Two-Story Medical Office
For Sale
Contact for pricing
2900 Bristol Street, Costa Mesa, CA 92626
Fully leased two-story office building with Class A finishes and a dedicated outpatient medical practice tenant.
Property Size12,457 SF
Price / SF$278.96
Days on Market67
Property Features for 2900 Bristol Street
General Information
Standard status
Active
Size
12,457 SF
Class
B
Property subtype
Office
Zoning
C-2
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$225,947
Additional Details
Cap Rate
6.5%
Highway Access
Yes
Building Details
Year Built
1982
Year Renovated
2016
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Orange County
(949) 419-3276
Listed By:
Alex Mobin · License #01845973
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 10 at 3:38AM
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 Marcus & Millichap - Orange County
Investment Insights
Based on property information with market context.
This two-story office building offers highly upgraded Class A finishes and a configuration designed to support both medical and professional services. The property totals 12,457 square feet and is currently 100 percent occupied. The second floor is fully leased to an established outpatient medical practice, providing an anchor tenant within the building. On the ground floor, a diversified mix of professional and medical-related users includes financial services, insurance, psychology, and therapy tenants.
The building is located at 2900 Bristol Street, Building H, in Costa Mesa, California, within The Waters at Creekside office park. It is positioned immediately adjacent to the interchange of State Route 73 and State Route 55, providing direct connectivity across Orange County and Southern California. Additional regional access is available via State Route 55 to Interstate 405 and Interstate 5, supporting convenient travel for employees, clients, and patients.
For investors or owner-users seeking a stabilized office asset, the property is offered with annual gross rental income of $309,271 and Net Operating Income (NOI) of $225,947. Based on the current offering price, the asset is presented at a 6.50 percent capitalization rate. The tenant mix across floors, combined with the outpatient medical practice presence, creates a practical setup for maintaining occupancy in a professional and healthcare-oriented environment.
The building is located at 2900 Bristol Street, Building H, in Costa Mesa, California, within The Waters at Creekside office park. It is positioned immediately adjacent to the interchange of State Route 73 and State Route 55, providing direct connectivity across Orange County and Southern California. Additional regional access is available via State Route 55 to Interstate 405 and Interstate 5, supporting convenient travel for employees, clients, and patients.
For investors or owner-users seeking a stabilized office asset, the property is offered with annual gross rental income of $309,271 and Net Operating Income (NOI) of $225,947. Based on the current offering price, the asset is presented at a 6.50 percent capitalization rate. The tenant mix across floors, combined with the outpatient medical practice presence, creates a practical setup for maintaining occupancy in a professional and healthcare-oriented environment.
Key Highlights
- 12,457 SF, two‑story office building in The Waters at Creekside, built in 1982
- 100% occupied with annual gross rental income of $309,271 and NOI of $225,947
- Class A finishes; second floor fully occupied by an established outpatient medical practice
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
$206,544
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
5.94%
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%
$4,130,880
$4.1M
Cap Rate 7%
$2,950,629
$3.0M
Cap Rate 9%
$2,294,933
$2.3M
Market Conditions
NOI Build-Up for 12,457 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
$328.9K $26.40/SF
− Vacancy
−$53.5K −$4.29/SF
EGI
$275.4K $22.11/SF
− OpEx
−$68.8K −$5.53/SF
NOI
$206.5K $16.58/SF
Area
Costa Mesa, CA
Vacancy
16.26%
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%
$4,130,880
Cap Rate 7%
$2,950,629
Cap Rate 9%
$2,294,933
Alternative Uses
Best Use
Office B
$2.95M
$2.58M – $3.44M
NOI $206,544 @ 7.0% cap · market cap 5.94%
Second Best
Healthcare Medical
$2.84M
$2.49M – $3.32M
NOI $199,113 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$4.22M
$3.69M – $4.92M
NOI $295,333 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,592
Businesses Nearby
Explore this area
Business Placement
Demographics for 92626, CA
50,885
Population
20,643
Households
2.5
Avg Household Size
37
Median Age
46%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
5,246
Density / Sq Mi
$117,627
Median Household Income
$55,920
Median Earnings
$2,520
Median Rent
$1,037,700
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?
Office building - Fully leased two-story office building with Class A finishes and a dedicated outpatient medical practice tenant.
Where is this office building located?
The property is located at 2900 Bristol Street Costa Mesa, CA.
What is the asking price?
The asking price for this property is $3,475,000.
What are key features of this property?
This property features: 12,457 SF, two‑story office building in The Waters at Creekside, built in 1982; 100% occupied with annual gross rental income of $309,271 and NOI of $225,947; Class A finishes; second floor fully occupied by an established outpatient medical practice
