Office Condominium Unit
For Sale
$1,200,000
203 Central Avenue, Lompoc, CA 93436
Professionally improved office condominium with parking, currently occupied by chiropractic operators.
Property Size4,400 SF
Price / SF$272.73
Days on Market96
Property Features for 203 Central Avenue
General Information
Standard status
Active
Size
4,400 SF
Property subtype
General Commercial
Additional Details
Business Included
Yes
Building Details
Year Built
1993
Listing Agency:
Exp Commercial of California, Inc.
(310) 200-1490
Listed By:
Araceli Jugo
Source:
Xome
Added: May 4
Changed: Jul 10
Last Checked: Aug 7 at 12:43AM
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 Exp Commercial of California, Inc.
Investment Insights
Based on property information with market context.
Unit 203 is a professionally improved office condominium offered for sale. The space is configured as an office unit designed for professional use, and it is positioned as an owner-user or investment-capable option within the property’s flexible ownership structure. Parking availability supports day-to-day tenant and visitor access.
The unit is located at 203 Central Avenue in Lompoc, California. The property’s office-condominium format makes it suitable for buyers seeking control of an individual suite while retaining the convenience of a shared commercial setting.
For professional users, Unit 203 offers an upgraded, ready-to-occupy layout with on-site parking. For buyers considering a leasing strategy, the unit is described as currently occupied by chiropractic operators, offering continuity for an owner who wants to align with the existing professional tenant profile. This combination of improved condition, parking, and condominium ownership structure can support a range of office ownership goals.
The unit is located at 203 Central Avenue in Lompoc, California. The property’s office-condominium format makes it suitable for buyers seeking control of an individual suite while retaining the convenience of a shared commercial setting.
For professional users, Unit 203 offers an upgraded, ready-to-occupy layout with on-site parking. For buyers considering a leasing strategy, the unit is described as currently occupied by chiropractic operators, offering continuity for an owner who wants to align with the existing professional tenant profile. This combination of improved condition, parking, and condominium ownership structure can support a range of office ownership goals.
Key Highlights
- Professionally improved office condominium currently occupied by chiropractic operators (Unit 203)
- Office condo in a Central Coast office market with stable, supply‑constrained conditions
- Upgraded condition
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
$78,495
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
6.54%
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%
$1,569,900
$1.6M
Cap Rate 7%
$1,121,357
$1.1M
Cap Rate 9%
$872,167
$872.2K
Market Conditions
NOI Build-Up for 4,400 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
$116.2K $26.40/SF
− Vacancy
−$11.5K −$2.61/SF
EGI
$104.7K $23.79/SF
− OpEx
−$26.2K −$5.95/SF
NOI
$78.5K $17.84/SF
Area
Santa Barbara County, CA
Vacancy
9.90%
Lease Rate
$26.40 /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%
$1,569,900
Cap Rate 7%
$1,121,357
Cap Rate 9%
$872,167
Alternative Uses
Best Use
Office B
$1.12M
$981.2K – $1.31M
NOI $78,495 @ 7.0% cap · market cap 6.54%
Second Best
Healthcare Medical
$937.1K
$820.0K – $1.09M
NOI $65,597 @ 7.0% cap · market cap 5.47%
Theoretical Best
Multifamily LT 5
$1.38M
$1.21M – $1.61M
NOI $96,669 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
Business Placement
Demographics for 93436, CA
56,730
Population
18,928
Households
3
Avg Household Size
37
Median Age
17%
College-Educated
76%
High-School Grad
228.0 sq mi
ZIP Area
249
Density / Sq Mi
$76,241
Median Household Income
$36,340
Median Earnings
$1,578
Median Rent
$460,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Professionally improved office condominium with parking, currently occupied by chiropractic operators.
Where is this office units located?
The property is located at 203 Central Avenue Lompoc, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Professionally improved office condominium currently occupied by chiropractic operators (Unit 203); Office condo in a Central Coast office market with stable, supply‑constrained conditions; Upgraded condition
