request_info_guest false
Street View
Map
4 Photos

Ironwood Plaza - Moreno Valley, CA

$13,206,000

23900-23980 Ironwood Ave, Moreno Valley, CA 92557

Active
Last Updated: 07/09/2026

6

Cap Rate

792,332

NOI

Details:
Cap Rate:    6%
NOI:    $792,332
Building Size:    56,288 sqft
Lot Area:    4.5 acres
Units:    22
Year Built:    1987
Highlights:
  • Ironwood Plaza: Dollar Tree-Anchored Shopping Center In Riverside County CA
  • Hard Corner location at 4-Way Intersection near CA-60 (135,900 VPD)
  • Legacy, daily-needs shopping center serving community for decades
  • Dollar Tree (DLTR): Investment Grade Anchor Tenant (9,300+ locations)
  • Market Cap (June 2026): $22.7 Billion dollars
  • Opened at Subject Property in 2024
  • Offered Below Replacement Cost: $235 PSF
  • True Value-Add Opportunity
  • Estimated 23% NOI Growth by Year 3 | 13% Vacant | Embedded Rent Increases
  • Large Majority of Shop Tenants have No Options or FMV Options
  • Dense Southern California Demographics / Affluent Serrano Heights neighborhood
  • 134,287 residents / $108,000 Avg Household Income (3-mile radius)
  • Minimal Shopping Center Vacancy in High-Demand Trade Area (see page 8)
  • Ideal Configuration: small units flanking national retailer
  • All-Inclusive Center: no shared CC&Rs/Parking
  • 56,288 SF property sitting on approx. 4.5 Acres, surrounded by residential-zoned properties
Description:

Faris Lee Investments is pleased to present the opportunity to acquire Ironwood Plaza, a daily needs Dollar Tree-anchored shopping center located in Moreno Valley, California. Strategically positioned at the signalized intersection of Heacock Street and Ironwood Avenue, near the CA-60 Freeway (135,000+ VPD), the shopping center features exceptional visibility and accessibility within one of Riverside County’s most densely populated trade areas. Ironwood Plaza, anchored by investment-grade Dollar Tree, offers investors stable in-place cash flow and significant upside through lease-up / mark-to-market opportunities. Offered below ‘replacement cost’ at approximately $235 per square foot, this investment presents an attractive low-basis acquisition with meaningful long-term value appreciation potential.

Dollar Tree (NASDAQ: DLTR / S&P: BBB) serves as the investment-grade anchor to Ironwood Plaza, operating more than 9,300 stores throughout the United States and Canada with an estimated $20.6 billion in 2026 revenue and a market capitalization exceeding $22 billion. The retailer provides a dependable daily-needs traffic driver that benefits the entire shopping center while maintaining an exceptionally low occupancy cost at the subject property.

The subject property benefits from exceptional Southern California demographics and a dominant retail corridor. Ironwood Plaza is surrounded by the city’s strongest residential neighborhoods, with more than 134,280 residents within a three-mile radius, and over 220,610 residents within five miles. Proximate national retailers include Costco, Target, Walmart Supercenter, Sprouts, Home Depot, Lowe’s, WinCo Foods, Food 4 Less, Sam’s Club, Aldi, and more. These nearby shopping centers collectively generate millions of annual customer visits, including Towngate Shopping Center with more than 6.8 million visits over the past 12 months, ranking in the top 97th percentile nationwide. Ironwood Plaza presents investors with a compelling opportunity to acquire a well-located, Dollar Tree-anchored, daily needs neighborhood shopping center in Southern California offering stable income, growing cash flow, and value-add potential.

Signalized hard corner at the intersection of Heacock Street and Ironwood Avenue near CA-60 Freeway in Moreno Valley, serving dense Riverside County trade area.

Map:
Location
Gallery