Building Details

Year built 2006

Listing Agency: REALTY ONE GROUP EMPIRE j***@realtyoneempire.com Show Phone

Listed By: NANETTE MURPHY · License #01088214 Show Phone

Added: Oct 20, 2023 Changed: Aug 4 Last Checked: Aug 20 at 11:06AM

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MLS# EV23195877

Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

Unit 17 is an industrial condominium at 12221 Poplar Street in Oak Hills, California. The property includes approximately 1,780 square feet of warehouse area plus roughly 442 square feet of foyer, showroom, office, kitchen, and bathroom space, totaling approximately 2,222 square feet. Large front windows provide natural light, while 20-foot ceilings accommodate vertical storage and operations. A large roll-up door and separate man door support deliveries and daily access. Heat pump cooling is installed, and the building was constructed in 2006.

The property is zoned IND and offers a single-unit ownership structure within a shared industrial condominium setting. The front façade provides space for business signage, complementing the showroom and office configuration.

Key Highlights

• Approximately 2,222 SF total, including 1,780 SF of warehouse space and 442 SF of foyer, showroom, office, kitchen, and bath
• 20' ceilings with a large roll‑up door and separate man door
• Large front windows and room for business signage

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$22,157

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

4.66%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$443,140 $443.1K

Cap Rate 7%

$316,529 $316.5K

Cap Rate 9%

$246,189 $246.2K

Market Conditions

NOI Build-Up for 2,222 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$27.7K $12.48/SF

− Vacancy

−$1.7K −$0.75/SF

EGI

$26.1K $11.73/SF

− OpEx

−$3.9K −$1.76/SF

NOI

$22.2K $9.97/SF

Area

San Bernardino County, CA

Vacancy

6.00%

Lease Rate

$12.48 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$443,140

Cap Rate 7%

$316,529

Cap Rate 9%

$246,189

Alternative Uses

Best Use

Warehouse

$316.5K

$277.0K – $369.3K (±1% cap)

NOI $22,157 @ 7.0% cap · market cap 4.66%

Second Best

Industrial

$260.7K

$228.1K – $304.1K (±1% cap)

NOI $18,247 @ 7.0% cap · market cap 3.84%

Theoretical Best

Office A

$468.7K

$410.1K – $546.8K (±1% cap)

NOI $32,809 @ 7.0% cap · market cap 6.91%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Furniture & Home Goods Bakery (Bike/Boat/Book/etc) Store Hair Salon Nail Salon Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

20 ft

Clear height

Location Intelligence

Trade Area within ½ mile

102

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 92344, CA

23,166

Population

6,329

Households

3.7

Avg Household Size

34

Median Age

20%

College-Educated

83%

High-School Grad

37.6 sq mi

ZIP Area

616

Density / Sq Mi

$99,909

Median Household Income

$45,574

Median Earnings

$2,117

Median Rent

$454,100

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Unit combines warehouse space with front-facing office, kitchen, bath, and display areas.

Where is this flex space located?

The property is located at 12221 Poplar Street Oak Hills, CA.

What is the asking price?

The asking price for this property is $475,000.

What are key features of this property?

This property features: Approximately 2,222 SF total, including 1,780 SF of warehouse space and 442 SF of foyer, showroom, office, kitchen, and bath; 20' ceilings with a large roll‑up door and separate man door; Large front windows and room for business signage