Mixed-Use Building with
For Sale
$449,500
113 Pillsbury Street, Lancaster, CA 93534
Mixed Use, Lancaster, CA
Property Size2,290 SF
Price / SF$196.29
Days on Market114
Property Features for 113 Pillsbury Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
LAC - Lancaster
Standard status
Active
APN
3138012077
Building Details
Year built
1976
Listing Agency:
RE/MAX Gold Coast REALTORS · RE/MAX International
(805) 484-1600
Listed By:
Patrick Fossati · License #01907255
(805) 910-0463
Added: May 1
Changed: Aug 20
Last Checked: Aug 22 at 4:06AM
MLS# V1-36151
Copyright © 2026 California Regional MLS - Pasadena-Foothills and Ventura County Coastal. 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.
Set on a 7,000+ sq. foot lot, this mixed-use property includes a 2,290 sq. foot building and a separate outdoor storage shed. The primary structure features an expansive open interior with multiple entry points, two restrooms, office and reception areas, and a room suitable for a break area or kitchen. Fresh interior paint and a new electrical panel add to the building’s recent updates. The parcel is mostly enclosed by fencing, with parking positioned both at the front and inside the secured area.
The property is in Lancaster’s commercial and industrial district within the T.O.D. Zone, which permits retail, commercial, office, and light industrial uses. Division Street is nearby and provides road frontage exposure to thousands of cars per day. The steel fencing and gate, along with the storage outbuilding, were constructed less than 5 years ago.
The property is in Lancaster’s commercial and industrial district within the T.O.D. Zone, which permits retail, commercial, office, and light industrial uses. Division Street is nearby and provides road frontage exposure to thousands of cars per day. The steel fencing and gate, along with the storage outbuilding, were constructed less than 5 years ago.
Key Highlights
- 2,290 sq. foot building on a 7,000+ sq. foot lot
- T.O.D. Zone allows retail, commercial, office, and light industrial uses
- Mostly fenced parcel with front parking and additional spaces inside the enclosure
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
$37,972
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
8.45%
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%
$759,440
$759.4K
Cap Rate 7%
$542,457
$542.5K
Cap Rate 9%
$421,911
$421.9K
Market Conditions
NOI Build-Up for 2,290 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
$57.7K $25.20/SF
− Vacancy
−$3.5K −$1.51/SF
EGI
$54.2K $23.69/SF
− OpEx
−$16.3K −$7.11/SF
NOI
$38.0K $16.58/SF
Area
Lancaster, CA
Vacancy
6.00%
Lease Rate
$25.20 /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%
$759,440
Cap Rate 7%
$542,457
Cap Rate 9%
$421,911
Alternative Uses
Best Use
Retail
$542.5K
$474.7K – $632.9K
NOI $37,972 @ 7.0% cap · market cap 8.45%
Second Best
Mixed Use
$524.8K
$459.2K – $612.3K
NOI $36,737 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$719.3K
$629.4K – $839.2K
NOI $50,352 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 93534, CA
43,906
Population
16,343
Households
2.7
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
19.0 sq mi
ZIP Area
2,311
Density / Sq Mi
$58,891
Median Household Income
$44,566
Median Earnings
$1,513
Median Rent
$339,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - T.O.D. zoning supports retail, office, commercial, and light industrial uses, with fenced parking and an outdoor storage structure.
Where is this mixed-use property located?
The property is located at 113 Pillsbury Street Lancaster, CA.
What is the asking price?
The asking price for this property is $449,500.
What are key features of this property?
This property features: 2,290 sq. foot building on a 7,000+ sq. foot lot; T.O.D. Zone allows retail, commercial, office, and light industrial uses; Mostly fenced parcel with front parking and additional spaces inside the enclosure
