Small-Bay Industrial
For Sale
Contact for pricing
311 North 2nd Street, Lompoc, CA 93436
Small-bay industrial buildings at 311–321 N 2nd Street with flexible loading, free-span ceilings, and ample onsite parking.
Property Size12,000 SF
Price / SF$207.92
Days on Market99
Property Features for 311 North 2nd Street
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Industrial
Zoning
I (Industrial) with SEO (Special Event Overlay)
Occupancy
50%
Investment Type
Owner/User
Additional Details
Cap Rate
5.27%
Building Details
Year Built
1962
Tenancy
Multi
Listing Agency:
Hayes Commercial Group
Listed By:
Nolan Tooley · License #CA 02127359
(805) 898-4383
Source:
Crexi
Added: May 29
Changed: Aug 21
Last Checked: Sep 2 at 7:33PM
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 Hayes Commercial Group
Investment Insights
Based on property information with market context.
311–321 North 2nd Street presents a small-bay industrial opportunity featuring free-span ceilings, flexible loading, and ample onsite parking. The property is currently at 50% occupancy and is offered for sale with flexible acquisition strategies, including lease-up to stabilize.
The buildings are positioned in Lompoc, California, and the offering is described as suitable for either an investor seeking to execute a straightforward lease-up or an owner-user looking to occupy one or more units while leasing the remainder.
Per the provided remarks, the in-place performance is described at a 5.27% cap rate with a stated path to 7.10% stabilized occupancy.
The buildings are positioned in Lompoc, California, and the offering is described as suitable for either an investor seeking to execute a straightforward lease-up or an owner-user looking to occupy one or more units while leasing the remainder.
Per the provided remarks, the in-place performance is described at a 5.27% cap rate with a stated path to 7.10% stabilized occupancy.
Key Highlights
- Small‑bay industrial buildings at 311–321 N 2nd Street
- Year built: 1962
- Features free‑span ceilings and flexible loading
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
$89,235
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
3.58%
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%
$1,784,700
$1.8M
Cap Rate 7%
$1,274,786
$1.3M
Cap Rate 9%
$991,500
$991.5K
Market Conditions
NOI Build-Up for 12,000 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
$122.4K $10.20/SF
− Vacancy
−$17.4K −$1.45/SF
EGI
$105.0K $8.75/SF
− OpEx
−$15.7K −$1.31/SF
NOI
$89.2K $7.44/SF
Area
Santa Barbara County, CA
Vacancy
14.23%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,784,700
Cap Rate 7%
$1,274,786
Cap Rate 9%
$991,500
Alternative Uses
Best Use
Warehouse
$1.27M
$1.12M – $1.49M
NOI $89,235 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.77M
$3.30M – $4.39M
NOI $263,641 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,588
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 93436, CA
56,730
Population
18,928
Households
3
Avg Household Size
37
Median Age
17%
College-Educated
76%
High-School Grad
228.0 sq mi
ZIP Area
249
Density / Sq Mi
$76,241
Median Household Income
$36,340
Median Earnings
$1,578
Median Rent
$460,100
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?
Warehouse - Small-bay industrial buildings at 311–321 N 2nd Street with flexible loading, free-span ceilings, and ample onsite parking.
Where is this warehouse located?
The property is located at 311 North 2nd Street Lompoc, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Small‑bay industrial buildings at 311–321 N 2nd Street; Year built: 1962; Features free‑span ceilings and flexible loading
