Industrial Condo with
For Sale
$475,000
Pending
12221 Poplar Street, Oak Hills, CA 92344
Commercial Sale, Oak Hills, CA
Property Size2,222 SF
Days on Market1045
Property Features for 12221 Poplar Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IND
Directions
Complex is located off of Hwy 395, between Main St and the Pilot Truck Stop.
Subdivision
699 - Not Defined
Standard status
Pending
APN
3064641240000
Utilities
Cooling system
Heat Pump
Building Details
Year built
2006
Listing Agency:
REALTY ONE GROUP EMPIRE
(760) 407-6444
Listed By:
NANETTE MURPHY · License #01088214
(760) 985-8474
Added: Oct 20, 2023
Changed: Aug 20
Last Checked: Aug 29 at 11:06PM
MLS# EV23195877
Copyright © 2026 California Regional Multiple Listing Service, Inc. 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.
Unit 17 is an industrial condominium with approximately 1,780 square feet of warehouse area and approximately 442 square feet configured as a foyer, showroom, office, kitchen, and bathroom. The property contains approximately 2,222 square feet in total and was built in 2006. A heat-pump cooling system serves the unit.
Large front windows provide display exposure, while the building offers room for signage. The warehouse features 20-foot ceilings, a large roll-up door, and a separate man door. Located at 12221 Poplar Street in Oak Hills, the unit carries IND zoning.
Large front windows provide display exposure, while the building offers room for signage. The warehouse features 20-foot ceilings, a large roll-up door, and a separate man door. Located at 12221 Poplar Street in Oak Hills, the unit carries IND zoning.
Key Highlights
- Approximately 2,222 total square feet, including approximately 1,780 square feet of warehouse area
- Approximately 442 square feet of foyer, showroom, office, kitchen, and bath space
- 20‑foot ceilings with a large roll‑up door and separate man door
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
$26,154
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
5.51%
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%
$523,080
$523.1K
Cap Rate 7%
$373,629
$373.6K
Cap Rate 9%
$290,600
$290.6K
Market Conditions
NOI Build-Up for 2,222 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
$37.9K $17.04/SF
− Vacancy
−$3.0K −$1.35/SF
EGI
$34.9K $15.69/SF
− OpEx
−$8.7K −$3.92/SF
NOI
$26.2K $11.77/SF
Area
San Bernardino County, CA
Vacancy
7.90%
Lease Rate
$17.04 /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%
$523,080
Cap Rate 7%
$373,629
Cap Rate 9%
$290,600
Alternative Uses
Best Use
Office B
$373.6K
$326.9K – $435.9K
NOI $26,154 @ 7.0% cap · market cap 5.51%
Second Best
Warehouse
$316.5K
$277.0K – $369.3K
NOI $22,157 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$468.7K
$410.1K – $546.8K
NOI $32,809 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92344, CA
23,166
Population
6,329
Households
3.7
Avg Household Size
34
Median Age
20%
College-Educated
83%
High-School Grad
37.6 sq mi
ZIP Area
616
Density / Sq Mi
$99,909
Median Household Income
$45,574
Median Earnings
$2,117
Median Rent
$454,100
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?
Flex space - IND-zoned unit combines warehouse, office, kitchen, and bath areas.
Where is this flex space located?
The property is located at 12221 Poplar Street Oak Hills, CA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Approximately 2,222 total square feet, including approximately 1,780 square feet of warehouse area; Approximately 442 square feet of foyer, showroom, office, kitchen, and bath space; 20‑foot ceilings with a large roll‑up door and separate man door
