Flex Shop on
For Sale
$625,000
29557 Mehrten Drive, Exeter, CA 93221
Five-acre property with a 6,000 sq. ft. shop and bathroom, with power, sewer, and water already on site.
Property Size6,000 SF
Lot Size5.00 Acres
Price / SF$104.17
Days on Market154
Property Features for 29557 Mehrten Drive
General Information
Standard status
Active
Size
6,000 SF
Lot size
5.00 Acres
Property subtype
Lots/Land
Additional Details
Utilities to Site
Yes
Listing Agency:
Independent Broker Network
(559) 786-3109
Listed By:
Robyn Icenhower · License #01810074
(559) 786-3109
Source:
Exitrealty
Added: Mar 10
Changed: Aug 8
Last Checked: Jul 14 at 2:05AM
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 Independent Broker Network
Investment Insights
Based on property information with market context.
This versatile 5-acre parcel includes a spacious 6,000 sq. ft. shop with a bathroom, providing practical interior space for equipment, storage, hobbies, or agricultural use. Utilities are already present on site, including power, sewer, and water, supporting a range of build or operational plans.
Located in the foothills of Exeter on Mehrten Drive, the property offers a peaceful setting while remaining within a short drive of town conveniences.
The existing shop and utilities make the parcel well-suited for buyers seeking flexibility to create their own use for the land while retaining a substantial enclosed workspace.
Located in the foothills of Exeter on Mehrten Drive, the property offers a peaceful setting while remaining within a short drive of town conveniences.
The existing shop and utilities make the parcel well-suited for buyers seeking flexibility to create their own use for the land while retaining a substantial enclosed workspace.
Key Highlights
- 5‑acre property in the Exeter foothills on Mehrten Drive
- Includes a 6,000 sq. ft. shop with a bathroom
- Power, sewer, and water are already on site
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
$52,734
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
8.44%
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%
$1,054,680
$1.1M
Cap Rate 7%
$753,343
$753.3K
Cap Rate 9%
$585,933
$585.9K
Market Conditions
NOI Build-Up for 6,000 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
$86.4K $14.40/SF
− Vacancy
−$5.3K −$0.88/SF
EGI
$81.1K $13.52/SF
− OpEx
−$28.4K −$4.73/SF
NOI
$52.7K $8.79/SF
Area
Tulare County, CA
Vacancy
6.10%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,054,680
Cap Rate 7%
$753,343
Cap Rate 9%
$585,933
Alternative Uses
Best Use
Flex RnD
$753.3K
$659.2K – $878.9K
NOI $52,734 @ 7.0% cap · market cap 8.44%
Second Best
Industrial
$499.0K
$436.6K – $582.2K
NOI $34,931 @ 7.0% cap · market cap 5.59%
Theoretical Best
Specialty Retail
$1.82M
$1.59M – $2.13M
NOI $127,575 @ 7.0% cap · market cap 20.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 93221, CA
15,024
Population
5,046
Households
3
Avg Household Size
37
Median Age
19%
College-Educated
85%
High-School Grad
132.1 sq mi
ZIP Area
114
Density / Sq Mi
$84,121
Median Household Income
$39,138
Median Earnings
$1,267
Median Rent
$324,000
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.
Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Five-acre property with a 6,000 sq. ft. shop and bathroom, with power, sewer, and water already on site.
Where is this agricultural land / farmland located?
The property is located at 29557 Mehrten Drive Exeter, CA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 5‑acre property in the Exeter foothills on Mehrten Drive; Includes a 6,000 sq. ft. shop with a bathroom; Power, sewer, and water are already on site
