Freestanding Two-Story Office
For Sale
Contact for pricing
3 Corporate Park, Irvine, CA 92691
Renovated two-story office building in a business park with modern finishes, updated common areas, and a newer roof with solar panels.
Property Size37,197 SF
Price / SF$349.36
Days on Market66
Property Features for 3 Corporate Park
General Information
Standard status
Active
Size
37,197 SF
Property subtype
Office
Occupancy
86%
Investment Type
Owner/User
Net Operating Income
$659,664
Building Details
Year Built
1986
Year Renovated
2020
Stories
2
Tenancy
Multi
Listing Agency:
Economos Dewolf
Listed By:
Geoff DeWolf · License #01319312
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 13 at 12:30PM
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 Economos Dewolf
Investment Insights
Based on property information with market context.
This freestanding, two-story office building was built in 1986 and has undergone recent renovations and modernization under the current ownership. Reported capital expenditures of nearly $1,000,000 include improvements to common areas and restrooms, along with landscaping, lighting, and upgrades to the parking lot and other related items. The property also includes two HVAC units that are noted as in good working condition, and a new roof with solar panels installed in 2020.
The building is located within The Parc, a prominent Irvine business park setting. An association maintains landscaping, the parking lot, and common area upkeep, supporting a professionally presented environment for daily operations.
For tenants, this configuration supports office use in a standalone format with modern finishes and maintained shared spaces managed by the association. For buyers, the documented recent capital work and the presence of on-site HVAC units can be important considerations when evaluating an office asset within a maintained business park environment.
The building is located within The Parc, a prominent Irvine business park setting. An association maintains landscaping, the parking lot, and common area upkeep, supporting a professionally presented environment for daily operations.
For tenants, this configuration supports office use in a standalone format with modern finishes and maintained shared spaces managed by the association. For buyers, the documented recent capital work and the presence of on-site HVAC units can be important considerations when evaluating an office asset within a maintained business park environment.
Key Highlights
- Two‑story, freestanding office building built in 1986
- Nearly $1,000,000 in capital expenditures completed under current ownership for common areas, restrooms, landscaping, lighting, and the parking lot
- New roof installed in 2020 with solar panels
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
$718,958
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
5.53%
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%
$14,379,160
$14.4M
Cap Rate 7%
$10,270,829
$10.3M
Cap Rate 9%
$7,988,422
$8.0M
Market Conditions
NOI Build-Up for 37,197 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
$1.05M $28.32/SF
− Vacancy
−$94.8K −$2.55/SF
EGI
$958.6K $25.77/SF
− OpEx
−$239.7K −$6.44/SF
NOI
$719.0K $19.33/SF
Area
Irvine, CA
Vacancy
9.00%
Lease Rate
$28.32 /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%
$14,379,160
Cap Rate 7%
$10,270,829
Cap Rate 9%
$7,988,422
Alternative Uses
Best Use
Office B
$10.27M
$8.99M – $11.98M
NOI $718,958 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.15M
$11.51M – $15.35M
NOI $920,770 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 92691, CA
47,918
Population
16,673
Households
2.9
Avg Household Size
44
Median Age
47%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
5,445
Density / Sq Mi
$135,779
Median Household Income
$64,902
Median Earnings
$2,517
Median Rent
$916,800
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 - Renovated two-story office building in a business park with modern finishes, updated common areas, and a newer roof with solar panels.
Where is this office building located?
The property is located at 3 Corporate Park Irvine, CA.
What is the asking price?
The asking price for this property is $12,995,000.
What are key features of this property?
This property features: Two‑story, freestanding office building built in 1986; Nearly $1,000,000 in capital expenditures completed under current ownership for common areas, restrooms, landscaping, lighting, and the parking lot; New roof installed in 2020 with solar panels
