Freestanding Flex
For Sale
$1,200,000
23201 Orange, Lake Forest, CA 92630
Commercial Sale, Lake Forest, CA
Property Size2,072 SF
Lot Size0.14 Acres
Price / SF$579.15
Days on Market308
Property Features for 23201 Orange
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
google map
Subdivision
LS - Lake Forest South
Standard status
Active
APN
61337105
Lot size
0.14 Acres
Utilities
Cooling system
Central Air
Building Details
Year built
1918
Listing Agency:
Coldwell Banker Platinum Prop. · Coldwell Banker Real Estate
(949) 552-0505
Listed By:
Ghazal Shahbazi · License #01487611
(714) 418-6876
Added: Oct 29, 2025
Changed: Aug 20
Last Checked: Sep 1 at 9:06PM
MLS# PW25251035
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding flex property includes a single-story building with approximately 2,072 square feet on an approximately 5,933-square-foot lot. The interior is described as open and adaptable, supporting light industrial, contractor, auto-related, creative industrial, R&D, and other flex applications, subject to verification of permitted uses. Central air is in place, and the building dates to 1918.
The property is located at 23201 Orange in Lake Forest, California, within an industrial setting characterized by nearby auto shops and industrial businesses. Ten dedicated parking spaces serve the site. Zoning is identified as Industrial Park by the City of Lake Forest; buyers should confirm current zoning requirements and allowed uses with the city.
The property is located at 23201 Orange in Lake Forest, California, within an industrial setting characterized by nearby auto shops and industrial businesses. Ten dedicated parking spaces serve the site. Zoning is identified as Industrial Park by the City of Lake Forest; buyers should confirm current zoning requirements and allowed uses with the city.
Key Highlights
- Approximately 2,072 square feet on an approximately 5,933‑square‑foot lot
- Freestanding, single‑story flex building
- 10 dedicated on‑site parking spaces
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
$37,699
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
3.14%
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%
$753,980
$754.0K
Cap Rate 7%
$538,557
$538.6K
Cap Rate 9%
$418,878
$418.9K
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
$68.9K $33.24/SF
− Vacancy
−$10.9K −$5.25/SF
EGI
$58.0K $27.99/SF
− OpEx
−$20.3K −$9.80/SF
NOI
$37.7K $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%
$753,980
Cap Rate 7%
$538,557
Cap Rate 9%
$418,878
Alternative Uses
Best Use
Flex RnD
$538.6K
$471.2K – $628.3K
NOI $37,699 @ 7.0% cap · market cap 3.14%
Second Best
Warehouse
$454.1K
$397.4K – $529.8K
NOI $31,790 @ 7.0% cap · market cap 2.65%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Single-story industrial property with Industrial Park zoning, central air, and dedicated on-site parking.
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: Approximately 2,072 square feet on an approximately 5,933‑square‑foot lot; Freestanding, single‑story flex building; 10 dedicated on‑site parking spaces
