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15751 Rockfield Boulevard, Irvine, CA 92618
Medical Office Space
Property Size13,140 SF
Price / SF$578.31
Days on Market201
Property Features for 15751 Rockfield Boulevard
General Information
Standard status
Active
Size
13,140 SF
Class
A
Property subtype
Office
Zoning
4.2 - Community Commercial
Occupancy
81%
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Built
1983
Year Renovated
2024
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
HREA | Healthcare Real Estate Advisors
Listed By:
Anthony Naticchioni · License #CA 01179234
Source:
Crexi
Added: Mar 9
Changed: Sep 15
Last Checked: Sep 24 at 7:19AM
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 HREA | Healthcare Real Estate Advisors
Investment Insights
Based on property information with market context.
Key Highlights
- Located in Irvine's Spectrum Center, a premier commercial and healthcare corridor.
- Zoned Community Commercial, permitting both medical and general office use.
- Flexible configuration supports single‑tenant or multi‑tenant occupancy.
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
$218,231
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
2.87%
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%
$4,364,620
$4.4M
Cap Rate 7%
$3,117,586
$3.1M
Cap Rate 9%
$2,424,789
$2.4M
Market Conditions
NOI Build-Up for 13,140 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
$348.5K $26.52/SF
− Vacancy
−$57.5K −$4.38/SF
EGI
$291.0K $22.14/SF
− OpEx
−$72.7K −$5.54/SF
NOI
$218.2K $16.61/SF
Area
ZIP 92618
Vacancy
16.50%
Lease Rate
$26.52 /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%
$4,364,620
Cap Rate 7%
$3,117,586
Cap Rate 9%
$2,424,789
Alternative Uses
Best Use
Office B
$3.12M
$2.73M – $3.64M
NOI $218,231 @ 7.0% cap · market cap 2.87%
Second Best
Healthcare Medical
$2.97M
$2.60M – $3.46M
NOI $207,759 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,897 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,470
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92618, CA
57,488
Population
26,470
Households
2.2
Avg Household Size
35
Median Age
72%
College-Educated
97%
High-School Grad
20.7 sq mi
ZIP Area
2,777
Density / Sq Mi
$135,609
Median Household Income
$85,192
Median Earnings
$3,053
Median Rent
$1,153,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
Where is this medical office space located?
The property is located at 15751 Rockfield Boulevard Irvine, CA.
What is the asking price?
The asking price for this property is $7,599,000.
What are key features of this property?
This property features: Located in Irvine's Spectrum Center, a premier commercial and healthcare corridor.; Zoned Community Commercial, permitting both medical and general office use.; Flexible configuration supports single‑tenant or multi‑tenant occupancy.
