Single-Tenant Net-Leased Office
For Sale
$13,800,000
15283 Pahute Ave, Victorville, CA 92395
Build-to-suit office facility under an absolute net lease.
Property Size36,233 SF
Lot Size3.27 Acres
Price / SF$380.87
Days on Market75
Property Features for 15283 Pahute Ave
General Information
Standard status
Active
Size
36,233 SF
Lot size
3.27 Acres
Property subtype
Office
Building Details
Building Size
36,233 SF
Year Built
2010
Buildings
1
Tenancy
Single
Listing Agency:
Lee & Associates - Victorville
(760) 475-4669
Listed By:
Paul A. Casilla · License #CalDRE #01881506
(760) 475-4669
Source:
Lee-associates
Added: Jun 17
Changed: Aug 30
Last Checked: Aug 30 at 3:46AM
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 - Victorville
Investment Insights
Based on property information with market context.
This single-tenant office property comprises approximately 36,233 square feet on about 3.27 acres in Victorville, California. Completed in 2010, the facility was developed as a build-to-suit for Azusa Pacific University and is subject to an absolute net lease.
The property offers a straightforward office investment profile, combining a dedicated occupant with a purpose-built facility and substantial land area. Its location at 15283 Pahute Avenue places the asset within Victorville, California, providing a defined physical setting for an office user or investor evaluating a leased commercial property.
The property offers a straightforward office investment profile, combining a dedicated occupant with a purpose-built facility and substantial land area. Its location at 15283 Pahute Avenue places the asset within Victorville, California, providing a defined physical setting for an office user or investor evaluating a leased commercial property.
Key Highlights
- Approximately 36,233‑square‑foot office facility
- Single‑tenant absolute net lease structure
- Built in 2010 as a build‑to‑suit for Azusa Pacific University
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
$414,469
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
3.00%
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%
$8,289,380
$8.3M
Cap Rate 7%
$5,920,986
$5.9M
Cap Rate 9%
$4,605,211
$4.6M
Market Conditions
NOI Build-Up for 36,233 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
$673.9K $18.60/SF
− Vacancy
−$121.3K −$3.35/SF
EGI
$552.6K $15.25/SF
− OpEx
−$138.2K −$3.81/SF
NOI
$414.5K $11.44/SF
Area
Victorville, CA
Vacancy
18.00%
Lease Rate
$18.60 /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%
$8,289,380
Cap Rate 7%
$5,920,986
Cap Rate 9%
$4,605,211
Alternative Uses
Best Use
Office B
$5.92M
$5.18M – $6.91M
NOI $414,469 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.68M
$6.72M – $8.96M
NOI $537,321 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 92395, CA
47,556
Population
16,394
Households
2.9
Avg Household Size
34
Median Age
15%
College-Educated
81%
High-School Grad
16.9 sq mi
ZIP Area
2,814
Density / Sq Mi
$57,407
Median Household Income
$34,627
Median Earnings
$1,478
Median Rent
$335,900
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 - Build-to-suit office facility under an absolute net lease.
Where is this office building located?
The property is located at 15283 Pahute Ave Victorville, CA.
What is the asking price?
The asking price for this property is $13,800,000.
What are key features of this property?
This property features: Approximately 36,233‑square‑foot office facility; Single‑tenant absolute net lease structure; Built in 2010 as a build‑to‑suit for Azusa Pacific University
