Two-Story Office
For Sale
$2,599,000
3175 Old Conejo Road 24, Newbury Park, CA 91320
Bright office property with extensive window line, elevator access, and separate HVAC units and electric meters for each suite.
Property Size6,523 SF
Price / SF$398.44
Days on Market473
Property Features for 3175 Old Conejo Road 24
General Information
Standard status
Active
Size
6,523 SF
Elevators
Yes
Property subtype
Office
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Building Details
Building Size
6,523 SF
Year Built
2008
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Realty
(949) 285-4498
Listed By:
Paul Carrese · License #01356791
Source:
Truthrealty
Added: Apr 24, 2025
Changed: Aug 3
Last Checked: Aug 8 at 9:24AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 6,523-square-foot office building at Conejo Ridge Executive Center offers a two-story configuration with an elevator, extensive window line, and abundant surface parking. Suites range from 577 square feet to more than 3,200 square feet, providing a range of office configurations within the building. Each suite has its own electric meter and HVAC unit. The building was constructed in 2008 and has a newer roof backed by a warranty. HVAC equipment, the elevator car, and fire sprinklers have been inspected and serviced.
The property is adjacent to the US 101 Freeway and can be accessed via Wendy Drive in Thousand Oaks. The center includes professionally maintained grounds, parking areas, and common spaces managed through the owners association. Retail and dining options are located nearby along the Hwy 101 corridor.
The property is adjacent to the US 101 Freeway and can be accessed via Wendy Drive in Thousand Oaks. The center includes professionally maintained grounds, parking areas, and common spaces managed through the owners association. Retail and dining options are located nearby along the Hwy 101 corridor.
Key Highlights
- 6,523 sq ft office building at Conejo Ridge Executive Center
- Two‑story building with elevator and abundant surface parking
- Suites range from 577 sq ft to 3,200+ sq ft
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
$151,008
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
5.81%
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%
$3,020,160
$3.0M
Cap Rate 7%
$2,157,257
$2.2M
Cap Rate 9%
$1,677,867
$1.7M
Market Conditions
NOI Build-Up for 6,523 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
$247.4K $37.92/SF
− Vacancy
−$46.0K −$7.05/SF
EGI
$201.3K $30.87/SF
− OpEx
−$50.3K −$7.72/SF
NOI
$151.0K $23.15/SF
Area
Thousand Oaks, CA
Vacancy
18.60%
Lease Rate
$37.92 /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%
$3,020,160
Cap Rate 7%
$2,157,257
Cap Rate 9%
$1,677,867
Alternative Uses
Best Use
Office B
$2.16M
$1.89M – $2.52M
NOI $151,008 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,916 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
Explore this area
Business Placement
Demographics for 91320, CA
44,462
Population
15,509
Households
2.9
Avg Household Size
43
Median Age
53%
College-Educated
95%
High-School Grad
20.2 sq mi
ZIP Area
2,201
Density / Sq Mi
$150,861
Median Household Income
$62,932
Median Earnings
$2,617
Median Rent
$917,700
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 - Bright office property with extensive window line, elevator access, and separate HVAC units and electric meters for each suite.
Where is this office building located?
The property is located at 3175 Old Conejo Road 24 Newbury Park, CA.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: 6,523 sq ft office building at Conejo Ridge Executive Center; Two‑story building with elevator and abundant surface parking; Suites range from 577 sq ft to 3,200+ sq ft
