Tracy Warehouse/Office Condo
For Sale
$980,000
12 W Larch #B19/, Tracy, CA 95304
Light industrial warehouse/office condo in Tracy Business Park for sale.
Property Size3,513 SF
Lot Size5.09 Acres
Price / SF$278.96
Days on Market104
Property Features for 12 W Larch #B19/
General Information
Standard status
Active
Size
3,513 SF
Lot size
5.09 Acres
Property subtype
Commercial
Amenities
Central air
Carpet Flooring
Central Cooling
Central Heating
Building Details
Year Built
2007
Listing Agency:
WEST ONE REAL ESTATE, INC.
4828088
Listed By:
JENNIFER WEST · License #01211033
Source:
Corcoran
Added: May 15
Changed: Aug 21
Last Checked: Aug 26 at 9:15AM
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 WEST ONE REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
Located in Tracy Business Park, this light industrial warehouse/office condominium suite offers an investment opportunity. The property is situated in Building B and features approximately 1,948 square feet of office space with glass storefront entries and approximately 1,565 square feet of warehouse space. A 12' x 14' grade-level roll-up door provides access to the warehouse, which has a clear height of 20'-23'. The property includes skylights, a fire sprinkler system, and 200 Amp, 3-phase electrical service. There are two restrooms. Zoned PUD, the property is part of a Condominium Association with CCR's. The property is currently leased through February 2027. The multi-tenant business complex consists of approximately 86,181 total square feet on 5.09 acres, featuring gated access, professional landscaping, and steel frame/stucco construction. The property has convenient access directly off the I-205 freeway at the Tracy Blvd exit.
Key Highlights
- Leased through February 2027, providing immediate and stable cash flow.
- Convenient access directly off the I‑205 freeway at the Tracy Blvd exit.
- Desirable end unit offering added privacy and functionality.
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
$41,130
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
4.20%
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%
$822,600
$822.6K
Cap Rate 7%
$587,571
$587.6K
Cap Rate 9%
$457,000
$457.0K
Market Conditions
NOI Build-Up for 3,513 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
$66.6K $18.96/SF
− Vacancy
−$3.3K −$0.95/SF
EGI
$63.3K $18.01/SF
− OpEx
−$22.1K −$6.30/SF
NOI
$41.1K $11.71/SF
Area
San Joaquin County, CA
Vacancy
5.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$822,600
Cap Rate 7%
$587,571
Cap Rate 9%
$457,000
Alternative Uses
Best Use
Flex RnD
$587.6K
$514.1K – $685.5K
NOI $41,130 @ 7.0% cap · market cap 4.20%
Second Best
Industrial
$541.1K
$473.4K – $631.2K
NOI $37,874 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$771.5K
$675.0K – $900.0K
NOI $54,002 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95304, CA
16,210
Population
5,085
Households
3.2
Avg Household Size
38
Median Age
29%
College-Educated
84%
High-School Grad
153.5 sq mi
ZIP Area
106
Density / Sq Mi
$114,359
Median Household Income
$57,419
Median Earnings
$2,299
Median Rent
$869,300
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 - Light industrial warehouse/office condo in Tracy Business Park for sale.
Where is this flex space located?
The property is located at 12 W Larch #B19/ Tracy, CA.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Leased through February 2027, providing immediate and stable cash flow.; Convenient access directly off the I‑205 freeway at the Tracy Blvd exit.; Desirable end unit offering added privacy and functionality.
