Flex Space with Roll-Up
For Sale
Contact for pricing
2170 Wardrobe Avenue, Merced, CA 95341
Divisible industrial facility includes skylights, restrooms, and compressed air distribution for multiple operational layouts.
Property Size27,180 SF
Price / SF$80.76
Days on Market54
Property Features for 2170 Wardrobe Avenue
General Information
Standard status
Active
Size
27,180 SF
Property subtype
Industrial
Lease Type
NNN
Building Details
Year Built
1976
Listing Agency:
PMZ Commercial
Listed By:
Randy High · License #01238404
Source:
Crexi
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 3:31AM
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 PMZ Commercial
Investment Insights
Based on property information with market context.
Located at 2170 Wardrobe Avenue in Merced, this 27,180-square-foot flex space was built in 1976 and can be divided into multiple areas. The facility includes several roll-up doors, restrooms, compressed air distribution, and skylights that bring natural light into the building. Its configuration supports warehousing, manufacturing, and logistics operations.
The property is positioned near major highways and UC Merced within Merced’s Central Valley commercial setting. The combination of divisible space, loading access through roll-up doors, and existing operational features provides a flexible base for industrial users requiring varied layouts and functional building infrastructure.
The property is positioned near major highways and UC Merced within Merced’s Central Valley commercial setting. The combination of divisible space, loading access through roll-up doors, and existing operational features provides a flexible base for industrial users requiring varied layouts and functional building infrastructure.
Key Highlights
- 27,180 SF flex space built in 1976
- Divisible layout supports multiple operating areas
- Multiple roll‑up doors provide loading access
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
$176,613
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
8.05%
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%
$3,532,260
$3.5M
Cap Rate 7%
$2,523,043
$2.5M
Cap Rate 9%
$1,962,367
$2.0M
Market Conditions
NOI Build-Up for 27,180 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
$270.7K $9.96/SF
− Vacancy
−$18.4K −$0.68/SF
EGI
$252.3K $9.28/SF
− OpEx
−$75.7K −$2.78/SF
NOI
$176.6K $6.50/SF
Area
Merced County, CA
Vacancy
6.80%
Lease Rate
$9.96 /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%
$3,532,260
Cap Rate 7%
$2,523,043
Cap Rate 9%
$1,962,367
Alternative Uses
Best Use
Flex RnD
$4.61M
$4.04M – $5.38M
NOI $322,924 @ 7.0% cap · market cap 14.71%
Second Best
Warehouse
$2.89M
$2.53M – $3.37M
NOI $202,152 @ 7.0% cap · market cap 9.21%
Theoretical Best
Healthcare Medical
$6.00M
$5.25M – $7.00M
NOI $419,768 @ 7.0% cap · market cap 19.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 95341, CA
33,194
Population
9,331
Households
3.6
Avg Household Size
29
Median Age
8%
College-Educated
63%
High-School Grad
146.8 sq mi
ZIP Area
226
Density / Sq Mi
$55,516
Median Household Income
$32,184
Median Earnings
$1,172
Median Rent
$295,300
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 - Divisible industrial facility includes skylights, restrooms, and compressed air distribution for multiple operational layouts.
Where is this flex space located?
The property is located at 2170 Wardrobe Avenue Merced, CA.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 27,180 SF flex space built in 1976; Divisible layout supports multiple operating areas; Multiple roll‑up doors provide loading access
