated industrial yard, leased to a materials-processing operator on a ten-year net lease. The property is offered subject to that lease and to the tenant's purchase option, right of first offer (ROFO) and right of first refusal (ROFR).
| Price | $3,162,456 — $30.00 per SF of land; $1,306,800 per gross acre |
| Going-in yield | 7.02% on year-1 base rent of $222,000 · 7.40% in year 2 ($234,000) |
| Address | 1980 Goetz Road, Perris, CA 92570 |
| Position | Southwest corner, Goetz Road & Malbert Street |
| APN | 330-040-035 |
| Site area | ±2.42 gross acres (105,415 SF) |
| Zoning | GI — General Industrial, City of Perris · existing use: materials collection and processing yard |
| Tenant | Monarch Holdings Group LLC — sole occupant, 100% of the site |
| Lease | AIR CRE single-tenant net lease · Mar. 1, 2026 – Feb. 28, 2036 (±9.4 years remaining as of Oct. 2026) |
| Structure | NNN — tenant pays taxes, insurance, operating expenses and a 3% management fee |
| Purchase option | $3,800,000 — exercisable in lease years 1–3 only, through Feb. 28, 2029 |
Six reasons, all of them numbers
Year-1 rent $222,000 (7.02%) · year-2 rent $234,000 (7.40%) · in-place land rent $0.1755 per SF per month.
A secured yard on a hard corner
| Address | 1980 Goetz Road, Perris, CA 92570 |
| Position | SW corner, Goetz Road & Malbert Street |
| APN | 330-040-035 |
| Site area | ±2.42 gross acres — 105,415 SF |
| Frontage | Dual — Goetz Road and Malbert Street |
| Surface | Level, rough-graded yard |
| Security | Block-wall perimeter, fully fenced, gated access |
| Improvements | On-site office and support structures |
| Utilities | Served to site |
| Zoning | GI — General Industrial, City of Perris · existing use: materials processing yard |
TakeawayTwo street frontages, a block-wall perimeter and a gated entry are already in place.
Select the card to open the aerial · Open in Google Maps
Goetz Road & Malbert Street — the hard corner
Block-wall perimeter · Goetz Road frontage
Monarch monument signage · Goetz Road frontageSecured gated entry · Malbert Street
Aggregate processing on site
Office and support structures
The yard from above, looking across the siteGI — General Industrial
The GI district permits heavy and light industrial uses, trucking, warehousing, distribution, storage, equipment yards and manufacturing, subject to governmental approvals. The tenant's permitted use is the collection and processing of non-hazardous goods, including cement and concrete recycling.
If the site ever returns to the market, the GI district lists uses such as:
- Contractor storage yard
- Truck terminal
- Equipment yard
- Warehouse / distribution
- Light manufacturing
Use classes as listed in the OM from the City of Perris Zoning Ordinance, GI district, as reviewed August 2026.
Zoning text and permitted-use tables are stated as of August 2026 and are subject to change. All zoning, permitting and entitlement statements require independent verification with the City of Perris Planning Division.
Materials-processing and recycling operations commonly carry discretionary review and operating-permit conditions beyond base zoning. Confirm the tenant's current operating permits and the status of any development plan review with the City as part of diligence.
Ten years, triple net
| Form | AIR CRE STN-27.30 Single-Tenant Net Lease |
| Lease date | February 9, 2026 |
| Lessor | Perris Ca Recycling Plant LLC |
| Lessee | Monarch Holdings Group LLC |
| Term | 10 years · Mar. 1, 2026 – Feb. 28, 2036 |
| Abatement | Months 1–6 · base rent and NNN (ended Aug. 31, 2026) |
| First payment | Sept. 1, 2026 — $20,863 |
| Paid at execution | $60,000 — the September 2026 rent-and-NNN installment plus the security deposit |
| Security deposit | $39,137 |
| Expenses | NNN — taxes, insurance, operating expenses + 3% management fee |
| Late charge | 10% after 5 days ($100 minimum); 10% per year interest from day 31 |
| Purchase option | $3,800,000 · lease years 1–3 (Mar. 1, 2026 – Feb. 28, 2029) |
| Option deposit | $114,000 cashier's check · Fidelity National Title, Riverside |
| Option close | 90 days from exercise |
| Right of first offer | 15 days from First Offer Notice; 6-month lockout on a materially worse sale if declined |
| Right of first refusal | 12 calendar days to match a bona fide offer; void while the tenant is in default |
A corporate and individual guaranty with a combined minimum net worth of $500,000 is reported in the lease documentation. The guaranty instrument should be produced and reviewed in diligence. Do not underwrite the credit without it.
