Corner Flex Industrial
For Sale
$3,300,000
10703 Progress Way, Cypress, CA 90630
Freestanding industrial building with office configuration on a unique corner lot and zoning support for office and industrial uses.
Property Size7,962 SF
Lot Size0.47 Acres
Price / SF$414.47
Days on Market64
Property Features for 10703 Progress Way
General Information
Standard status
Active
Size
7,962 SF
Lot size
0.47 Acres
Property subtype
Industrial
Zoning
BP
Building Details
Building Size
7,962 SF
Year Built
1978
Listing Agency:
Lee & Associates
Listed By:
Brett Leiter · License #CalDRE #02125806
(714) 306-2089
Source:
Lee-associates
Added: Jul 3
Changed: Sep 3
Last Checked: Sep 4 at 3:19AM
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 Lee & Associates
Investment Insights
Based on property information with market context.
Freestanding industrial building offering approximately 7,962 square feet, currently configured for office use. The layout includes the flexibility to convert to industrial use, supporting a range of operating requirements.
Set on a 0.47-acre unique corner lot, the property is located within Business Park (BP) zoning, which allows for multiple office and industrial uses.
This offering is presented for sale and is suited for users or investors seeking a single-site property with functional flexibility between office and industrial configurations.
Set on a 0.47-acre unique corner lot, the property is located within Business Park (BP) zoning, which allows for multiple office and industrial uses.
This offering is presented for sale and is suited for users or investors seeking a single-site property with functional flexibility between office and industrial configurations.
Key Highlights
- ±7,962 SF free‑standing industrial building available for sale at 10703 Progress Way, Cypress, CA
- Currently configured for office use with the ability to be converted to industrial
- Located on a 0.47‑acre unique corner lot
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
$156,571
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
4.74%
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%
$3,131,420
$3.1M
Cap Rate 7%
$2,236,729
$2.2M
Cap Rate 9%
$1,739,678
$1.7M
Market Conditions
NOI Build-Up for 7,962 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
$237.9K $29.88/SF
− Vacancy
−$29.1K −$3.66/SF
EGI
$208.8K $26.22/SF
− OpEx
−$52.2K −$6.55/SF
NOI
$156.6K $19.66/SF
Area
Orange County, CA
Vacancy
12.25%
Lease Rate
$29.88 /SF/Yr
Expense Ratio
25.00%
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%
$3,131,420
Cap Rate 7%
$2,236,729
Cap Rate 9%
$1,739,678
Alternative Uses
Best Use
Office B
$2.24M
$1.96M – $2.61M
NOI $156,571 @ 7.0% cap · market cap 4.74%
Second Best
Flex RnD
$2.07M
$1.81M – $2.41M
NOI $144,864 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$2.67M
$2.34M – $3.12M
NOI $187,199 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90630, CA
49,965
Population
16,544
Households
3
Avg Household Size
41
Median Age
49%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
8,059
Density / Sq Mi
$124,360
Median Household Income
$59,244
Median Earnings
$2,452
Median Rent
$866,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding industrial building with office configuration on a unique corner lot and zoning support for office and industrial uses.
Where is this flex space located?
The property is located at 10703 Progress Way Cypress, CA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: ±7,962 SF free‑standing industrial building available for sale at 10703 Progress Way, Cypress, CA; Currently configured for office use with the ability to be converted to industrial; Located on a 0.47‑acre unique corner lot
