Flex Space with Industrial
For Sale
$1,250,000
428 N Curry Street, Tehachapi, CA 93561
Commercial Sale, Tehachapi, CA
Property Size8,400 SF
Lot Size1.15 Acres
Price / SF$148.81
Days on Market50
Property Features for 428 N Curry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M-1
Directions
N. Green St. to W. J St. to N. Curry
Subdivision
96 - Out of Area North
Standard status
Active
APN
415-170-02
Size
8,400 SF
Lot size
1.15 Acres
Utilities
Utilities
Natural Gas Available
Heating system
Central
Cooling system
Central Air
Amenities
central air conditioning and heating
Sub-Zero refrigerator
granite countertops
custom wood desk
built-in office features
Building Details
Year built
2006
Floors in Building
2
Roof type
Metal, Tile
Listing Agency:
RE/MAX All-Pro · RE/MAX International
(661) 945-9461
Listed By:
Shelly Self · License #01989764
(661) 406-5062
Added: Aug 12
Changed: Sep 12
Last Checked: Sep 30 at 6:06PM
MLS# 26006398
Copyright © 2026 Greater Antelope Valley Association of Realtors. 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.
This 8,400-square-foot flex property on 1.15 acres includes a 6,400-square-foot metal industrial building with approximately 22-foot ceilings. The warehouse area is equipped with three approximately 12' x 12' roll-up doors, 220-volt electrical service, radiant floor heating, fire sprinklers, and two industrial dust-collection vacuums. Clear ceiling panels bring natural light into the work area.
Two separate finished areas expand the property's functionality, with a full kitchen in each. One is arranged as a three-bedroom, one-and-a-half-bath office area; the other contains four upstairs rooms and three downstairs rooms. Central air conditioning and heating serve the finished office area, which also includes a Sub-Zero refrigerator, granite countertops, a custom wood desk, and built-in office features. The property was built in 2006, carries M-1 zoning, and is located at 428 N Curry Street in Tehachapi near the train station.
Two separate finished areas expand the property's functionality, with a full kitchen in each. One is arranged as a three-bedroom, one-and-a-half-bath office area; the other contains four upstairs rooms and three downstairs rooms. Central air conditioning and heating serve the finished office area, which also includes a Sub-Zero refrigerator, granite countertops, a custom wood desk, and built-in office features. The property was built in 2006, carries M-1 zoning, and is located at 428 N Curry Street in Tehachapi near the train station.
Key Highlights
- 6,400‑square‑foot industrial/warehouse building within an 8,400‑square‑foot property
- 1.15‑acre parcel with M‑1 zoning
- Approximately 22‑foot ceilings, three approximately 12' x 12' roll‑up doors, and 220‑volt electrical service
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
$103,447
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
8.28%
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%
$2,068,940
$2.1M
Cap Rate 7%
$1,477,814
$1.5M
Cap Rate 9%
$1,149,411
$1.1M
Market Conditions
NOI Build-Up for 8,400 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
$155.2K $18.48/SF
− Vacancy
−$7.5K −$0.89/SF
EGI
$147.8K $17.59/SF
− OpEx
−$44.3K −$5.28/SF
NOI
$103.4K $12.32/SF
Area
Kern County, CA
Vacancy
4.80%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
30.00%
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%
$2,068,940
Cap Rate 7%
$1,477,814
Cap Rate 9%
$1,149,411
Alternative Uses
Best Use
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,614 @ 7.0% cap · market cap 10.05%
Second Best
Industrial
$1.48M
$1.29M – $1.72M
NOI $103,447 @ 7.0% cap · market cap 8.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
22 ft
Clear height
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93561, CA
31,091
Population
13,876
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
92%
High-School Grad
301.8 sq mi
ZIP Area
103
Density / Sq Mi
$86,149
Median Household Income
$52,088
Median Earnings
$1,299
Median Rent
$377,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
- Catering at Mill Street Kitchen — 208 S Mill St, Tehachapi, CA 93561
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial property combines warehouse improvements with finished office and kitchen-equipped areas.
Where is this flex space located?
The property is located at 428 N Curry Street Tehachapi, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 6,400‑square‑foot industrial/warehouse building within an 8,400‑square‑foot property; 1.15‑acre parcel with M‑1 zoning; Approximately 22‑foot ceilings, three approximately 12' x 12' roll‑up doors, and 220‑volt electrical service
