Carlsbad Village Premier Office
For Sale
Contact for pricing
Pending
2333 State St, Carlsbad, CA 92008
Three-story office building with ocean views and redevelopment opportunities.
Property Size19,896 SF
Lot Size1.00 Acre
Days on Market164
Property Features for 2333 State St
General Information
Standard status
Pending
Size
19,896 SF
Lot size
1.00 Acre
Property subtype
Land, Office
Zoning
Village Center (VC)
Occupancy
100%
Lease Type
Gross
Building Details
Year Built
1977
Year Renovated
2022
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - San Diego, California
(760) 415-3052
Listed By:
Owen Curry · License #CA 01972528
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 27 at 1:32PM
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 Cushman & Wakefield - San Diego, California
Investment Insights
Based on property information with market context.
Located at the northern entry point into Carlsbad Village, this three-story office building offers visibility and a commanding presence. Between 2022 and 2025, the property underwent extensive renovations, including a refreshed exterior façade, new outdoor areas and landscaping, and an updated lobby. Interior suites feature newly constructed, high-end creative improvements. The property offers developers a covered-land opportunity, with in-place income generating a 6% return on cost. Annual rent escalations of 3% support land value appreciation over the next decade. The 1-acre site offers future development and redevelopment opportunities. The property is fully stabilized and recently renovated, generating cash flow from existing tenants while maintaining rollover flexibility. The improvements enhance adaptability, creating a turn-key leasing environment for future rollover. The current suite configuration provides an opportunity for a future investor to place a commercial condominium map on the Property providing the ability to sale the suites individually. The property offers views of protected habitat, including the Buena Vista Lagoon, spanning more than 220 acres. The cities of Oceanside and Carlsbad partnered with SANDAG to complete a restoration project that is enhancing the lagoon’s hydrological connectivity to the ocean.
Key Highlights
- Immediate 6% return on cost (NOI: $702,912) with in‑place income.
- Rare covered‑land opportunity with significant land value appreciation potential.
- Extensive renovations completed between 2022‑2025, including refreshed exterior, new outdoor areas, and updated lobby.
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
$428,411
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
3.66%
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%
$8,568,220
$8.6M
Cap Rate 7%
$6,120,157
$6.1M
Cap Rate 9%
$4,760,122
$4.8M
Market Conditions
NOI Build-Up for 19,896 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
$656.6K $33.00/SF
− Vacancy
−$85.4K −$4.29/SF
EGI
$571.2K $28.71/SF
− OpEx
−$142.8K −$7.18/SF
NOI
$428.4K $21.53/SF
Area
Carlsbad, CA
Vacancy
13.00%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
25.00%
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%
$8,568,220
Cap Rate 7%
$6,120,157
Cap Rate 9%
$4,760,122
Alternative Uses
Best Use
Office B
$6.12M
$5.36M – $7.14M
NOI $428,411 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.31M
$6.40M – $8.53M
NOI $511,808 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 92008, CA
27,282
Population
13,102
Households
2.1
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
10.4 sq mi
ZIP Area
2,623
Density / Sq Mi
$105,371
Median Household Income
$55,965
Median Earnings
$2,343
Median Rent
$1,142,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building with ocean views and redevelopment opportunities.
Where is this office building located?
The property is located at 2333 State St Carlsbad, CA.
What is the asking price?
The asking price for this property is $11,700,000.
What are key features of this property?
This property features: Immediate 6% return on cost (NOI: $702,912) with in‑place income.; Rare covered‑land opportunity with significant land value appreciation potential.; Extensive renovations completed between 2022‑2025, including refreshed exterior, new outdoor areas, and updated lobby.
