Two-Story Flex
For Sale
$1,475,000
1223 N Tustin Unit A, Anaheim, CA 92807
Two-story commercial property combines office accommodations with dedicated warehouse functionality.
Property Size3,485 SF
Price / SF$455.25
Days on Market142
Property Features for 1223 N Tustin Unit A
General Information
Standard status
Active
Size
3,485 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
14 ft
Warehouse Space
1,021 SF
Office Build-Out
2,219 SF
Amenities
Central Air
3
Irregular
Paved. Public Transport, Paved Road, Irregular.
Building Details
Year Built
1982
Stories
2
Building Size
3,485 SF
Parking Ratio
5.74 per 1,000 SF
Listing Agency:
Pellego, Inc.
(949) 625-4533
Listed By:
Leo Gutierrez-Torres · License #02107407
Source:
Xome
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 30 at 4:53PM
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 Pellego, Inc.
Investment Insights
Based on property information with market context.
This two-story flex space includes a reception area, five private offices, and a conference room alongside warehouse space with 14’ clear height. Central air is provided, and the property was built in 1982. The layout supports a combination of office and warehouse functions within one commercial unit.
Situated in Tustin Ave Business Park in Anaheim, the property has exposure to approximately 28,000 vehicles per day and convenient access to the 91, 55, and 57 Freeways. Parking is provided at a ratio of 5.74/1,000 SF, with a well-maintained HOA serving the business park. A 3D virtual tour is available for remote review of the interior configuration.
Situated in Tustin Ave Business Park in Anaheim, the property has exposure to approximately 28,000 vehicles per day and convenient access to the 91, 55, and 57 Freeways. Parking is provided at a ratio of 5.74/1,000 SF, with a well-maintained HOA serving the business park. A 3D virtual tour is available for remote review of the interior configuration.
Key Highlights
- Two‑story layout with reception area, five private offices, and a conference room
- Warehouse area with 14’ clear height
- Exposure to approximately 28,000 vehicles per day
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
$63,350
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
4.29%
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%
$1,267,000
$1.3M
Cap Rate 7%
$905,000
$905.0K
Cap Rate 9%
$703,889
$703.9K
Market Conditions
NOI Build-Up for 3,240 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
$106.9K $33.00/SF
− Vacancy
−$22.5K −$6.93/SF
EGI
$84.5K $26.07/SF
− OpEx
−$21.1K −$6.52/SF
NOI
$63.4K $19.55/SF
Area
Anaheim, CA
Vacancy
21.00%
Lease Rate
$33.00 /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%
$1,267,000
Cap Rate 7%
$905,000
Cap Rate 9%
$703,889
Alternative Uses
Best Use
Office B
$905.0K
$791.9K – $1.06M
NOI $63,350 @ 7.0% cap · market cap 4.29%
Second Best
Warehouse
$726.7K
$635.8K – $847.8K
NOI $50,866 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,387 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,309
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92807, CA
37,627
Population
12,985
Households
2.9
Avg Household Size
44
Median Age
47%
College-Educated
92%
High-School Grad
11.0 sq mi
ZIP Area
3,421
Density / Sq Mi
$136,089
Median Household Income
$62,020
Median Earnings
$2,959
Median Rent
$918,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Cham-ya Catering — 3550 Enterprise Dr, Anaheim, CA 92807
- The Taco Catering Company — 3444 E Orangethorpe Ave, Anaheim, CA 92806
Frequently Asked Questions
What type of property is this?
Flex space - Two-story commercial property combines office accommodations with dedicated warehouse functionality.
Where is this flex space located?
The property is located at 1223 N Tustin Unit A Anaheim, CA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Two‑story layout with reception area, five private offices, and a conference room; Warehouse area with 14’ clear height; Exposure to approximately 28,000 vehicles per day
