High-Image Office/Industrial
For Sale
Contact for pricing
28338 Constellation Rd Unit 900, Santa Clarita, CA 91355
Modern office/industrial condo with high-end finishes and panoramic views.
Property Size6,640 SF
Price / SF$370.48
Days on Market730
Property Features for 28338 Constellation Rd Unit 900
General Information
Standard status
Active
Size
6,640 SF
Class
A
Property subtype
Office
Zoning
BP
Building Details
Year Built
2007
Listing Agency:
Spectrum Commercial Real Estate, Inc
Listed By:
Matt Sreden · License #CA 01907628
Source:
Crexi
Added: Aug 30, 2024
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 Spectrum Commercial Real Estate, Inc
Investment Insights
Based on property information with market context.
This high-image office/industrial condominium is located within the Discovery Gateway Spectrum Phase II Business Park. The property features a modern layout with high-end finishes, nineteen private offices, conference/meeting rooms, and kitchenettes/breakrooms. It also includes an expansive window line with floor-to-ceiling glass, a private balcony with panoramic views, and ample power. A 12'x14' rear ground level loading door and a fire sprinkler system are also present. The property has twenty-three unreserved parking spaces and building signage with major street visibility. Situated at the forefront of a master-planned business park on Constellation Road, this prime corner unit offers high visibility, great access, and parking. The location benefits from easy access to dining and retail establishments, and is within minutes of local amenities, major retailers, restaurants, Henry Mayo Newhall Hospital, hotels, and fitness & day care centers. Freeway access is available via the 5, 126, and 14. The property size is 6640 square feet.
Key Highlights
- Prime corner unit with high visibility, building signage, and easy access in a master‑planned business park.
- Well‑designed modern layout with nineteen private offices, conference rooms, and kitchenettes.
- Expansive window line with floor‑to‑ceiling glass and a private balcony with panoramic views.
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
$80,650
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
3.28%
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%
$1,613,000
$1.6M
Cap Rate 7%
$1,152,143
$1.2M
Cap Rate 9%
$896,111
$896.1K
Market Conditions
NOI Build-Up for 6,640 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
$117.9K $17.76/SF
− Vacancy
−$2.7K −$0.41/SF
EGI
$115.2K $17.35/SF
− OpEx
−$34.6K −$5.21/SF
NOI
$80.6K $12.15/SF
Area
Santa Clarita, CA
Vacancy
2.30%
Lease Rate
$17.76 /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%
$1,613,000
Cap Rate 7%
$1,152,143
Cap Rate 9%
$896,111
Alternative Uses
Best Use
Industrial
$1.15M
$1.01M – $1.34M
NOI $80,650 @ 7.0% cap · market cap 3.28%
Second Best
Flex RnD
$1.03M
$897.8K – $1.20M
NOI $71,823 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,483 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
802
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91355, CA
32,886
Population
12,338
Households
2.7
Avg Household Size
42
Median Age
49%
College-Educated
97%
High-School Grad
13.2 sq mi
ZIP Area
2,491
Density / Sq Mi
$109,348
Median Household Income
$65,609
Median Earnings
$2,704
Median Rent
$744,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Holi Cannoli — 28253 Newhall Ranch Rd, Santa Clarita, CA 91355
Frequently Asked Questions
What type of property is this?
Flex space - Modern office/industrial condo with high-end finishes and panoramic views.
Where is this flex space located?
The property is located at 28338 Constellation Rd Unit 900 Santa Clarita, CA.
What is the asking price?
The asking price for this property is $2,460,000.
What are key features of this property?
This property features: Prime corner unit with high visibility, building signage, and easy access in a master‑planned business park.; Well‑designed modern layout with nineteen private offices, conference rooms, and kitchenettes.; Expansive window line with floor‑to‑ceiling glass and a private balcony with panoramic views.
