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    The Largest CRE Database in the US with Over 1 Million Listings

    24028 Lake Dr Crestline, CA 92325

    Sponsored
    For Sale
    $1,250,000

    Multi-unit building, high visibility, ample parking.

    Property size:
    3,400 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    364
    This exceptional 3,400 square foot commercial property, situated on a 0.65-acre lot at 24028 Lake Drive in Crestline, CA, presents a unique investment opportunity. Originally designed as a real estate office, this adaptable building boasts five separate units, each equipped with its own bathroom, allowing for flexible configurations to suit various commercial needs. Currently operating as a single facility, the property's layout offers the potential for multiple tenants. The building features attractive architecture and high-quality construction, complemented by a welcoming lobby area and multiple levels of office and meeting spaces. With over 25 parking spaces, the property enjoys excellent accessibility and visibility. Its prime location in the heart of Crestline offers unparalleled convenience, being within walking distance of Lake Gregory, Goodwin's Market, and a bowling alley, and directly across from the Sleepy Hollow motel. The property is ADA compliant and ready for immediate occupancy. Its versatility makes it suitable for a wide range of commercial uses, including medical practices, legal offices, corporate headquarters, and more. This is a rare opportunity to acquire a well-maintained, multi-unit commercial building in a thriving, year-round destination town. The possibilities are truly endless.

    Property Features for 24028 Lake Dr

    General Information

    Property type
    Other commercial real estate
    Square Feet
    3,400 SF
    Lot Size
    28,314 SF

    Building Details

    Year Built
    1986

    We can help!

    Listing Contact
    Michelle Hutton

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Crestline
    County
    San Bernardino
    State
    California
    Longitude
    -117.279
    Latitude
    34.24376

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    FAQs

    What type of property is this?
    Commercial real estate - Multi-unit building, high visibility, ample parking.
    Where is this commercial real estate located?
    The property is located at 24028 Lake Dr Crestline, CA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    (909) 336-2131
    Request Owner's contact information
    24028 Lake Dr Crestline, CA 92325
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    Crestline, CA 92325
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    24028 Lake Dr Crestline, CA 92325
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    We can help!
    Listing Contact
    Michelle Hutton
    Real Estate License ID: DRE #01124273
    (909) 336-2131
    Learn more
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