Flex Space with Office
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For Sale
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23151 Alcalde Dr. Unit C-2, Laguna Hills, CA 92653
The single-story unit combines open warehouse space with a separate office component.
Property Size3,288 SF
Price / SF$170.62
Days on Market5
Property Features for 23151 Alcalde Dr. Unit C-2
General Information
Standard status
Active
Size
3,288 SF
Property subtype
Industrial
Zoning
Mixed Use
Warehouse & Industrial
Clear Height
14 ft
Clear Span
Yes
Office Build-Out
790 SF
Drive-In Doors
2
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 2:03AM
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 unit contains approximately 3,288 SF, including a free-span warehouse and more than 790 SF of office space. The warehouse has about 14 feet of clear height and two GL doors. The property is zoned Mixed Use by the City of Laguna Hills.
From Alcalde Drive, the site connects to the 5 and 405 Freeways via Lake Forest Drive. Moulton and Ridge Route Drive are identified as nearby cross streets.
From Alcalde Drive, the site connects to the 5 and 405 Freeways via Lake Forest Drive. Moulton and Ridge Route Drive are identified as nearby cross streets.
Key Highlights
- Approximately 3,288 SF of space
- Free‑span warehouse area
- ±14' clear height and 2 GL doors
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
$50,446
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
8.99%
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%
$1,008,920
$1.0M
Cap Rate 7%
$720,657
$720.7K
Cap Rate 9%
$560,511
$560.5K
Market Conditions
NOI Build-Up for 3,288 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
$62.3K $18.96/SF
− Vacancy
−$3.0K −$0.91/SF
EGI
$59.3K $18.05/SF
− OpEx
−$8.9K −$2.71/SF
NOI
$50.4K $15.34/SF
Area
Orange County, CA
Vacancy
4.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
15.00%
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%
$1,008,920
Cap Rate 7%
$720,657
Cap Rate 9%
$560,511
Alternative Uses
Best Use
Flex RnD
$854.6K
$747.8K – $997.1K
NOI $59,823 @ 7.0% cap · market cap 10.66%
Second Best
Warehouse
$720.7K
$630.6K – $840.8K
NOI $50,446 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$1.10M
$966.3K – $1.29M
NOI $77,306 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
2
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
Demographics for 92653, CA
30,077
Population
11,420
Households
2.6
Avg Household Size
44
Median Age
53%
College-Educated
94%
High-School Grad
6.9 sq mi
ZIP Area
4,359
Density / Sq Mi
$128,623
Median Household Income
$67,145
Median Earnings
$2,637
Median Rent
$978,400
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 - The single-story unit combines open warehouse space with a separate office component.
Where is this flex space located?
The property is located at 23151 Alcalde Dr. Unit C-2 Laguna Hills, CA.
What is the asking price?
The asking price for this property is $561,000.
What are key features of this property?
This property features: Approximately 3,288 SF of space; Free‑span warehouse area; ±14' clear height and 2 GL doors
