Flex Space with Ground-Level
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23151 Alcalde Dr. Unit B-2, Laguna Hills, CA 57756
A single-story suite pairs dedicated office space with an open warehouse area and direct ground-level loading.
Property Size1,769 SF
Price / SF$618.99
Days on Market5
Property Features for 23151 Alcalde Dr. Unit B-2
General Information
Standard status
Active
Size
1,769 SF
Property subtype
Industrial
Zoning
Mixed Use
Warehouse & Industrial
Clear Height
14 ft
Clear Span
Yes
Office Build-Out
522 SF
Drive-In Doors
1
Additional Details
Highway Access
Yes
Building Details
Stories
1
Listing Agency:
CBRE - Orange County
Listed By:
Jeff Carr · License #CA 01009600
(949) 725-8631
Source:
Crexi
Added: Sep 23
Changed: Sep 27
Last Checked: Sep 27 at 2:01AM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
This single-story flex suite contains approximately 1,769 square feet, including about 522 square feet of office space. The warehouse area has a free-span layout, 14-foot ceiling clearance and one ground-level loading door. Mixed Use zoning applies to the property.
The property is in Laguna Hills, with freeway access via Lake Forest Drive.
The property is in Laguna Hills, with freeway access via Lake Forest Drive.
Key Highlights
- Approximately 1,769 SF total area, including ±522 SF of office space
- 14' ceiling clearance and free‑span warehouse layout
- One ground‑level loading door
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
$32,186
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
2.94%
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%
$643,720
$643.7K
Cap Rate 7%
$459,800
$459.8K
Cap Rate 9%
$357,622
$357.6K
Market Conditions
NOI Build-Up for 1,769 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
$58.8K $33.24/SF
− Vacancy
−$9.3K −$5.25/SF
EGI
$49.5K $27.99/SF
− OpEx
−$17.3K −$9.80/SF
NOI
$32.2K $18.19/SF
Area
Orange County, CA
Vacancy
15.79%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
35.00%
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%
$643,720
Cap Rate 7%
$459,800
Cap Rate 9%
$357,622
Alternative Uses
Best Use
Flex RnD
$459.8K
$402.3K – $536.4K
NOI $32,186 @ 7.0% cap · market cap 2.94%
Second Best
Warehouse
$387.7K
$339.3K – $452.4K
NOI $27,141 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$594.2K
$519.9K – $693.2K
NOI $41,592 @ 7.0% cap · market cap 3.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,619
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - A single-story suite pairs dedicated office space with an open warehouse area and direct ground-level loading.
Where is this flex space located?
The property is located at 23151 Alcalde Dr. Unit B-2 Laguna Hills, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Approximately 1,769 SF total area, including ±522 SF of office space; 14' ceiling clearance and free‑span warehouse layout; One ground‑level loading door
