Two-Building Flex/Office
For Sale
Contact for pricing
2231-2261 Wisteria Ln, Paso Robles, CA 93446
Modern flex and office campus with two high-image buildings, roll-up door access, and a corporate atrium lobby.
Property Size59,832 SF
Price / SF$125.35
Days on Market104
Property Features for 2231-2261 Wisteria Ln
General Information
Standard status
Active
Size
59,832 SF
Class
A
Total Parking Spaces
195
Property subtype
Retail, Office
Zoning
Planned Industrial (PI)
Investment Type
Sale/Leaseback
Building Details
Year Built
2006
Stories
2
Listing Agency:
Pacifica Commercial Realty Paso Robles
Listed By:
Paul Shannon · License #CA 01970198
(805) 237-4040
Source:
Crexi
Added: Jun 6
Changed: Sep 11
Last Checked: Sep 16 at 4:49PM
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 Pacifica Commercial Realty Paso Robles
Investment Insights
Based on property information with market context.
This Class A corporate campus includes two high-image flex/office buildings built in 2006 and 2013. The improvements feature modern architecture with extensive glass lines and high-end interior buildouts, including a two-story atrium lobby, large training and conference facilities, and abundant natural light throughout. The campus totals 59,832 square feet across two addresses and sits on 19.18 acres with professionally landscaped outdoor areas.
The property is located in Paso Robles with access to Highway 46 and is minutes from Highway 101, providing convenient regional connectivity. The campus is near Paso Robles Municipal Airport, which is actively pursuing spaceport designation, and it is adjacent to a major production and storage facility operated by The Wonderful Company (owner of Justin Vineyards & Winery).
2231 Wisteria Lane (28,374 SF) includes three ground-level roll-up doors and a backup generator, supporting use cases such as light industrial, R&D, or advanced manufacturing. Seller will lease back this building for five years at a mutually agreed-upon rental rate, creating in-place income. 2261 Wisteria Lane (31,458 SF) offers a high-parking corporate office environment suited to an owner-user, expansion, or lease-up strategy, with the balance of the site designed for a true headquarters setting.
The property is located in Paso Robles with access to Highway 46 and is minutes from Highway 101, providing convenient regional connectivity. The campus is near Paso Robles Municipal Airport, which is actively pursuing spaceport designation, and it is adjacent to a major production and storage facility operated by The Wonderful Company (owner of Justin Vineyards & Winery).
2231 Wisteria Lane (28,374 SF) includes three ground-level roll-up doors and a backup generator, supporting use cases such as light industrial, R&D, or advanced manufacturing. Seller will lease back this building for five years at a mutually agreed-upon rental rate, creating in-place income. 2261 Wisteria Lane (31,458 SF) offers a high-parking corporate office environment suited to an owner-user, expansion, or lease-up strategy, with the balance of the site designed for a true headquarters setting.
Key Highlights
- ±159,832 SF Class A flex/office corporate campus on ±19.18 acres in Paso Robles’ industrial corridor
- Two buildings: 2231 Wisteria Lane (±28,374 SF, built 2006) and 2261 Wisteria Lane (±31,458 SF, built 2013)
- 2231 Wisteria Lane includes three ground‑level roll‑up doors and a backup generator for operational flexibility
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
$607,504
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
8.10%
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%
$12,150,080
$12.2M
Cap Rate 7%
$8,678,629
$8.7M
Cap Rate 9%
$6,750,044
$6.8M
Market Conditions
NOI Build-Up for 59,832 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
$897.5K $15.00/SF
− Vacancy
−$29.6K −$0.50/SF
EGI
$867.9K $14.50/SF
− OpEx
−$260.4K −$4.35/SF
NOI
$607.5K $10.15/SF
Area
San Luis Obispo County, CA
Vacancy
3.30%
Lease Rate
$15.00 /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%
$12,150,080
Cap Rate 7%
$8,678,629
Cap Rate 9%
$6,750,044
Alternative Uses
Best Use
Office B
$15.91M
$13.92M – $18.56M
NOI $1,113,593 @ 7.0% cap · market cap 14.85%
Second Best
Flex RnD
$10.60M
$9.27M – $12.37M
NOI $741,962 @ 7.0% cap · market cap 9.89%
Theoretical Best
Healthcare Medical
$23.53M
$20.59M – $27.45M
NOI $1,647,170 @ 7.0% cap · market cap 21.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93446, CA
45,979
Population
19,786
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
428.3 sq mi
ZIP Area
107
Density / Sq Mi
$94,512
Median Household Income
$43,229
Median Earnings
$1,946
Median Rent
$661,400
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Modern flex and office campus with two high-image buildings, roll-up door access, and a corporate atrium lobby.
Where is this flex space located?
The property is located at 2231-2261 Wisteria Ln Paso Robles, CA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: ±159,832 SF Class A flex/office corporate campus on ±19.18 acres in Paso Robles’ industrial corridor; Two buildings: 2231 Wisteria Lane (±28,374 SF, built 2006) and 2261 Wisteria Lane (±31,458 SF, built 2013); 2231 Wisteria Lane includes three ground‑level roll‑up doors and a backup generator for operational flexibility
