Free-Standing Cannabis Industrial
For Sale
Contact for pricing
3500 W Garry Avenue, Santa Ana, CA 92704
Free-standing light industrial building in a commercial cannabis zone with power expandable to 4,000 amps and approvals for cultivation.
Property Size30,038 SF
Price / SF$365
Days on Market50
Property Features for 3500 W Garry Avenue
General Information
Standard status
Active
Size
30,038 SF
Total Parking Spaces
80
Property subtype
Industrial
Zoning
Light Industrial (M1), Commercial Cannabis Zone
Building Details
Year Built
1978
Buildings
1
Listing Agency:
JLL
Listed By:
Nick Carey · License #California
(949) 499-9049
Source:
Crexi
Added: Jul 29
Changed: Sep 14
Last Checked: Sep 16 at 1:55PM
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 JLL
Investment Insights
Based on property information with market context.
Free-standing industrial building totaling 30,038 SF. The property is described as light industrial and located within a commercial cannabis zone, with a build out for cannabis cultivation totaling 12,000 SF. Public remarks also indicate approvals for cultivation, distribution, and delivery.
Power is noted as expandable to 4,000 amps. In addition to cannabis cultivation, the site is stated to be suitable for other office, lab, and industrial uses.
Located at 3500 W Garry Ave in Santa Ana, California, this facility is positioned for tenants seeking an industrial footprint with cannabis-related entitlements and capacity to support electric-driven buildouts.
Power is noted as expandable to 4,000 amps. In addition to cannabis cultivation, the site is stated to be suitable for other office, lab, and industrial uses.
Located at 3500 W Garry Ave in Santa Ana, California, this facility is positioned for tenants seeking an industrial footprint with cannabis-related entitlements and capacity to support electric-driven buildouts.
Key Highlights
- Free‑standing industrial building totaling 30,038 SF
- Commercial cannabis zone with 12,000 SF cannabis cultivation build‑out
- Approvals for cultivation, distribution, and delivery
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
$471,580
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
4.30%
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%
$9,431,600
$9.4M
Cap Rate 7%
$6,736,857
$6.7M
Cap Rate 9%
$5,239,778
$5.2M
Market Conditions
NOI Build-Up for 30,038 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
$580.3K $19.32/SF
− Vacancy
−$25.5K −$0.85/SF
EGI
$554.8K $18.47/SF
− OpEx
−$83.2K −$2.77/SF
NOI
$471.6K $15.70/SF
Area
ZIP 92704
Vacancy
4.40%
Lease Rate
$19.32 /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%
$9,431,600
Cap Rate 7%
$6,736,857
Cap Rate 9%
$5,239,778
Alternative Uses
Best Use
Warehouse
$6.74M
$5.89M – $7.86M
NOI $471,580 @ 7.0% cap · market cap 4.30%
Second Best
Industrial
$5.55M
$4.85M – $6.47M
NOI $388,360 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$8.93M
$7.81M – $10.42M
NOI $624,944 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,653
Businesses Nearby
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Business Placement
Demographics for 92704, CA
82,841
Population
20,887
Households
4
Avg Household Size
35
Median Age
20%
College-Educated
68%
High-School Grad
7.4 sq mi
ZIP Area
11,195
Density / Sq Mi
$94,249
Median Household Income
$37,925
Median Earnings
$2,147
Median Rent
$641,600
Median Home Value
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Cannabis property - Free-standing light industrial building in a commercial cannabis zone with power expandable to 4,000 amps and approvals for cultivation.
Where is this cannabis property located?
The property is located at 3500 W Garry Avenue Santa Ana, CA.
What is the asking price?
The asking price for this property is $10,963,870.
What are key features of this property?
This property features: Free‑standing industrial building totaling 30,038 SF; Commercial cannabis zone with 12,000 SF cannabis cultivation build‑out; Approvals for cultivation, distribution, and delivery
