Flex Space
For Sale
$5,399,000
177 Newport Dr, San Marcos, CA 92069
For sale flex space property offering a mix of office and industrial unit options.
Property Size19,420 SF
Days on Market108
Property Features for 177 Newport Dr
General Information
Standard status
Active
Size
19,420 SF
Property subtype
Industrial
Building Details
Building Size
19,420 SF
Year Built
1987
Listing Agency:
Lee & Associates San Diego - Carlsbad
(818) 640-0838
Listed By:
Jake Rubendall, SIOR · License #CalDRE #02037365
(818) 640-0838
Source:
Lee-associates
Added: May 16
Changed: Aug 26
Last Checked: Aug 31 at 3:34PM
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 San Diego - Carlsbad
Investment Insights
Based on property information with market context.
This for-sale flex space property includes a mix of office units and industrial-style space configurations. The asset is marketed under multiple commercial categories, including flex space, industrial properties, office units, and office spaces.
The property is located at 177 Newport Drive in San Marcos, California (92069).
The property is located at 177 Newport Drive in San Marcos, California (92069).
Key Highlights
- Flex space property with a mix of office and industrial unit options
- Built in 1987
- Located at 177 Newport Drive, San Marcos, CA 92069
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
$400,297
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
7.41%
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%
$8,005,940
$8.0M
Cap Rate 7%
$5,718,529
$5.7M
Cap Rate 9%
$4,447,744
$4.4M
Market Conditions
NOI Build-Up for 19,420 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
$717.8K $36.96/SF
− Vacancy
−$101.9K −$5.25/SF
EGI
$615.8K $31.71/SF
− OpEx
−$215.5K −$11.10/SF
NOI
$400.3K $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%
$8,005,940
Cap Rate 7%
$5,718,529
Cap Rate 9%
$4,447,744
Alternative Uses
Best Use
Flex RnD
$5.72M
$5.00M – $6.67M
NOI $400,297 @ 7.0% cap · market cap 7.41%
Second Best
Industrial
$3.17M
$2.78M – $3.70M
NOI $222,180 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$8.90M
$7.79M – $10.38M
NOI $622,832 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,041
Businesses Nearby
Well-served
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.
Similar Off Market Nearby
- My Forking Kitchen — 803 W San Marcos Blvd, San Marcos, CA 92078
- Marisco's Germán — Linda Vista Dr, San Marcos, CA 92078
- Mili's Sweets — 980 Los Vallecitos Blvd, San Marcos, CA 92069
- Driana Catering Inc. — 980 Los Vallecitos Blvd, San Marcos, CA 92069
- Prime Cuts Catering — Suite B, 980 Los Vallecitos Blvd, San Marcos, CA 92069
Frequently Asked Questions
What type of property is this?
Flex space - For sale flex space property offering a mix of office and industrial unit options.
Where is this flex space located?
The property is located at 177 Newport Dr San Marcos, CA.
What is the asking price?
The asking price for this property is $5,399,000.
What are key features of this property?
This property features: Flex space property with a mix of office and industrial unit options; Built in 1987; Located at 177 Newport Drive, San Marcos, CA 92069
