Light Industrial Condo with Roll-Up
For Sale
$640,000
120 N Pacific Street C1, San Marcos, CA 92069
Single-story light industrial condo with HVAC, front showroom, offices, and a rear roll-up door.
Property Size1,600 SF
Price / SF$400
Days on Market103
Property Features for 120 N Pacific Street C1
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial/Industrial
Site & Location
Traffic Count
163,000 vehicles/day
Highway Access
Yes
Warehouse & Industrial
Clear Height
14 ft
Drive-In Doors
1
Building Details
Year Built
1980
Stories
1
Listing Agency:
Century 21 Masters
(760) 805-3003
Listed By:
Zohra Emery · License #02029069
(760) 805-3003
Source:
Exitrealty
Added: May 13
Changed: Aug 23
Last Checked: Aug 23 at 6:33AM
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 Century 21 Masters
Investment Insights
Based on property information with market context.
A single-story light industrial condo in San Marcos’ established industrial corridor featuring a front showroom, two private offices, and a spacious workshop. The unit is 100% HVAC-conditioned and offers 12–14’ clear heights. Interior finishes include a 90% drop T-bar ceiling, recently refreshed new paint, and a remodeled restroom, with wiring in place for highway-facing signage. A brand-new rear roll-up door supports flexible day-to-day operations.
The property sits on Prime Hwy 78 frontage and is located within a secure, gated business park with immediate access to the 78, 5, and 15 freeways. Public remarks cite exceptional visibility to approximately 163,000 cars daily.
HOA is listed as $498 per month and includes water, trash, exterior maintenance, landscaping, and security.
The property sits on Prime Hwy 78 frontage and is located within a secure, gated business park with immediate access to the 78, 5, and 15 freeways. Public remarks cite exceptional visibility to approximately 163,000 cars daily.
HOA is listed as $498 per month and includes water, trash, exterior maintenance, landscaping, and security.
Key Highlights
- 1,600 SF single‑story light industrial condo with front showroom, two private offices, and a spacious workshop
- 12–14' clear heights and a 90% drop T‑bar ceiling
- 100% HVAC‑conditioned space with front wiring ready for custom highway‑facing signage
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
Warehouse
$317.5K
$277.9K – $370.5K
NOI $22,228 @ 7.0% cap · market cap 3.47%
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
Property Profile
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
163,000 VPD
Traffic count
Yes
Highway 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story light industrial condo with HVAC, front showroom, offices, and a rear roll-up door.
Where is this flex space located?
The property is located at 120 N Pacific Street C1 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 SF single‑story light industrial condo with front showroom, two private offices, and a spacious workshop; 12–14' clear heights and a 90% drop T‑bar ceiling; 100% HVAC‑conditioned space with front wiring ready for custom highway‑facing signage
