Industrial Flex Property in Business
For Sale
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3254 Grey Hawk Ct, Carlsbad, CA 92010
Industrial flex property within the Grey Hawk Business Center, offering immediate freeway access and a total size of 12,835 SF.
Property Size12,835 SF
Price / SF$325.28
Days on Market143
Property Features for 3254 Grey Hawk Ct
General Information
Standard status
Active
Size
12,835 SF
Class
B
Property subtype
Industrial
Zoning
P-M (Planned Industrial)
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
2006
Buildings
1
Stories
2
Units
1
Listing Agency:
Lee & Associates San Diego - Carlsbad
Listed By:
Stephen Crockett · License #CA 01027524
(760) 845-0311
Source:
Crexi
Added: Apr 17
Changed: Sep 6
Last Checked: Sep 2 at 8:44AM
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 Lee & Associates San Diego - Carlsbad
Investment Insights
Based on property information with market context.
3254 Grey Hawk Court is an industrial flex property located within the established Grey Hawk Business Center. The offering totals 12,835 SF and is positioned as part of a modern industrial/flex park that serves a mix of service, R&D, and professional users.
The property is described as having immediate freeway access and is situated in Carlsbad’s Bressi Ranch area, within a larger North County San Diego industrial market environment supported by technology, life science, and professional service sectors.
This is a for-sale opportunity to acquire a flex/industrial asset in a dedicated business center setting with access to major transportation routes.
The property is described as having immediate freeway access and is situated in Carlsbad’s Bressi Ranch area, within a larger North County San Diego industrial market environment supported by technology, life science, and professional service sectors.
This is a for-sale opportunity to acquire a flex/industrial asset in a dedicated business center setting with access to major transportation routes.
Key Highlights
- Industrial flex property located in the Grey Hawk Business Center
- Year built: 2006
- Total size: 12,835 SF
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
$249,882
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
5.99%
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%
$4,997,640
$5.0M
Cap Rate 7%
$3,569,743
$3.6M
Cap Rate 9%
$2,776,467
$2.8M
Market Conditions
NOI Build-Up for 12,835 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
$400.5K $31.20/SF
− Vacancy
−$16.0K −$1.25/SF
EGI
$384.4K $29.95/SF
− OpEx
−$134.6K −$10.48/SF
NOI
$249.9K $19.47/SF
Area
Carlsbad, CA
Vacancy
4.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
35.00%
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%
$4,997,640
Cap Rate 7%
$3,569,743
Cap Rate 9%
$2,776,467
Alternative Uses
Best Use
Flex RnD
$3.57M
$3.12M – $4.16M
NOI $249,882 @ 7.0% cap · market cap 5.99%
Second Best
Industrial
$2.27M
$1.99M – $2.65M
NOI $159,182 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$4.72M
$4.13M – $5.50M
NOI $330,170 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92010, CA
18,887
Population
7,114
Households
2.7
Avg Household Size
41
Median Age
55%
College-Educated
95%
High-School Grad
8.2 sq mi
ZIP Area
2,303
Density / Sq Mi
$120,612
Median Household Income
$69,955
Median Earnings
$2,764
Median Rent
$1,016,400
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?
Flex space - Industrial flex property within the Grey Hawk Business Center, offering immediate freeway access and a total size of 12,835 SF.
Where is this flex space located?
The property is located at 3254 Grey Hawk Ct Carlsbad, CA.
What is the asking price?
The asking price for this property is $4,175,000.
What are key features of this property?
This property features: Industrial flex property located in the Grey Hawk Business Center; Year built: 2006; Total size: 12,835 SF
