Freestanding Industrial Building in San
For Sale
$4,579,000
1370 Armorlite Drive, San Marcos, CA 92069
San Marcos industrial building with occupancy available January 1, 2026.
Property Size17,280 SF
Days on Market277
Property Features for 1370 Armorlite Drive
General Information
Standard status
Active
Size
17,280 SF
Property subtype
Industrial
Building Details
Building Size
17,280 SF
Year Built
1985
Listing Agency:
Lee & Associates | North San Diego County
(760) 644-1887
Listed By:
Rusty Williams, SIOR · License #CalDRE #01390702
(760) 644-1887
Source:
Lee-associates
Added: Nov 25, 2025
Changed: Aug 26
Last Checked: Aug 29 at 6:18AM
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 | North San Diego County
Investment Insights
Based on property information with market context.
This is a freestanding industrial building centrally located in the San Marcos Business Park. The property has approximately 12% office space and a 16-foot clear height. It features 800 amps at 120/208 volts of power, a fully sprinklered system, 12 rollup doors, and skylights. A potential fenced yard is also present. Power is distributed throughout the building, and gas is available. Rollup doors are located on both sides of the building. The property, totaling 17,280 square feet, is estimated to be vacant and available for occupancy January 1, 2026.
Key Highlights
- Rare freestanding industrial building.
- Centrally located in the San Marcos Business Park.
- Vacant and available for occupancy January 1, 2026.
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
$240,061
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
5.24%
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%
$4,801,220
$4.8M
Cap Rate 7%
$3,429,443
$3.4M
Cap Rate 9%
$2,667,344
$2.7M
Market Conditions
NOI Build-Up for 17,280 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
$311.0K $18.00/SF
− Vacancy
−$28.6K −$1.66/SF
EGI
$282.4K $16.34/SF
− OpEx
−$42.4K −$2.45/SF
NOI
$240.1K $13.89/SF
Area
San Diego County, CA
Vacancy
9.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
15.00%
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%
$4,801,220
Cap Rate 7%
$3,429,443
Cap Rate 9%
$2,667,344
Alternative Uses
Best Use
Warehouse
$3.43M
$3.00M – $4.00M
NOI $240,061 @ 7.0% cap · market cap 5.24%
Second Best
Industrial
$2.82M
$2.47M – $3.29M
NOI $197,697 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$7.92M
$6.93M – $9.24M
NOI $554,199 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,496
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.
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- AllSpace Self Storage — 1450 Grand Ave, San Marcos, CA 92078
Frequently Asked Questions
What type of property is this?
Warehouse - San Marcos industrial building with occupancy available January 1, 2026.
Where is this warehouse located?
The property is located at 1370 Armorlite Drive San Marcos, CA.
What is the asking price?
The asking price for this property is $4,579,000.
What are key features of this property?
This property features: Rare freestanding industrial building.; Centrally located in the San Marcos Business Park.; Vacant and available for occupancy January 1, 2026.
