Firefighters responded to the wreck at about 3:40 p.m. after the plane crashed at the end of the runway and apparently into the warehouse.
The pilot, the sole occupant of the plane, was ejected and survived the crash. He landed safely at the airfield near Cactus Avenue and Meridian Parkway and is believed to be OK.
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A parachute was spotted nearby.
Images from AIR7HD showed a gaping hole in the roof of the building where the plane went down.
No major injuries were reported, Riverside fire officials said.
The pilot is part of the 144th Fighter Wing, an Air National Guard unit based in Fresno.
The aircraft belongs to the South Dakota Air National Guard in Sioux Falls.