The $3,800,000 option strike sits 20.2% above the offering price and is exercisable at the tenant's election in lease years 1–3 only, through Feb. 28, 2029. The right of first refusal requires that any bona fide third-party offer be exposed to the tenant for a twelve-day match. Full treatment below.
TakeawayA true net structure: the tenant carries taxes, insurance, operating expenses and a 3% management fee.
Scheduled base rent, years 1–10
| Lease year | Period | Monthly base | Annual base | Yield on price |
|---|---|---|---|---|
| 1 | Mar 2026 – Feb 2027 | $18,500.00 | $222,000.00 | 7.02% |
| 2 | Mar 2027 – Feb 2028 | $19,500.00 | $234,000.00 | 7.40% |
| 3 | Mar 2028 – Feb 2029 | $20,085.00 | $241,020.00 | 7.62% |
| 4 | Mar 2029 – Feb 2030 | $20,687.55 | $248,250.60 | 7.85% |
| 5 | Mar 2030 – Feb 2031 | $21,308.18 | $255,698.16 | 8.09% |
| 6 | Mar 2031 – Feb 2032 | $21,947.43 | $263,369.16 | 8.33% |
| 7 | Mar 2032 – Feb 2033 | $22,605.85 | $271,270.20 | 8.58% |
| 8 | Mar 2033 – Feb 2034 | $23,284.03 | $279,408.36 | 8.84% |
| 9 | Mar 2034 – Feb 2035 | $23,982.55 | $287,790.60 | 9.10% |
| 10 | Mar 2035 – Feb 2036 | $24,702.03 | $296,424.36 | 9.37% |
Rent roll and 10-year operating schedule, August 2026, as reconciled to the lease documentation in the OM. Yield on the $3,162,456 offering price; unlevered, before closing costs, taxes, reserves and fees.
| Gross scheduled, years 1–10 | $2,599,231 |
| Less abatement, months 1–6 | ($111,000) |
| Net scheduled base rent | $2,488,231 |
Year-1 land rent: $18,500 ÷ 105,415 SF = $0.1755 per SF of land per month, or $2.11 per SF per year.
TakeawayYear 2 is a 5.4% step, not 3% — the schedule front-loads its growth, so for a closing before Mar. 1, 2027 the buyer's first full lease year carries the largest single increase in the term (+$1,000 a month).
Return on a $3,162,456 basis, by lease year
Base rent ÷ offering price · 7.02% in year 1 to 9.37% in year 10 (+235 bps) · term average 8.22%
A defined exit at a known price
The upside.
The $3,800,000 strike sits $637,544 above the offering price. Assuming an Oct. 1, 2026 closing (the date implied by the OM's $567,520) and an exercise at the end of the window, a buyer collects $567,520 of scheduled base rent plus $3,800,000 of proceeds: $4,367,520 in total, 1.38× the basis over about 2.4 years.
The constraint.
The option also caps participation. Through Feb. 28, 2029 an owner cannot realize more than $3,800,000 however the market moves, and the decision to exercise belongs to the tenant, not the owner. A rational tenant exercises only when value exceeds the strike. The cap lifts once lease year 3 ends.
The process.
The right of first refusal means any bona fide third-party offer is exposed to the tenant for a twelve-day match. A prospective buyer should expect to negotiate alongside a matching right. Underwrite this as a short-duration instrument with a capped, tenant-controlled exit — not as a ten-year cap-rate trade.
Bars to scale from $0 to $4.5M. Assumes an Oct. 1, 2026 closing (implied by the OM's $567,520) and exercise on Feb. 28, 2029; a later closing collects less rent. The option closes 90 days after exercise; rent between exercise and that closing is not counted. Unlevered, before closing costs, taxes, reserves and fees. Exercise timing is at the tenant's election.
Three rights, read with counsel
Exercisable in lease years 1–3 only (Mar. 1, 2026 – Feb. 28, 2029) · $114,000 cashier's check deposit with Fidelity National Title, Riverside · 90-day close.
From the First Offer Notice; a six-month lockout on a materially worse sale if the tenant declines.
Calendar days to match a bona fide offer; void while the tenant is in default.
All option, ROFO and ROFR terms are reported from lease documentation and are subject to the buyer's independent verification against the lease and addenda.
Monarch Holdings Group LLC
Sole occupant · 100% of the site. The tenant runs a non-hazardous materials collection and processing business, including cement and concrete recycling, across the whole ±2.42-acre yard. The use fits the improvements: a secured, block-walled, rough-graded site with access from two streets suits heavy-vehicle circulation and material staging.
Security is a $39,137 deposit. The $60,000 paid at execution covered that deposit plus the $20,863 September 2026 rent-and-NNN installment.
TakeawaySingle tenant, single use, whole-site occupancy under a net lease, with no common areas. Buyer to confirm landlord obligations under the lease.
