Lathrop Office Building Investment
For Sale
Contact for pricing
17395 Manthey Rd, Lathrop, CA 95330
Stabilized net leased office building with high visibility and frontage.
Property Size24,104 SF
Lot Size2.11 Acres
Price / SF$352.64
Days on Market174
Property Features for 17395 Manthey Rd
General Information
Standard status
Active
Size
24,104 SF
Lot size
2.11 Acres
Property subtype
Office
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Net Operating Income
$552,737
Building Details
Year Built
2009
Tenancy
Multi
Listing Agency:
PDF Commercial
(916) 714-8012
Listed By:
Jon Bias · License #01998325
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 9 at 1:41PM
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 PDF Commercial
Investment Insights
Based on property information with market context.
This stabilized net leased office investment opportunity is located on Manthey Road in Lathrop, California, offering exceptional visibility and frontage directly off Interstate 5. Constructed in 2009, the property totals 24,104 square feet and is situated on a 2.11 acre parcel. The building is comprised of six suites and is currently operating at near 100% occupancy, delivering immediate and predictable cash flow. The tenant roster is diversified and primarily structured under net lease arrangements, resulting in limited landlord responsibilities and reduced management intensity. The property benefits from strong freeway exposure, providing tenants with prominent branding and efficient regional accessibility within one of Northern California’s most supply constrained and consistently performing office markets. The property is primarily leased under net lease arrangements, with tenants reimbursing their proportionate share of operating expenses, providing predictable income and minimizing landlord obligations. The executive office suites are operated on a full service basis and remain well leased, contributing to income diversification and overall stability. The tenant mix consists of professional and service oriented office users with contractual rent increases and defined renewal options. The executive office component is currently 20 of 23 suites occupied, supporting near full building occupancy and consistent cash flow. Ownership has completed meaningful capital improvements in recent years, enhancing the overall condition of the asset and supporting long term tenancy. Lathrop continues to benefit from sustained employment growth, industrial expansion, and population inflows tied to its strategic position along the Interstate 5 corridor. As demand for professional and service oriented office space continues to strengthen, well located assets with freeway exposure remain highly sought after.
Key Highlights
- Stabilized net leased office investment opportunity with near 100% occupancy.
- Exceptional visibility and frontage directly off Interstate 5.
- Located in a consistently performing office market.
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
$273,339
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
3.22%
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%
$5,466,780
$5.5M
Cap Rate 7%
$3,904,843
$3.9M
Cap Rate 9%
$3,037,100
$3.0M
Market Conditions
NOI Build-Up for 24,104 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
$433.9K $18.00/SF
− Vacancy
−$69.4K −$2.88/SF
EGI
$364.5K $15.12/SF
− OpEx
−$91.1K −$3.78/SF
NOI
$273.3K $11.34/SF
Area
San Joaquin County, CA
Vacancy
16.00%
Lease Rate
$18.00 /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%
$5,466,780
Cap Rate 7%
$3,904,843
Cap Rate 9%
$3,037,100
Alternative Uses
Best Use
Office B
$3.90M
$3.42M – $4.56M
NOI $273,339 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.29M
$4.63M – $6.18M
NOI $370,527 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Explore this area
Business Placement
Demographics for 95330, CA
29,065
Population
8,883
Households
3.3
Avg Household Size
34
Median Age
24%
College-Educated
83%
High-School Grad
21.5 sq mi
ZIP Area
1,352
Density / Sq Mi
$118,461
Median Household Income
$51,656
Median Earnings
$2,341
Median Rent
$605,100
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 - Stabilized net leased office building with high visibility and frontage.
Where is this office building located?
The property is located at 17395 Manthey Rd Lathrop, CA.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Stabilized net leased office investment opportunity with near 100% occupancy.; Exceptional visibility and frontage directly off Interstate 5.; Located in a consistently performing office market.
