Office-Warehouse Flex
For Sale
Contact for pricing
3201 Pegasus Drive, Bakersfield, CA 93308
Three flex suites combine warehouse clear heights with office space for manufacturing and distribution users.
Property Size12,000 SF
Price / SF$243.33
Days on Market56
Property Features for 3201 Pegasus Drive
General Information
Standard status
Active
Size
12,000 SF
Class
A
Property subtype
Office, Industrial
Zoning
M-2 PD, County of Kern
Warehouse & Industrial
Clear Height
16 ft
Heavy Power
Yes
Additional Details
Highway Access
Yes
Office Units
3
Building Details
Year Built
1987
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
ASU Commercial
(661) 885-6949
Listed By:
Wesley Mcdonald · License #CA
Source:
Crexi
Added: Jun 18
Changed: Aug 10
Last Checked: Aug 12 at 3:59AM
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 ASU Commercial
Investment Insights
Based on property information with market context.
This office-warehouse flex property offers approximately 12,000 square feet across three suites, each combining warehouse and office components. Clear heights range from 12 feet to 16 feet 6 inches, supporting a variety of light industrial and storage needs. Electrical service includes 200 Amps with 120/208V, 3-phase power.
The property is located at 3201 Pegasus Drive in Bakersfield, CA, about 0.8 miles from Highway 99. It also provides convenient access to Meadows Field Airport and the surrounding commercial area.
The mix of office and warehouse space within three separate suites can work well for tenants that need both administrative space and on-site operational support. The provided clear-height range and 3-phase power are practical considerations for businesses requiring functional warehouse environments alongside dedicated offices.
The property is located at 3201 Pegasus Drive in Bakersfield, CA, about 0.8 miles from Highway 99. It also provides convenient access to Meadows Field Airport and the surrounding commercial area.
The mix of office and warehouse space within three separate suites can work well for tenants that need both administrative space and on-site operational support. The provided clear-height range and 3-phase power are practical considerations for businesses requiring functional warehouse environments alongside dedicated offices.
Key Highlights
- Office‑warehouse property built in 1987 offering 12,000 SF in Bakersfield, CA
- Layout includes three suites with both warehouse and office components for flexible use
- Warehouse clear heights range from 12' to 16'6"
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
$158,760
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
5.44%
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%
$3,175,200
$3.2M
Cap Rate 7%
$2,268,000
$2.3M
Cap Rate 9%
$1,764,000
$1.8M
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
$252.0K $21.00/SF
− Vacancy
−$40.3K −$3.36/SF
EGI
$211.7K $17.64/SF
− OpEx
−$52.9K −$4.41/SF
NOI
$158.8K $13.23/SF
Area
Bakersfield, CA
Vacancy
16.00%
Lease Rate
$21.00 /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%
$3,175,200
Cap Rate 7%
$2,268,000
Cap Rate 9%
$1,764,000
Alternative Uses
Best Use
Office B
$2.27M
$1.98M – $2.65M
NOI $158,760 @ 7.0% cap · market cap 5.44%
Second Best
Warehouse
$2.13M
$1.86M – $2.48M
NOI $148,777 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$3.18M
$2.79M – $3.72M
NOI $222,912 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
3
Office units
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93308, CA
56,037
Population
21,443
Households
2.6
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
344.6 sq mi
ZIP Area
163
Density / Sq Mi
$59,511
Median Household Income
$39,676
Median Earnings
$1,260
Median Rent
$298,000
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?
Flex space - Three flex suites combine warehouse clear heights with office space for manufacturing and distribution users.
Where is this flex space located?
The property is located at 3201 Pegasus Drive Bakersfield, CA.
What is the asking price?
The asking price for this property is $2,920,000.
What are key features of this property?
This property features: Office‑warehouse property built in 1987 offering 12,000 SF in Bakersfield, CA; Layout includes three suites with both warehouse and office components for flexible use; Warehouse clear heights range from 12' to 16'6"
