Mixed-Use Property with
For Sale
$419,000
23382 Crest Forest Drive, Crestline, CA 92325
Crestline, CA
Property Size1,760 SF
Lot Size0.17 Acres
Price / SF$238.07
Days on Market17
Property Features for 23382 Crest Forest Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.17 Acres
Building Details
Year built
1945
Listing Agency:
NextHome Grandview
(818) 858-5026
Listed By:
Raffy Krikorian · License #02022762
(626) 945-2509
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 10:06AM
MLS# GD26079138
Copyright © 2026 NextHome, 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 mixed-use property includes an approximately 1,760-square-foot structure on a 2,500 SF lot, together with the adjacent vacant parcel at 23376 Crest Forest Dr., which contains 5,000 SF of land. The existing building provides several distinct spaces across multiple levels.
At street level, the storefront is leased month-to-month and includes a private bathroom. The upper loft has its own bathroom and can accommodate office, residential, or live/work use. A lower-level office is also rented month-to-month, while a separate studio with a private bathroom will be delivered vacant. Parking is available on site.
The property is near Crestline Village, Lake Gregory, local shops, and dining in Crestline, California. The combined property measures 0.17 acres and includes APNs 0338-072-31-0000 and 0338-072-32-0000. The structure was built in 1945.
At street level, the storefront is leased month-to-month and includes a private bathroom. The upper loft has its own bathroom and can accommodate office, residential, or live/work use. A lower-level office is also rented month-to-month, while a separate studio with a private bathroom will be delivered vacant. Parking is available on site.
The property is near Crestline Village, Lake Gregory, local shops, and dining in Crestline, California. The combined property measures 0.17 acres and includes APNs 0338-072-31-0000 and 0338-072-32-0000. The structure was built in 1945.
Key Highlights
- Approximately 1,760 SF structure on a 2,500 SF lot
- Adjacent vacant parcel at 23376 Crest Forest Dr. with a 5,000 SF lot
- Street‑level storefront leased month‑to‑month with a private bathroom
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
$25,227
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
6.02%
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%
$504,540
$504.5K
Cap Rate 7%
$360,386
$360.4K
Cap Rate 9%
$280,300
$280.3K
Market Conditions
NOI Build-Up for 1,760 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
$38.0K $21.60/SF
− Vacancy
−$2.0K −$1.12/SF
EGI
$36.0K $20.48/SF
− OpEx
−$10.8K −$6.14/SF
NOI
$25.2K $14.33/SF
Area
San Bernardino County, CA
Vacancy
5.20%
Lease Rate
$21.60 /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%
$504,540
Cap Rate 7%
$360,386
Cap Rate 9%
$280,300
Alternative Uses
Best Use
Retail
$360.4K
$315.3K – $420.5K
NOI $25,227 @ 7.0% cap · market cap 6.02%
Second Best
Office B
$295.9K
$259.0K – $345.3K
NOI $20,716 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$371.2K
$324.8K – $433.1K
NOI $25,987 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 92325, CA
9,892
Population
6,692
Households
1.5
Avg Household Size
45
Median Age
28%
College-Educated
90%
High-School Grad
8.7 sq mi
ZIP Area
1,137
Density / Sq Mi
$79,254
Median Household Income
$49,704
Median Earnings
$1,514
Median Rent
$358,300
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?
Mixed-use property - Multi-level layout combines a leased storefront, office space, and a vacant studio with private bathrooms.
Where is this mixed-use property located?
The property is located at 23382 Crest Forest Drive Crestline, CA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Approximately 1,760 SF structure on a 2,500 SF lot; Adjacent vacant parcel at 23376 Crest Forest Dr. with a 5,000 SF lot; Street‑level storefront leased month‑to‑month with a private bathroom
