Freestanding Office
For Sale
Contact for pricing
2400 Pullman Street, Santa Ana, CA 92705
Office property with freeway frontage and zoning that includes Light Industrial (M1) and Commercial Cannabis Zone.
Property Size19,575 SF
Price / SF$425
Days on Market15
Property Features for 2400 Pullman Street
General Information
Standard status
Active
Size
19,575 SF
Total Parking Spaces
24
Property subtype
Industrial
Zoning
Light Industrial (M1) and Commercial Cannabis Zone
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1979
Buildings
1
Stories
2
Tenancy
Single
Building Size
19,575 SF
Listing Agency:
JLL - Irvine (Orange County), California
Listed By:
Nick Carey · License #California
Source:
Crexi
Added: Jul 29
Changed: Aug 11
Last Checked: Aug 11 at 4:14PM
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 - Irvine (Orange County), California
Investment Insights
Based on property information with market context.
This freestanding office building contains 19,575 SF and was built in 1979. Its standalone configuration provides a clearly defined commercial facility for office use, while freeway frontage adds direct exposure from a major transportation corridor.
The property is located at 2400 Pullman Street in Santa Ana, California. Zoning includes Light Industrial (M1) and Commercial Cannabis Zone, offering two stated land-use designations for evaluation by prospective purchasers.
The property is located at 2400 Pullman Street in Santa Ana, California. Zoning includes Light Industrial (M1) and Commercial Cannabis Zone, offering two stated land-use designations for evaluation by prospective purchasers.
Key Highlights
- 19,575 SF freestanding office building
- Freeway frontage
- Built in 1979
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
$308,703
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
3.71%
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%
$6,174,060
$6.2M
Cap Rate 7%
$4,410,043
$4.4M
Cap Rate 9%
$3,430,033
$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
$505.0K $25.80/SF
− Vacancy
−$93.4K −$4.77/SF
EGI
$411.6K $21.03/SF
− OpEx
−$102.9K −$5.26/SF
NOI
$308.7K $15.77/SF
Area
ZIP 92705
Vacancy
18.50%
Lease Rate
$25.80 /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%
$6,174,060
Cap Rate 7%
$4,410,043
Cap Rate 9%
$3,430,033
Alternative Uses
Best Use
Office B
$4.41M
$3.86M – $5.15M
NOI $308,703 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
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
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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
Market
Vacancy Rate% for Office 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?
Office building - Office property with freeway frontage and zoning that includes Light Industrial (M1) and Commercial Cannabis Zone.
Where is this office building located?
The property is located at 2400 Pullman Street 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: 19,575 SF freestanding office building; Freeway frontage; Built in 1979
