Divisible Flex
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For Sale
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39 Argonaut, Aliso Viejo, CA 92656
Freestanding property combines private offices, collaborative areas, and open workspace in a configurable commercial layout.
Property Size21,280 SF
Price / SF$446.43
Days on Market5
Property Features for 39 Argonaut
General Information
Standard status
Active
Size
21,280 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
CBRE
(949) 725-8610
Listed By:
Brian Cole · License #01009600
(949) 725-8610
Source:
Moodyscre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 5:20AM
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 CBRE
Investment Insights
Based on property information with market context.
This 21,280-square-foot freestanding flex property offers a divisible configuration suited to a two-tenant arrangement. The interior combines private offices, collaboration areas, and open workspace, providing multiple ways to organize office and operational functions within the building.
Located at 39 Argonaut in Aliso Viejo, the property provides access to the 73 and 133 freeways. A fenced yard area is also identified as a potential site feature, subject to confirmation of availability and configuration.
Located at 39 Argonaut in Aliso Viejo, the property provides access to the 73 and 133 freeways. A fenced yard area is also identified as a potential site feature, subject to confirmation of availability and configuration.
Key Highlights
- 21,280 SF freestanding flex building
- Divisible layout supports a two‑tenant configuration
- Mix of private offices, collaboration areas, and open workspace
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
$418,466
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
4.40%
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%
$8,369,320
$8.4M
Cap Rate 7%
$5,978,086
$6.0M
Cap Rate 9%
$4,649,622
$4.6M
Market Conditions
NOI Build-Up for 21,280 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
$635.8K $29.88/SF
− Vacancy
−$77.9K −$3.66/SF
EGI
$558.0K $26.22/SF
− OpEx
−$139.5K −$6.55/SF
NOI
$418.5K $19.66/SF
Area
Orange County, CA
Vacancy
12.25%
Lease Rate
$29.88 /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%
$8,369,320
Cap Rate 7%
$5,978,086
Cap Rate 9%
$4,649,622
Alternative Uses
Best Use
Office B
$5.98M
$5.23M – $6.97M
NOI $418,466 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$5.53M
$4.84M – $6.45M
NOI $387,177 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$7.15M
$6.25M – $8.34M
NOI $500,327 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92656, CA
53,473
Population
21,211
Households
2.5
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
8.0 sq mi
ZIP Area
6,684
Density / Sq Mi
$134,538
Median Household Income
$72,864
Median Earnings
$2,764
Median Rent
$849,900
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 - Freestanding property combines private offices, collaborative areas, and open workspace in a configurable commercial layout.
Where is this flex space located?
The property is located at 39 Argonaut Aliso Viejo, CA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 21,280 SF freestanding flex building; Divisible layout supports a two‑tenant configuration; Mix of private offices, collaboration areas, and open workspace
