Multi-Tenant Industrial
For Sale
Contact for pricing
29697 New Hub Dr, Menifee, CA 92586
Built in 2003 under the New Hub Specific Plan, the property contains two existing tenant spaces.
Property Size16,555 SF
Price / SF$301.72
Days on Market150
Property Features for 29697 New Hub Dr
General Information
Standard status
Active
Size
16,555 SF
Class
B
Total Parking Spaces
43
Property subtype
Industrial
Zoning
New Hub Specific Plan
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$253,746
Building Details
Year Built
2003
Year Renovated
2023
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Mission Property Advisors Inc
Listed By:
Steven Fontes · License #CA 01364228
Source:
Crexi
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 9:57AM
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 Mission Property Advisors Inc
Investment Insights
Based on property information with market context.
Constructed in 2003, this 16,555-square-foot industrial property contains two tenant areas. Impact Church occupies 15,385 square feet under a five-year lease extension that began April 1, 2026, with the current term scheduled to end March 31, 2031. Menifee Teacher's Association occupies 1,089 square feet on a month-to-month lease.
The property is located at 29697 New Hub Dr in Menifee, California. Zoning is identified as New Hub Specific Plan. The existing tenancy includes a large religious facility user and a smaller association office, providing a two-tenant configuration within the building.
The property is located at 29697 New Hub Dr in Menifee, California. Zoning is identified as New Hub Specific Plan. The existing tenancy includes a large religious facility user and a smaller association office, providing a two-tenant configuration within the building.
Key Highlights
- 16,555‑square‑foot industrial building constructed in 2003
- Impact Church occupies 15,385 square feet under a lease running through 03‑31‑2031
- Menifee Teacher's Association occupies 1,089 square feet on a Month‑to‑Month lease
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
$154,008
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
3.08%
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%
$3,080,160
$3.1M
Cap Rate 7%
$2,200,114
$2.2M
Cap Rate 9%
$1,711,200
$1.7M
Market Conditions
NOI Build-Up for 16,555 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
$238.4K $14.40/SF
− Vacancy
−$18.4K −$1.11/SF
EGI
$220.0K $13.29/SF
− OpEx
−$66.0K −$3.99/SF
NOI
$154.0K $9.30/SF
Area
Menifee, CA
Vacancy
7.71%
Lease Rate
$14.40 /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%
$3,080,160
Cap Rate 7%
$2,200,114
Cap Rate 9%
$1,711,200
Alternative Uses
Best Use
Industrial
$2.20M
$1.93M – $2.57M
NOI $154,008 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.20M
$3.67M – $4.89M
NOI $293,699 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 92586, CA
22,188
Population
10,059
Households
2.2
Avg Household Size
60
Median Age
14%
College-Educated
86%
High-School Grad
6.4 sq mi
ZIP Area
3,467
Density / Sq Mi
$53,991
Median Household Income
$42,230
Median Earnings
$1,660
Median Rent
$338,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Built in 2003 under the New Hub Specific Plan, the property contains two existing tenant spaces.
Where is this industrial property located?
The property is located at 29697 New Hub Dr Menifee, CA.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: 16,555‑square‑foot industrial building constructed in 2003; Impact Church occupies 15,385 square feet under a lease running through 03‑31‑2031; Menifee Teacher's Association occupies 1,089 square feet on a Month‑to‑Month lease
