Free-Standing Flex Space Lab
For Sale
Contact for pricing
17672 Cowan, Irvine, CA 92614
Free-standing facility built out for a CLIA-certified clinical lab with extensive lab and R&D improvements.
Property Size36,754 SF
Price / SF$350
Days on Market58
Property Features for 17672 Cowan
General Information
Standard status
Active
Size
36,754 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
17 ft
Conditioned Warehouse
Yes
Building Details
Buildings
1
Listing Agency:
JLL
(949) 296-3615
Listed By:
Byron Foss · License #1456650
(949) 296-3615
Source:
Moodyscre
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 31 at 2:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JLL
Investment Insights
Based on property information with market context.
Free-standing flex space currently used as a CLIA-certified clinical lab. The building includes extensive lab and R&D improvements, with 100% HVAC covering both lab and warehouse areas. Warehouse clearance is 14 to 17 feet, supporting light manufacturing, warehousing, and lab workflows. Additional grade-level (GL) loading doors may be possible based on the facility setup, which can help future logistics flexibility.
The property is supported by an on-site parking arrangement, with up to a 3.81 parking ratio under a parking agreement. It is configured to accommodate lab and warehouse functions within the same footprint, which can simplify tenant operations that need both controlled lab space and functional storage or distribution space.
Designed as a combined lab and warehouse use, this facility may fit tenants seeking a turnkey-ready environment for clinical lab operations alongside warehouse capacity.
The property is supported by an on-site parking arrangement, with up to a 3.81 parking ratio under a parking agreement. It is configured to accommodate lab and warehouse functions within the same footprint, which can simplify tenant operations that need both controlled lab space and functional storage or distribution space.
Designed as a combined lab and warehouse use, this facility may fit tenants seeking a turnkey-ready environment for clinical lab operations alongside warehouse capacity.
Key Highlights
- CLIA‑certified clinical lab use
- Extensive lab and R&D improvements
- 100% HVAC covering lab and warehouse area
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
$629,552
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
4.89%
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%
$12,591,040
$12.6M
Cap Rate 7%
$8,993,600
$9.0M
Cap Rate 9%
$6,995,022
$7.0M
Market Conditions
NOI Build-Up for 36,754 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
$1.15M $31.20/SF
− Vacancy
−$97.5K −$2.65/SF
EGI
$1.05M $28.55/SF
− OpEx
−$419.7K −$11.42/SF
NOI
$629.6K $17.13/SF
Area
ZIP 92614
Vacancy
8.50%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
40.00%
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%
$12,591,040
Cap Rate 7%
$8,993,600
Cap Rate 9%
$6,995,022
Alternative Uses
Best Use
Healthcare Medical
$8.99M
$7.87M – $10.49M
NOI $629,552 @ 7.0% cap · market cap 4.89%
Second Best
Flex RnD
$7.70M
$6.74M – $8.98M
NOI $538,961 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$12.10M
$10.59M – $14.12M
NOI $847,236 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
Location Intelligence
Trade Area within ½ mile
3,989
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92614, CA
28,456
Population
12,499
Households
2.3
Avg Household Size
36
Median Age
67%
College-Educated
94%
High-School Grad
4.4 sq mi
ZIP Area
6,467
Density / Sq Mi
$121,276
Median Household Income
$76,050
Median Earnings
$2,773
Median Rent
$983,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Free-standing facility built out for a CLIA-certified clinical lab with extensive lab and R&D improvements.
Where is this flex space located?
The property is located at 17672 Cowan Irvine, CA.
What is the asking price?
The asking price for this property is $12,863,900.
What are key features of this property?
This property features: CLIA‑certified clinical lab use; Extensive lab and R&D improvements; 100% HVAC covering lab and warehouse area
