El Centro Mixed-Use Development
For Sale
Contact for pricing
460 W State St, El Centro, CA 92243
Freestanding building with expansion potential in El Centro's commercial zone.
Property Size5,694 SF
Lot Size0.40 Acres
Price / SF$122.94
Days on Market174
Property Features for 460 W State St
General Information
Standard status
Active
Size
5,694 SF
Lot size
0.40 Acres
Property subtype
Industrial, Mixed Use, Retail
Zoning
CD
Investment Type
Owner/User
Listing Agency:
Coldwell Banker West Commercial
(619) 861-3939
Listed By:
Michael Chenavo · License #02109449
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 11 at 1:42PM
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 Coldwell Banker West Commercial
Investment Insights
Based on property information with market context.
Located in the heart of El Centro, 460 W State St is a 5,694 SF freestanding retail building on a 0.40-acre lot within the "CD" (Commercial Downtown) zone. The property offers a dual-track investment strategy, allowing for immediate occupancy of a high-visibility retail showroom while simultaneously executing a value-add expansion. Plans are already drawn and awaiting final approval for the addition of professional office condos at the rear of the site, poised to transition the property from a single-tenant building into a diversified commercial hub. The existing structure features an open-concept layout suitable for retail, a showroom, or a creative office conversion. The property offers the structural integrity that modern tenants desire, combined with the flexibility of Downtown El Centro's zoning. Situated in a high-traffic corridor with a strong daytime population and local commerce, the property benefits from proximity to government offices, legal services, and local dining. El Centro serves as the primary retail and business engine for the Imperial Valley, with easy access to I-8 and proximity to the U.S.-Mexico border. Properties with "CD" zoning are becoming increasingly coveted for mixed-use and professional service developments as El Centro modernizes its downtown core. Originally built in 1950, this property is ideal for eliminating rent expense and building equity in a flagship location, or for investors looking to manufacture appreciation by completing the office condo project. The split-risk model of retail and office condos provides a defensive hedge against market shifts.
Key Highlights
- Dual‑track investment strategy: Immediate occupancy of a high‑visibility retail showroom combined with value‑add expansion potential through planned office condos.
- Approved plans for office condo development at the rear of the property, offering options for immediate capital recovery or long‑term passive income.
- Strategic location in El Centro's commercial downtown zone with high traffic and proximity to government offices and legal services.
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
$53,040
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
7.58%
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%
$1,060,800
$1.1M
Cap Rate 7%
$757,714
$757.7K
Cap Rate 9%
$589,333
$589.3K
Market Conditions
NOI Build-Up for 5,694 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
$92.2K $16.20/SF
− Vacancy
−$7.4K −$1.30/SF
EGI
$84.9K $14.90/SF
− OpEx
−$31.8K −$5.59/SF
NOI
$53.0K $9.32/SF
Area
Imperial County, CA
Vacancy
8.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,060,800
Cap Rate 7%
$757,714
Cap Rate 9%
$589,333
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,786 @ 7.0% cap · market cap 12.26%
Second Best
Retail
$973.7K
$852.0K – $1.14M
NOI $68,157 @ 7.0% cap · market cap 9.74%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,672 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 92243, CA
49,149
Population
15,908
Households
3.1
Avg Household Size
36
Median Age
16%
College-Educated
74%
High-School Grad
113.3 sq mi
ZIP Area
434
Density / Sq Mi
$55,890
Median Household Income
$31,170
Median Earnings
$992
Median Rent
$286,100
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?
Mixed-use property - Freestanding building with expansion potential in El Centro's commercial zone.
Where is this mixed-use property located?
The property is located at 460 W State St El Centro, CA.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Dual‑track investment strategy: Immediate occupancy of a high‑visibility retail showroom combined with value‑add expansion potential through planned office condos.; Approved plans for office condo development at the rear of the property, offering options for immediate capital recovery or long‑term passive income.; Strategic location in El Centro's commercial downtown zone with high traffic and proximity to government offices and legal services.
