Freestanding Industrial/Flex Building For
For Sale
$1,200,000
23201 Orange, Lake Forest, CA 92630
Freestanding industrial/flex building with parking in established industrial corridor.
Property Size2,072 SF
Lot Size0.14 Acres
Price / SF$579.15
Days on Market152
Property Features for 23201 Orange
General Information
Standard status
Active
Size
2,072 SF
Lot size
0.14 Acres
Property subtype
Industrial
Building Details
Building Size
2,072 SF
Year Built
1918
Listing Agency:
R. E. Advisors Corp DBA Coldwell Banker Platinum Properties.com
(714) 418-6876
Listed By:
Ghazal Shahbazi · License #01487611
(714) 418-6876
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 7 at 5:41AM
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 R. E. Advisors Corp DBA Coldwell Banker Platinum Properties.com
Investment Insights
Based on property information with market context.
This freestanding industrial/flex building offers a rare ownership opportunity in an established industrial corridor. The single-story building measures approximately 2,072 square feet and is situated on a 5,933-square-foot lot. The property benefits from excellent visibility, flexibility, and on-site parking. The adaptable, open layout is suitable for various uses, including light industrial, flex, contractor, auto-related, or creative industrial purposes. A significant advantage is the ten dedicated parking spaces, providing approximately 3.9 spaces per 1,000 square feet. The property is located among auto shops and industrial businesses, suggesting long-term demand and potential for future growth. The zoning is Industrial Park as designated by the City of Lake Forest. Permitted uses and zoning should be verified by the buyer. The property is suitable for contractor, light industrial, auto-related support, creative industrial, or R&D/flex uses. The freestanding lot configuration and future planning designation may allow for modernization or repositioning over time, subject to city approval. Buyer to verify permitted uses and zoning with the City of Lake Forest.
Key Highlights
- Rare freestanding industrial/flex building with excellent visibility.
- Features ten (10) dedicated parking spaces.
- Open, adaptable layout suitable for various uses.
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
$47,077
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
3.92%
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%
$941,540
$941.5K
Cap Rate 7%
$672,529
$672.5K
Cap Rate 9%
$523,078
$523.1K
Market Conditions
NOI Build-Up for 2,072 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
$69.6K $33.60/SF
− Vacancy
−$2.4K −$1.14/SF
EGI
$67.3K $32.46/SF
− OpEx
−$20.2K −$9.74/SF
NOI
$47.1K $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%
$941,540
Cap Rate 7%
$672,529
Cap Rate 9%
$523,078
Alternative Uses
Best Use
Retail
$672.5K
$588.5K – $784.6K
NOI $47,077 @ 7.0% cap · market cap 3.92%
Second Best
Flex RnD
$538.6K
$471.2K – $628.3K
NOI $37,699 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$695.9K
$609.0K – $811.9K
NOI $48,716 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,453
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92630, CA
66,359
Population
24,390
Households
2.7
Avg Household Size
40
Median Age
47%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
6,320
Density / Sq Mi
$119,984
Median Household Income
$57,277
Median Earnings
$2,614
Median Rent
$858,900
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 - Freestanding industrial/flex building with parking in established industrial corridor.
Where is this flex space located?
The property is located at 23201 Orange Lake Forest, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Rare freestanding industrial/flex building with excellent visibility.; Features ten (10) dedicated parking spaces.; Open, adaptable layout suitable for various uses.
