Flex Space with Roll-Up
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For Sale
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120 N Pacific St Bldg C, San Marcos, CA 92069
Industrial flex condominium with updated interior finishes, dedicated loading access, and frontage along Hwy 78.
Property Size1,600 SF
Price / SF$400
Days on Market6
Property Features for 120 N Pacific St Bldg C
General Information
Standard status
Active
Size
1,600 SF
Property subtype
FLEX_R_AND_D
Zoning
I / B / P
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1980
Listing Agency:
Lee & Associates | North San Diego County
(760) 929-9700
Listed By:
Trent France · License #00984842
(760) 929-9700
Source:
Moodyscre
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 11 at 1:41PM
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 | North San Diego County
Investment Insights
Based on property information with market context.
This 1,600-square-foot flex condominium offers an industrial-oriented layout with a recently painted interior and remodeled bathroom. A new roll-up door provides loading access, supporting practical movement of goods and equipment. The property was built in 1980 and carries I / B / P zoning.
Positioned along Hwy 78 frontage, the building is identified as 120 N Pacific St Bldg C in San Marcos, California. Its combination of flex configuration, loading capability, refreshed finishes, and industrial zoning provides a functional setting for commercial operations.
Positioned along Hwy 78 frontage, the building is identified as 120 N Pacific St Bldg C in San Marcos, California. Its combination of flex configuration, loading capability, refreshed finishes, and industrial zoning provides a functional setting for commercial operations.
Key Highlights
- 1,600‑square‑foot flex condominium
- New roll‑up loading door
- Fresh paint and remodeled bathroom
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
$32,980
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
5.15%
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%
$659,600
$659.6K
Cap Rate 7%
$471,143
$471.1K
Cap Rate 9%
$366,444
$366.4K
Market Conditions
NOI Build-Up for 1,600 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
$59.1K $36.96/SF
− Vacancy
−$8.4K −$5.25/SF
EGI
$50.7K $31.71/SF
− OpEx
−$17.8K −$11.10/SF
NOI
$33.0K $20.61/SF
Area
San Diego County, CA
Vacancy
14.20%
Lease Rate
$36.96 /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%
$659,600
Cap Rate 7%
$471,143
Cap Rate 9%
$366,444
Alternative Uses
Best Use
Flex RnD
$471.1K
$412.3K – $549.7K
NOI $32,980 @ 7.0% cap · market cap 5.15%
Second Best
Industrial
$261.5K
$228.8K – $305.1K
NOI $18,305 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$733.1K
$641.4K – $855.3K
NOI $51,315 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92069, CA
49,407
Population
15,687
Households
3.1
Avg Household Size
34
Median Age
35%
College-Educated
83%
High-School Grad
18.5 sq mi
ZIP Area
2,671
Density / Sq Mi
$93,065
Median Household Income
$41,634
Median Earnings
$2,078
Median Rent
$714,700
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 - Industrial flex condominium with updated interior finishes, dedicated loading access, and frontage along Hwy 78.
Where is this flex space located?
The property is located at 120 N Pacific St Bldg C San Marcos, CA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 1,600‑square‑foot flex condominium; New roll‑up loading door; Fresh paint and remodeled bathroom
