Two-Story Office
For Sale
$325,000
29135 Hook Creek, Cedar Glen, CA 92321
Features a handicap-accessible entrance, upstairs kitchenette, private room, and secured garage or storage area.
Property Size816 SF
Price / SF$398.28
Days on Market185
Property Features for 29135 Hook Creek
General Information
Standard status
Active
Size
816 SF
Property subtype
Office
Amenities
3
Building Details
Year Built
1930
Listing Agency:
(760) 242-8157
Listed By:
Hamilton Landon Real Estate
Source:
Xome
Added: Feb 26
Changed: Aug 30
Last Checked: Aug 30 at 6:33AM
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 Hamilton Landon Real Estate
Investment Insights
Based on property information with market context.
Located at 29135 Hook Creek in Cedar Glen, this two-story office building was constructed in 1930 and includes newer windows. The main level offers an open office area, a large half bathroom, and a front entrance with handicap access. A private room is also included within the building.
The upper level has a separate stairway entrance on the north side and a sizable kitchenette that can support break-room use. A large garage and storage area provides space for office supplies, equipment, or recreational vehicles, with a combination securing the area. The office property at 215 Western St. is adjacent and is also offered for sale; that property is zoned commercial.
The upper level has a separate stairway entrance on the north side and a sizable kitchenette that can support break-room use. A large garage and storage area provides space for office supplies, equipment, or recreational vehicles, with a combination securing the area. The office property at 215 Western St. is adjacent and is also offered for sale; that property is zoned commercial.
Key Highlights
- Two‑story office building constructed in 1930
- Handicap‑accessible front entry
- Upstairs kitchenette with separate north‑side stairway access
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
$16,046
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
4.94%
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%
$320,920
$320.9K
Cap Rate 7%
$229,229
$229.2K
Cap Rate 9%
$178,289
$178.3K
Market Conditions
NOI Build-Up for 816 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
$24.4K $29.88/SF
− Vacancy
−$3.0K −$3.66/SF
EGI
$21.4K $26.22/SF
− OpEx
−$5.3K −$6.55/SF
NOI
$16.0K $19.66/SF
Area
Orange County, CA
Vacancy
12.25%
Lease Rate
$29.88 /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%
$320,920
Cap Rate 7%
$229,229
Cap Rate 9%
$178,289
Alternative Uses
Best Use
Office B
$229.2K
$200.6K – $267.4K
NOI $16,046 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$274.1K
$239.8K – $319.8K
NOI $19,185 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 92321, CA
1,310
Population
1,195
Households
1.1
Avg Household Size
46
Median Age
28%
College-Educated
89%
High-School Grad
7.1 sq mi
ZIP Area
185
Density / Sq Mi
$50,893
Median Household Income
$40,592
Median Earnings
$948
Median Rent
$480,000
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 - Features a handicap-accessible entrance, upstairs kitchenette, private room, and secured garage or storage area.
Where is this office building located?
The property is located at 29135 Hook Creek Cedar Glen, CA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑story office building constructed in 1930; Handicap‑accessible front entry; Upstairs kitchenette with separate north‑side stairway access
