Single-Story Office Condo For
For Sale
$905,000
22956 El Toro Road, Lake Forest, CA 92630
Single-story office condo with major street frontage and flexible zoning.
Property Size2,545 SF
Price / SF$355.60
Days on Market266
Property Features for 22956 El Toro Road
General Information
Standard status
Active
Size
2,545 SF
Property subtype
Office
Building Details
Year Built
1981
Listing Agency:
Lee & Associates - Irvine
(949) 790-3140
Listed By:
Travis Watts · License #CalDRE #01927498
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Jul 6
Last Checked: Aug 19 at 5:49AM
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 - Irvine
Investment Insights
Based on property information with market context.
This single-story professional office condo is available for purchase, presenting an opportunity for either an owner-user or an investor. The property benefits from flexible zoning and major street frontage on heavily traveled El Toro Road, along with building signage. The corner unit features an extensive window line. Its location provides convenient access to South Orange County's major freeways and toll roads. The surrounding area offers close proximity to numerous restaurants and other retail amenities. The property is situated near new residential developments, including Great Park, Baker Ranch, and The Meadows. The property contains 2,545 square feet.
Key Highlights
- Major street frontage and building signage on heavily traveled El Toro Road.
- Rare single‑story professional owner/user office condo with flexible zoning.
- Corner unit with extensive window line.
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
$50,047
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
5.53%
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%
$1,000,940
$1.0M
Cap Rate 7%
$714,957
$715.0K
Cap Rate 9%
$556,078
$556.1K
Market Conditions
NOI Build-Up for 2,545 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
$76.0K $29.88/SF
− Vacancy
−$9.3K −$3.66/SF
EGI
$66.7K $26.22/SF
− OpEx
−$16.7K −$6.55/SF
NOI
$50.0K $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%
$1,000,940
Cap Rate 7%
$714,957
Cap Rate 9%
$556,078
Alternative Uses
Best Use
Office B
$715.0K
$625.6K – $834.1K
NOI $50,047 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$854.8K
$748.0K – $997.3K
NOI $59,837 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 92630, CA
66,359
Population
24,390
Households
2.7
Avg Household Size
40
Median Age
47%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
6,320
Density / Sq Mi
$119,984
Median Household Income
$57,277
Median Earnings
$2,614
Median Rent
$858,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Single-story office condo with major street frontage and flexible zoning.
Where is this office units located?
The property is located at 22956 El Toro Road Lake Forest, CA.
What is the asking price?
The asking price for this property is $905,000.
What are key features of this property?
This property features: Major street frontage and building signage on heavily traveled El Toro Road.; Rare single‑story professional owner/user office condo with flexible zoning.; Corner unit with extensive window line.
