Multi-Tenant Office
For Sale
$9,800,000
135 Columbia, Aliso Viejo, CA 92656
Elevator-served office building with a modern, high-finish lobby and natural light throughout common areas.
Property Size24,552 SF
Price / SF$399.15
Days on Market648
Property Features for 135 Columbia
General Information
Standard status
Active
Size
24,552 SF
Property subtype
General Commercial
Lease Type
Full Service
Additional Details
Highway Access
Yes
Amenities
modern high-finish lobby
natural light
building-top signage
elevator
3
M
96 Parking Spaces.
Building Details
Year Built
2000
Tenancy
Multi
Listing Agency:
Economos Dewolf, Inc.
(949) 576-2751
Listed By:
Geoffrey Dewolf · License #01319312
(949) 500-6654
Source:
Xome
Added: Nov 28, 2024
Changed: Sep 2
Last Checked: Sep 7 at 5:31AM
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 Economos Dewolf, Inc.
Investment Insights
Based on property information with market context.
This is a high-image, multi-tenant office building featuring an elevator-served layout, a modern, high-finish lobby, and natural light. The property totals 24,552 SF and includes 16,239 SF currently available for lease or owner-user occupancy, with stated potential for medical conversion.
The building offers prominent building-top signage and is located along Aliso Creek Road, with immediate access to the 73 Toll Road and minutes to the 5 Freeway.
The available space may be suitable for an owner-occupant seeking a workplace within a multi-tenant setting, while also supporting leasing opportunities within the building’s elevator-served configuration.
The building offers prominent building-top signage and is located along Aliso Creek Road, with immediate access to the 73 Toll Road and minutes to the 5 Freeway.
The available space may be suitable for an owner-occupant seeking a workplace within a multi-tenant setting, while also supporting leasing opportunities within the building’s elevator-served configuration.
Key Highlights
- 24,552‑SF high‑image, multi‑tenant office building built in 2000
- 16,239‑SF available for lease or owner‑user occupancy
- Building features elevator service, a modern, high‑finish lobby, and natural light in common areas
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
$482,810
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
4.93%
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%
$9,656,200
$9.7M
Cap Rate 7%
$6,897,286
$6.9M
Cap Rate 9%
$5,364,556
$5.4M
Market Conditions
NOI Build-Up for 24,552 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
$733.6K $29.88/SF
− Vacancy
−$89.9K −$3.66/SF
EGI
$643.7K $26.22/SF
− OpEx
−$160.9K −$6.55/SF
NOI
$482.8K $19.66/SF
Area
Orange County, CA
Vacancy
12.25%
Lease Rate
$29.88 /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%
$9,656,200
Cap Rate 7%
$6,897,286
Cap Rate 9%
$5,364,556
Alternative Uses
Best Use
Office B
$6.90M
$6.04M – $8.05M
NOI $482,810 @ 7.0% cap · market cap 4.93%
Second Best
Healthcare Medical
$6.68M
$5.85M – $7.80M
NOI $467,754 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$8.25M
$7.22M – $9.62M
NOI $577,257 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
957
Businesses Nearby
Explore this area
Business Placement
Demographics for 92656, CA
53,473
Population
21,211
Households
2.5
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
8.0 sq mi
ZIP Area
6,684
Density / Sq Mi
$134,538
Median Household Income
$72,864
Median Earnings
$2,764
Median Rent
$849,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Elevator-served office building with a modern, high-finish lobby and natural light throughout common areas.
Where is this office building located?
The property is located at 135 Columbia Aliso Viejo, CA.
What is the asking price?
The asking price for this property is $9,800,000.
What are key features of this property?
This property features: 24,552‑SF high‑image, multi‑tenant office building built in 2000; 16,239‑SF available for lease or owner‑user occupancy; Building features elevator service, a modern, high‑finish lobby, and natural light in common areas
