Office Building with Marquee
For Sale
$525,000
2124 Thomas R Cannell Road, Thermal, CA 92274
COMMERCIAL - Thermal, CA
Property Size5,000 SF
Lot Size0.65 Acres
Price / SF$105
Days on Market304
Property Features for 2124 Thomas R Cannell Road
General Information
Property type
Commercial Sale
Property subtype
Office
Lot features
Front Yard, Front Yard
Subdivision
381 - Salton Sea - Imperial County
Standard status
Active
APN
015191026000
Size
5,000 SF
Lot size
0.65 Acres
Building Details
Year built
1982
Building materials
Stucco
Listing Agency:
Equity Union
(760) 621-0395
Listed By:
Brandy M Nelson · License #0147142
(760) 592-1571
Added: Oct 13, 2025
Changed: Aug 4
Last Checked: Aug 12 at 11:06PM
MLS# 219137324
Copyright © 2026 California Desert Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,000-square-foot office building in Thermal was constructed in 1982 and features stucco exterior construction. The interior is described as flexible, supporting professional office or medical office use, with ample parking and an engineered, lighted marquee sign. The property occupies 0.6526 acres and is positioned just off Hwy 86, providing convenient freeway access. Established businesses are located nearby within the surrounding commercial corridor.
Key Highlights
- 5,000‑square‑foot office building constructed in 1982
- 0.6526‑acre property in Thermal, CA
- Engineered, lighted marquee sign
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
$41,699
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
7.94%
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%
$833,980
$834.0K
Cap Rate 7%
$595,700
$595.7K
Cap Rate 9%
$463,322
$463.3K
Market Conditions
NOI Build-Up for 5,000 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
$81.0K $16.20/SF
− Vacancy
−$11.5K −$2.30/SF
EGI
$69.5K $13.90/SF
− OpEx
−$27.8K −$5.56/SF
NOI
$41.7K $8.34/SF
Area
Imperial County, CA
Vacancy
14.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
40.00%
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%
$833,980
Cap Rate 7%
$595,700
Cap Rate 9%
$463,322
Alternative Uses
Best Use
Office B
$1.08M
$941.6K – $1.26M
NOI $75,330 @ 7.0% cap · market cap 14.35%
Second Best
Healthcare Medical
$595.7K
$521.2K – $695.0K
NOI $41,699 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,280 @ 7.0% cap · market cap 17.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Explore this area
Business Placement
Demographics for 92274, CA
19,251
Population
7,030
Households
2.7
Avg Household Size
29
Median Age
5%
College-Educated
47%
High-School Grad
216.2 sq mi
ZIP Area
89
Density / Sq Mi
$36,087
Median Household Income
$24,355
Median Earnings
$903
Median Rent
$139,900
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 - Flexible interior configuration with a lighted engineered marquee sign and freeway access.
Where is this office building located?
The property is located at 2124 Thomas R Cannell Road Thermal, CA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 5,000‑square‑foot office building constructed in 1982; 0.6526‑acre property in Thermal, CA; Engineered, lighted marquee sign
