Downtown Crestline Multi-Unit Commercial
For Sale
$1,130,000
24028 Lake Dr, Crestline, CA 92325
Versatile commercial property in downtown Crestline with multiple units.
Property Size3,400 SF
Lot Size0.65 Acres
Days on Market153
Property Features for 24028 Lake Dr
General Information
Standard status
Active
Size
3,400 SF
Lot size
0.65 Acres
Property subtype
Commercial
Building Details
Building Size
3,400 SF
Year Built
1986
Units
5
Listing Agency:
Coldwell Banker Sky Ridge Realty
(909) 663-4433
Listed By:
Michelle Hutton · License #01124273
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 5:18AM
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 Coldwell Banker Sky Ridge Realty
Investment Insights
Based on property information with market context.
Located in downtown Crestline, this property was originally built for a real estate office but can accommodate various uses. Currently occupied by Mountain Hearts & Lives as one facility, it features five separate units, each with its own bathroom, and can be sectioned off for separate tenants. The property boasts architecture and construction quality. Situated on over half an acre, the property includes 25+ parking spaces. It is within walking distance of Lake Gregory, Goodwins Market, and the bowling alley, and across the street from Sleepy Hollow motel. The property is ADA compliant and suitable for various commercial uses, including a doctor's office, real estate office, law office, dental practice, or corporate office. It features a lobby area on the main level, multiple levels, office spaces, meeting areas, and multiple entry sites. The location is considered a year-round destination.
Key Highlights
- Premier downtown Crestline location on over half an acre.
- Features 5 separate units, each with its own bathroom, suitable for multiple tenants.
- 25+ parking spaces.
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
$48,735
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
4.31%
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%
$974,700
$974.7K
Cap Rate 7%
$696,214
$696.2K
Cap Rate 9%
$541,500
$541.5K
Market Conditions
NOI Build-Up for 3,400 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
$73.4K $21.60/SF
− Vacancy
−$3.8K −$1.12/SF
EGI
$69.6K $20.48/SF
− OpEx
−$20.9K −$6.14/SF
NOI
$48.7K $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%
$974,700
Cap Rate 7%
$696,214
Cap Rate 9%
$541,500
Alternative Uses
Best Use
Retail
$696.2K
$609.2K – $812.3K
NOI $48,735 @ 7.0% cap · market cap 4.31%
Second Best
Office B
$571.7K
$500.2K – $667.0K
NOI $40,019 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$717.2K
$627.5K – $836.7K
NOI $50,203 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
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?
Office building - Versatile commercial property in downtown Crestline with multiple units.
Where is this office building located?
The property is located at 24028 Lake Dr Crestline, CA.
What is the asking price?
The asking price for this property is $1,130,000.
What are key features of this property?
This property features: Premier downtown Crestline location on over half an acre.; Features 5 separate units, each with its own bathroom, suitable for multiple tenants.; 25+ parking spaces.
