Second-Floor Medical Office
For Sale
Contact for pricing
21068 Bake Pkwy, Lake Forest, CA 92630
Condominium office space supports medical and professional office use in a second-floor setting.
Property Size6,392 SF
Price / SF$550
Days on Market20
Property Features for 21068 Bake Pkwy
General Information
Standard status
Active
Size
6,392 SF
Property subtype
OFFICE
Additional Details
Floor
Second floor
Listing Agency:
Colliers
(949) 474-0707
Listed By:
Joseph Winkelmann
(949) 724-5704
Source:
Moodyscre
Added: Aug 14
Changed: Aug 27
Last Checked: Sep 1 at 3:03PM
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 second-floor condominium property contains 6,392 square feet of medical and office space. The asset is offered for sale as a medical/office condo at 21068 Bake Pkwy in Lake Forest, California.
Key Highlights
- 6,392 square feet of medical and office space
- Second‑floor condominium property
- Located at 21068 Bake Pkwy, Lake Forest, CA 92630
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
$125,697
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
3.58%
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%
$2,513,940
$2.5M
Cap Rate 7%
$1,795,671
$1.8M
Cap Rate 9%
$1,396,633
$1.4M
Market Conditions
NOI Build-Up for 6,392 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
$191.0K $29.88/SF
− Vacancy
−$23.4K −$3.66/SF
EGI
$167.6K $26.22/SF
− OpEx
−$41.9K −$6.55/SF
NOI
$125.7K $19.66/SF
Area
Orange County, CA
Vacancy
12.25%
Lease Rate
$29.88 /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%
$2,513,940
Cap Rate 7%
$1,795,671
Cap Rate 9%
$1,396,633
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.09M
NOI $125,697 @ 7.0% cap · market cap 3.58%
Second Best
Healthcare Medical
$1.74M
$1.52M – $2.03M
NOI $121,778 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$2.15M
$1.88M – $2.50M
NOI $150,286 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
Under-served
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 Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Dr. Nicole Beaudet — 21771 Lake Forest Dr # 111, Lake Forest, CA 92630
- Serrano Animal & Bird Hospital — 21771 lake forest dr # 111, lake forest, ca 92630
- Equine Medical Associates Inc — 25200 Trabuco Rd, Lake Forest, CA 92630
Frequently Asked Questions
What type of property is this?
Medical Office Space - Condominium office space supports medical and professional office use in a second-floor setting.
Where is this medical office space located?
The property is located at 21068 Bake Pkwy Lake Forest, CA.
What is the asking price?
The asking price for this property is $3,515,600.
What are key features of this property?
This property features: 6,392 square feet of medical and office space; Second‑floor condominium property; Located at 21068 Bake Pkwy, Lake Forest, CA 92630
