Multi-Tenant Office/Industrial/Flex Building For
For Sale
Contact for pricing
2370 Skyway Dr., Santa Maria, CA 93455
Fully leased investment opportunity in a thriving Central Coast market.
Property Size14,583 SF
Lot Size1.00 Acre
Price / SF$229.72
Days on Market191
Property Features for 2370 Skyway Dr.
General Information
Standard status
Active
Size
14,583 SF
Class
B
Total Parking Spaces
41
Lot size
1.00 Acre
Property subtype
Industrial, Office
Zoning
PD-M1
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$255,000
Building Details
Year Built
2007
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Santa Maria -Pacifica Commercial Realty
Listed By:
Mike Kelly · License #CA 01800988
Source:
Crexi
Added: Feb 4
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 Santa Maria -Pacifica Commercial Realty
Investment Insights
Based on property information with market context.
This multi-tenant office/industrial/flex building, constructed in 2007, offers an investment opportunity. The property contains approximately 14,583 square feet and is located at the intersection of Skyway Drive and West McCoy Lane. The building features modern construction, quality improvements, and flexible floor plans. The property is currently 100% leased. The building has two stories and a typical floor size of 7,292 square feet. The building's FAR is 0.33, situated on a 1.00-acre lot. Zoned PD-M1 - Planned Development, the property provides 41 parking spaces, which translates to 2.81 spaces per 1,000 square feet leased. Its location in Santa Maria provides connectivity to major thoroughfares, including U.S. Highway 101, and proximity to the Santa Maria Airport, enhancing regional and statewide accessibility.
Key Highlights
- Fully leased investment property in the Central Coast market.
- Strategic location with excellent connectivity to major thoroughfares and the Santa Maria Airport.
- Modern construction (built in 2007) with quality improvements.
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
$248,319
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
7.41%
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%
$4,966,380
$5.0M
Cap Rate 7%
$3,547,414
$3.5M
Cap Rate 9%
$2,759,100
$2.8M
Market Conditions
NOI Build-Up for 14,583 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
$385.0K $26.40/SF
− Vacancy
−$53.9K −$3.70/SF
EGI
$331.1K $22.70/SF
− OpEx
−$82.8K −$5.68/SF
NOI
$248.3K $17.03/SF
Area
Santa Maria, CA
Vacancy
14.00%
Lease Rate
$26.40 /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%
$4,966,380
Cap Rate 7%
$3,547,414
Cap Rate 9%
$2,759,100
Alternative Uses
Best Use
Office B
$3.55M
$3.10M – $4.14M
NOI $248,319 @ 7.0% cap · market cap 7.41%
Second Best
Healthcare Medical
$3.37M
$2.95M – $3.94M
NOI $236,245 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$4.93M
$4.31M – $5.75M
NOI $344,952 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93455, CA
45,282
Population
16,087
Households
2.8
Avg Household Size
40
Median Age
32%
College-Educated
89%
High-School Grad
118.3 sq mi
ZIP Area
383
Density / Sq Mi
$108,501
Median Household Income
$53,120
Median Earnings
$2,267
Median Rent
$572,700
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?
Medical Office Space - Fully leased investment opportunity in a thriving Central Coast market.
Where is this medical office space located?
The property is located at 2370 Skyway Dr. Santa Maria, CA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Fully leased investment property in the Central Coast market.; Strategic location with excellent connectivity to major thoroughfares and the Santa Maria Airport.; Modern construction (built in 2007) with quality improvements.
