Industrial Flex
For Sale
Contact for pricing
1900 E Warner Ave, Santa Ana, CA 92705
Two-suite industrial condominium with renovated interiors, upgraded building systems, and automotive service improvements.
Property Size6,850 SF
Price / SF$576.64
Days on Market12
Property Features for 1900 E Warner Ave
General Information
Standard status
Active
Size
6,850 SF
Total Parking Spaces
70
Property subtype
Retail
Zoning
M1 (Industrial)
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$262,512
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
HVAC
electrical
plumbing
interior painting
vinyl wood flooring
high-end lighting fixtures
automatic roll up door
marble countertops
finished tile features
Building Details
Year Built
1980
Year Renovated
2025
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Centennial Advisers
(714) 231-2537
Listed By:
Caden Burton · License #02237654
Source:
Crexi
Added: Jul 28
Changed: Aug 5
Last Checked: Aug 8 at 12:44PM
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 Centennial Advisers
Investment Insights
Based on property information with market context.
This M1-zoned industrial flex condominium contains 6,850 rentable square feet in two suites. Originally built in 1980 and renovated in 2025, the property has received HVAC and electrical work, plumbing-line replacement, interior wall and paint improvements, vinyl wood flooring, upgraded lighting, and a new automatic roll-up door in Suite B.
Suite A is occupied by SCSA, identified as the first legally permitted dispensary in Orange County, and features marble countertops and finished tile elements. Suite B is configured as a cosmetic auto salon serving sports-car enthusiasts, with additional work involving boat decals and paint-protection film. The surrounding context includes The Row Off Redhill and Tustin Legacy, while John Wayne Airport and the 55, 405, and 5 freeways are nearby.
The property combines flexible industrial space with two distinct operating configurations within the Sirco Irvine Business Park. Its East Warner Avenue address places both suites within the same condominium asset while retaining their separate improvements and uses.
Suite A is occupied by SCSA, identified as the first legally permitted dispensary in Orange County, and features marble countertops and finished tile elements. Suite B is configured as a cosmetic auto salon serving sports-car enthusiasts, with additional work involving boat decals and paint-protection film. The surrounding context includes The Row Off Redhill and Tustin Legacy, while John Wayne Airport and the 55, 405, and 5 freeways are nearby.
The property combines flexible industrial space with two distinct operating configurations within the Sirco Irvine Business Park. Its East Warner Avenue address places both suites within the same condominium asset while retaining their separate improvements and uses.
Key Highlights
- 6,850 rentable square feet configured as two industrial flex suites
- M1 (Industrial) zoning
- Built in 1980; renovated in 2025
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
$128,153
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
3.24%
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%
$2,563,060
$2.6M
Cap Rate 7%
$1,830,757
$1.8M
Cap Rate 9%
$1,423,922
$1.4M
Market Conditions
NOI Build-Up for 6,850 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
$197.3K $28.80/SF
− Vacancy
−$14.2K −$2.07/SF
EGI
$183.1K $26.73/SF
− OpEx
−$54.9K −$8.02/SF
NOI
$128.2K $18.71/SF
Area
ZIP 92705
Vacancy
7.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,563,060
Cap Rate 7%
$1,830,757
Cap Rate 9%
$1,423,922
Alternative Uses
Best Use
Retail
$1.83M
$1.60M – $2.14M
NOI $128,153 @ 7.0% cap · market cap 3.24%
Second Best
Flex RnD
$1.45M
$1.27M – $1.69M
NOI $101,517 @ 7.0% cap · market cap 2.57%
Theoretical Best
Specialty Retail
$2.06M
$1.80M – $2.40M
NOI $144,107 @ 7.0% cap · market cap 3.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,040
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92705, CA
45,902
Population
16,642
Households
2.8
Avg Household Size
40
Median Age
46%
College-Educated
87%
High-School Grad
11.8 sq mi
ZIP Area
3,890
Density / Sq Mi
$125,928
Median Household Income
$51,830
Median Earnings
$2,250
Median Rent
$1,135,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-suite industrial condominium with renovated interiors, upgraded building systems, and automotive service improvements.
Where is this flex space located?
The property is located at 1900 E Warner Ave Santa Ana, CA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 6,850 rentable square feet configured as two industrial flex suites; M1 (Industrial) zoning; Built in 1980; renovated in 2025
