Flex Space Industrial
For Sale
Contact for pricing
20914 Bake Pkwy, Lake Forest, CA 92630
Move-in-ready condominium space within Spectrum Centre Business Park with industrial functionality and dedicated loading access.
Property Size2,534 SF
Price / SF$575
Days on Market9
Property Features for 20914 Bake Pkwy
General Information
Standard status
Active
Size
2,534 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
16 ft
Power
200 amps
Listing Agency:
Colliers
(949) 724-5704
Listed By:
Joseph Winkelmann
(949) 724-5704
Source:
Moodyscre
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 11 at 12:10PM
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 Colliers
Investment Insights
Based on property information with market context.
This 2,534-square-foot flex space is configured as an industrial condominium at Spectrum Centre Business Park. The property is described as move-in ready and includes 200 Amps of power, one (1) GL loading door, and 16' clear height.
Located at 20914 Bake Pkwy in Lake Forest, California, the property offers a practical setup for users seeking flexible industrial space with loading capability. Its combination of warehouse-oriented features and condominium ownership structure supports a range of commercial operations appropriate for the asset type.
Located at 20914 Bake Pkwy in Lake Forest, California, the property offers a practical setup for users seeking flexible industrial space with loading capability. Its combination of warehouse-oriented features and condominium ownership structure supports a range of commercial operations appropriate for the asset type.
Key Highlights
- 2,534 square feet of flex space
- Industrial condo within Spectrum Centre Business Park
- 200 Amps power
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
$46,105
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
3.16%
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%
$922,100
$922.1K
Cap Rate 7%
$658,643
$658.6K
Cap Rate 9%
$512,278
$512.3K
Market Conditions
NOI Build-Up for 2,534 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
$84.2K $33.24/SF
− Vacancy
−$13.3K −$5.25/SF
EGI
$70.9K $27.99/SF
− OpEx
−$24.8K −$9.80/SF
NOI
$46.1K $18.19/SF
Area
Orange County, CA
Vacancy
15.79%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
35.00%
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%
$922,100
Cap Rate 7%
$658,643
Cap Rate 9%
$512,278
Alternative Uses
Best Use
Flex RnD
$658.6K
$576.3K – $768.4K
NOI $46,105 @ 7.0% cap · market cap 3.16%
Second Best
Warehouse
$555.4K
$486.0K – $648.0K
NOI $38,878 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$851.1K
$744.7K – $993.0K
NOI $59,578 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92630, CA
66,359
Population
24,390
Households
2.7
Avg Household Size
40
Median Age
47%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
6,320
Density / Sq Mi
$119,984
Median Household Income
$57,277
Median Earnings
$2,614
Median Rent
$858,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
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- Rooted Culinaire — 23 Musick, Irvine, CA 92618
- Natraj Catering — 23 Musick, Irvine, CA 92618
Frequently Asked Questions
What type of property is this?
Flex space - Move-in-ready condominium space within Spectrum Centre Business Park with industrial functionality and dedicated loading access.
Where is this flex space located?
The property is located at 20914 Bake Pkwy Lake Forest, CA.
What is the asking price?
The asking price for this property is $1,457,050.
What are key features of this property?
This property features: 2,534 square feet of flex space; Industrial condo within Spectrum Centre Business Park; 200 Amps power
