Free-Standing Industrial Cannabis
For Sale
Contact for pricing
2400 Pullman St, Santa Ana, CA 92705
Freestanding industrial building in a commercial cannabis zone with build-out and approvals for cultivation, distribution, and delivery.
Property Size19,575 SF
Price / SF$425
Days on Market52
Property Features for 2400 Pullman St
General Information
Standard status
Active
Size
19,575 SF
Property subtype
INDUSTRIAL
Listing Agency:
JLL
(949) 885-2900
Listed By:
Wade Tift · License #1274371
(949) 296-3605
Source:
Moodyscre
Added: Jul 27
Changed: Sep 15
Last Checked: Sep 15 at 11:23AM
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 JLL
Investment Insights
Based on property information with market context.
This free-standing industrial building is located in a commercial cannabis zone and includes a build-out for cannabis cultivation. The property also carries approvals for cultivation, distribution, and delivery, supporting a range of cannabis-related uses.
The property offers freeway frontage on the 55 Freeway. In addition to cannabis cultivation, the space is described as suitable for other office, lab, and industrial uses.
With its commercial cannabis zoning approvals and freeway visibility, the property is positioned for operators seeking an industrial facility configured for cannabis production and related distribution activities, while retaining flexibility for other office, lab, or industrial applications.
The property offers freeway frontage on the 55 Freeway. In addition to cannabis cultivation, the space is described as suitable for other office, lab, and industrial uses.
With its commercial cannabis zoning approvals and freeway visibility, the property is positioned for operators seeking an industrial facility configured for cannabis production and related distribution activities, while retaining flexibility for other office, lab, or industrial applications.
Key Highlights
- Commercial cannabis zone with build‑out for cannabis cultivation
- Approvals for cultivation, distribution, and delivery
- Also suitable for other office, lab, and industrial 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
$307,316
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
3.69%
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%
$6,146,320
$6.1M
Cap Rate 7%
$4,390,229
$4.4M
Cap Rate 9%
$3,414,622
$3.4M
Market Conditions
NOI Build-Up for 19,575 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
$378.2K $19.32/SF
− Vacancy
−$16.6K −$0.85/SF
EGI
$361.5K $18.47/SF
− OpEx
−$54.2K −$2.77/SF
NOI
$307.3K $15.70/SF
Area
ZIP 92705
Vacancy
4.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
15.00%
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%
$6,146,320
Cap Rate 7%
$4,390,229
Cap Rate 9%
$3,414,622
Alternative Uses
Best Use
Warehouse
$4.39M
$3.84M – $5.12M
NOI $307,316 @ 7.0% cap · market cap 3.69%
Second Best
Industrial
$3.62M
$3.16M – $4.22M
NOI $253,084 @ 7.0% cap · market cap 3.04%
Theoretical Best
Specialty Retail
$5.88M
$5.15M – $6.86M
NOI $411,809 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,982
Businesses Nearby
Explore this area
Business Placement
Demographics for 92705, CA
45,902
Population
16,642
Households
2.8
Avg Household Size
40
Median Age
46%
College-Educated
87%
High-School Grad
11.8 sq mi
ZIP Area
3,890
Density / Sq Mi
$125,928
Median Household Income
$51,830
Median Earnings
$2,250
Median Rent
$1,135,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Cannabis property - Freestanding industrial building in a commercial cannabis zone with build-out and approvals for cultivation, distribution, and delivery.
Where is this cannabis property located?
The property is located at 2400 Pullman St Santa Ana, CA.
What is the asking price?
The asking price for this property is $8,319,375.
What are key features of this property?
This property features: Commercial cannabis zone with build‑out for cannabis cultivation; Approvals for cultivation, distribution, and delivery; Also suitable for other office, lab, and industrial uses
