Absolute NNN Corporate-Leased
New
For Sale
$7,000,000
23029 Eastpark Dr, Yorba Linda, CA 92887
Single-unit retail property with full occupancy and substantial 2022 improvements.
Property Size18,630 SF
Price / SF$375.74
Days on Market2
Property Features for 23029 Eastpark Dr
General Information
Standard status
Active
Size
18,630 SF
Property subtype
Retail
Zoning
PD-17-CR
Occupancy
100%
Building Details
Building Size
18,630 SF
Year Built
2001
Year Renovated
2022
Buildings
1
Tenancy
Single
Listing Agency:
Compass Commercial Real Estate
Listed By:
Tony Odom · License #CalDRE #01817881
(408) 335-3009
Source:
Compass-cre
Added: Sep 22
Last Checked: Sep 22 at 1:34PM
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 Compass Commercial Real Estate
Investment Insights
Based on property information with market context.
This 18,630-square-foot single-unit property in Yorba Linda is occupied under an absolute NNN lease with a corporate guarantee from La-Z-Boy. The building was completed in 2001 and received interior improvements in 2022, including more than $1 million in work. A new roof and HVAC system were also installed that year.
The property is located at 23029 Eastpark Dr in Yorba Linda’s Savi Ranch District, a major employment and retail area in Orange County, California. The site is zoned PD-17-CR and sits 27 miles southeast of downtown Los Angeles, less than 20 miles from John Wayne International Airport, and about a 30-minute drive from Ontario International Airport.
The lease has five years remaining on its extended term, followed by two five-year renewal options extending through 2041. Each option includes a 10% annual increase. The lease structure assigns no landlord responsibilities.
The property is located at 23029 Eastpark Dr in Yorba Linda’s Savi Ranch District, a major employment and retail area in Orange County, California. The site is zoned PD-17-CR and sits 27 miles southeast of downtown Los Angeles, less than 20 miles from John Wayne International Airport, and about a 30-minute drive from Ontario International Airport.
The lease has five years remaining on its extended term, followed by two five-year renewal options extending through 2041. Each option includes a 10% annual increase. The lease structure assigns no landlord responsibilities.
Key Highlights
- 18,630 SF single‑unit property with 100% occupancy
- Absolute NNN lease with La‑Z‑Boy corporate guarantee
- 2022 interior renovation included more than $1m in improvements
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
$423,280
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
6.05%
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%
$8,465,600
$8.5M
Cap Rate 7%
$6,046,857
$6.0M
Cap Rate 9%
$4,703,111
$4.7M
Market Conditions
NOI Build-Up for 18,630 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
$626.0K $33.60/SF
− Vacancy
−$21.3K −$1.14/SF
EGI
$604.7K $32.46/SF
− OpEx
−$181.4K −$9.74/SF
NOI
$423.3K $22.72/SF
Area
Orange County, CA
Vacancy
3.40%
Lease Rate
$33.60 /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%
$8,465,600
Cap Rate 7%
$6,046,857
Cap Rate 9%
$4,703,111
Alternative Uses
Best Use
Retail
$6.05M
$5.29M – $7.05M
NOI $423,280 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.26M
$5.48M – $7.30M
NOI $438,021 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,624
Businesses Nearby
525k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 26%
Shops & Services 25%
Dining 25%
Apparel 13%
Costco Wholesale
Superstores
136,023 visits/mo
0.4 miles
Costco Gasoline
Shops & Services
71,343 visits/mo
0.5 miles
Kohl's
Apparel
38,771 visits/mo
0.2 miles
Chick-fil-A
Dining
37,689 visits/mo
0.4 miles
McDonald's
Dining
31,287 visits/mo
0.4 miles
Demographics for 92887, CA
20,770
Population
7,218
Households
2.9
Avg Household Size
45
Median Age
58%
College-Educated
96%
High-School Grad
11.3 sq mi
ZIP Area
1,838
Density / Sq Mi
$161,823
Median Household Income
$73,039
Median Earnings
$2,606
Median Rent
$1,130,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
NNN property - Single-unit retail property with full occupancy and substantial 2022 improvements.
Where is this nnn property located?
The property is located at 23029 Eastpark Dr Yorba Linda, CA.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 18,630 SF single‑unit property with 100% occupancy; Absolute NNN lease with La‑Z‑Boy corporate guarantee; 2022 interior renovation included more than $1m in improvements
