Flex Space with Industrial
New
For Sale
$1,250,000
428 N Curry Street, Tehachapi, CA 93561
COMMERCIAL - Tehachapi, CA
Property Size8,400 SF
Lot Size1.15 Acres
Price / SF$148.81
Days on Market3
Property Features for 428 N Curry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M-1
Directions
N. Green St. to W. J St. to N. Curry
Subdivision
96 - Out of Area North
Standard status
Active
APN
415-170-02
Size
8,400 SF
Lot size
1.15 Acres
Utilities
Utilities
Natural Gas Available
Heating system
Central
Cooling system
Central Air
Amenities
central air conditioning
Building Details
Year built
2006
Floors in Building
2
Roof type
Metal, Tile
Listing Agency:
RE/MAX All-Pro · RE/MAX International
(661) 945-9461
Listed By:
Shelly Self · License #01989764
(661) 406-5062
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 14 at 10:06PM
MLS# 26006398
Copyright © 2026 Greater Antelope Valley Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This M-1-zoned flex property combines an 8,400-square-foot commercial building with substantial industrial and finished interior components. The 6,400-square-foot metal warehouse includes approximately 22-foot ceilings, three approximately 12' x 12' roll-up doors, 220-volt electrical service, radiant floor heating, fire sprinklers, and two industrial dust-collection vacuums. Clear ceiling panels bring natural light into the work area, which is suited to manufacturing, fabrication, warehousing, or storage uses identified in the property information.
Two separate finished areas expand the building’s functionality, with each area including a full kitchen. One is arranged as a three-bedroom, one-and-a-half-bath office area, while the other contains four upstairs rooms and three downstairs rooms. The finished office component includes central air conditioning and heating, a Sub-Zero refrigerator, granite countertops, a custom wood desk, and built-in office features. The property also offers natural gas availability, a metal and tile roof, and a 1.15-acre site.
Two separate finished areas expand the building’s functionality, with each area including a full kitchen. One is arranged as a three-bedroom, one-and-a-half-bath office area, while the other contains four upstairs rooms and three downstairs rooms. The finished office component includes central air conditioning and heating, a Sub-Zero refrigerator, granite countertops, a custom wood desk, and built-in office features. The property also offers natural gas availability, a metal and tile roof, and a 1.15-acre site.
Key Highlights
- 8,400‑square‑foot commercial building on a 1.15‑acre site
- 6,400‑square‑foot industrial/warehouse building with approximately 22‑foot ceilings
- Three approximately 12' x 12' roll‑up doors and 220‑volt electrical service
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
$103,447
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
8.28%
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%
$2,068,940
$2.1M
Cap Rate 7%
$1,477,814
$1.5M
Cap Rate 9%
$1,149,411
$1.1M
Market Conditions
NOI Build-Up for 8,400 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
$155.2K $18.48/SF
− Vacancy
−$7.5K −$0.89/SF
EGI
$147.8K $17.59/SF
− OpEx
−$44.3K −$5.28/SF
NOI
$103.4K $12.32/SF
Area
Kern County, CA
Vacancy
4.80%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
30.00%
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%
$2,068,940
Cap Rate 7%
$1,477,814
Cap Rate 9%
$1,149,411
Alternative Uses
Best Use
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,614 @ 7.0% cap · market cap 10.05%
Second Best
Industrial
$1.48M
$1.29M – $1.72M
NOI $103,447 @ 7.0% cap · market cap 8.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
3
Drive-in doors
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93561, CA
31,091
Population
13,876
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
92%
High-School Grad
301.8 sq mi
ZIP Area
103
Density / Sq Mi
$86,149
Median Household Income
$52,088
Median Earnings
$1,299
Median Rent
$377,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Catering at Mill Street Kitchen — 208 S Mill St, Tehachapi, CA 93561
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial property combining warehouse improvements with finished office areas and kitchen-equipped ancillary space.
Where is this flex space located?
The property is located at 428 N Curry Street Tehachapi, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 8,400‑square‑foot commercial building on a 1.15‑acre site; 6,400‑square‑foot industrial/warehouse building with approximately 22‑foot ceilings; Three approximately 12' x 12' roll‑up doors and 220‑volt electrical service