The tenant is a single-purpose operating entity in a permit-dependent, capital-light business. A ten-year lease is only as strong as the covenant behind it.
The lease documentation reports a corporate and individual guaranty with a combined minimum net worth of $500,000. The guaranty instrument should be produced and reviewed, and its signatories' capacity confirmed, as a condition of closing.
Operating compliance
- Current operating permits for the recycling use, City of Perris
- Status of any pending development plan review
- Certificates of insurance conforming to the lease
- Entity standing with the California Secretary of State
What leverage does to it
One modeled case from the OM: 30% down, a 70% loan at 6.70% on a 25-year amortization. Under the triple-net structure, NOI equals scheduled base rent.
| Year | NOI | Debt service | Cash flow | DSCR | Cash-on-cash |
|---|---|---|---|---|---|
| 1 | $222,000 | ($182,700) | $39,300 | 1.22× | 4.14% |
| 2 | $234,000 | ($182,700) | $51,300 | 1.28× | 5.41% |
| 3 | $241,020 | ($182,700) | $58,320 | 1.32× | 6.15% |
| 4 | $248,251 | ($182,700) | $65,551 | 1.36× | 6.91% |
| 5 | $255,698 | ($182,700) | $72,998 | 1.40× | 7.69% |
| 6 | $263,369 | ($182,700) | $80,669 | 1.44× | 8.50% |
| 7 | $271,270 | ($182,700) | $88,570 | 1.48× | 9.34% |
| 8 | $279,408 | ($182,700) | $96,708 | 1.53× | 10.19% |
| 9 | $287,791 | ($182,700) | $105,091 | 1.58× | 11.08% |
| 10 | $296,424 | ($182,700) | $113,724 | 1.62× | 11.99% |
Illustrative. Debt terms are assumed for modeling only and are not a quoted or committed financing offer; buyer to obtain its own terms. Equity excludes closing costs, reserves and fees. Debt yield 10.03%. Depreciation, cost segregation, after-tax cash-on-cash and total return on equity are modeled in the OM; they are not tax advice and depend on each buyer's tax position.
A transfer triggers Proposition 13 reassessment, adding an estimated $24,000–$27,000 a year in property tax at Riverside County rates. Under the net structure this should be reimbursed by the tenant; the buyer should confirm the lease's treatment of tax increases arising from a change in ownership.
An improved yard, not raw acreage
Per the OM, outdoor-storage demand in Perris comes from recycling, logistics, vehicle-storage and owner-user requirements, much of it in the two-to-five-acre range. The site is in the industrial area along Goetz Road, with access toward the I-215 corridor.
Fee ownership of a fenced, gated, already-leased yard is a different product from raw acreage. Compare it on that basis rather than on price per acre against unimproved land.
$0.1755 per SF of land per month in lease year 1 — $2.11 per SF a year — stepping 5.4% in year 2, then 3% a year. The subject's own contracted rate.
Three industrial land sales within a 7.5-mile radius closed between August 2024 and November 2025, from 1.72 to 17.04 acres and $18.02 to $36.21 per SF of land ($784,886 to $1,577,308 per acre). The subject is offered at $30.00 per SF of land, $1,306,800 per gross acre, on an improved and leased yard.
CoStar Group, licensed to eXp Commercial, Aug. 7, 2026; arm's-length sales from $1,000,000. Transaction detail and cap-rate comparables are in the OM.
How to transact
The property is offered subject to the existing lease and to the tenant's purchase rights. Tours are by appointment through the listing broker. Do not disturb the tenant. Buyers conduct their own investigation of all matters.
Best-fit buyers
- 1031 exchange buyers seeking defined-term income with a scheduled exit
- Yield buyers who value price certainty over open-ended upside
- Industrial outdoor storage (IOS) operators seeking the fee position under a comparable use
Buyer diligence items
- The lease counterpart, all addenda and the guaranty instrument
- APN and legal description confirmation with Riverside County
- Boundary survey and confirmation of exact site area
- Proposition 13 reassessment treatment and any tax-increase protection
- Tenant operating permits and City of Perris development plan review status
- Certificates of insurance conforming to lease requirements
- Environmental — Phase I, with Phase II indicated given the materials-processing use
- SCAQMD and stormwater / Industrial General Permit compliance
- Permit status of the on-site office and support improvements
- Tenant entity standing and guarantor financial capacity
Request the Offering Memorandum
Request the OM, arrange a tour or submit an offer through the listing broker.
Vice President of Land & Acquisition
eXp Commercial of California, Inc.
DRE #02086093
(949) 358-0056
sales@realestateca.org
500 Technology Dr Suite 307, Irvine, CA 92618