Connectable Flex
For Sale
$1,100,000
48 North Central Avenue, Upland, CA 91786
Office and warehouse areas can operate as one configuration or as two separate units.
Property Size2,639 SF
Lot Size0.06 Acres
Price / SF$416.82
Days on Market737
Property Features for 48 North Central Avenue
General Information
Standard status
Active
Size
2,639 SF
Lot size
0.06 Acres
Property subtype
Commercial Sale / Mixed Use
Zoning
Business Mixed Use
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
1984
Listing Agency:
Kitakis Realty Inc.
(626) 733-3598
Listed By:
Demetrios Kitakis · License #01984567
(626) 733-3598
Source:
Compass
Added: Aug 26, 2024
Changed: Aug 30
Last Checked: Aug 31 at 9:47PM
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 Kitakis Realty Inc.
Investment Insights
Based on property information with market context.
This flex-space condominium contains 5,278 square feet across two 2,639-square-foot units. The layout combines office and warehouse areas, with the units able to function together or remain divided for separate occupancy. Built in 1984, the property is designed to accommodate businesses seeking adaptable commercial space or an owner-user configuration.
Located at 48 North Central Avenue in Upland, California, the property occupies 0.06 acres within the Inland Empire West. Business Mixed Use zoning supports the stated office-and-warehouse format, while access to major freeways and nearby shopping centers adds connectivity to the surrounding business and population base.
Located at 48 North Central Avenue in Upland, California, the property occupies 0.06 acres within the Inland Empire West. Business Mixed Use zoning supports the stated office-and-warehouse format, while access to major freeways and nearby shopping centers adds connectivity to the surrounding business and population base.
Key Highlights
- 5,278‑square‑foot industrial condominium
- Two 2,639‑square‑foot units that can connect or operate separately
- Office and warehouse configuration
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
$31,062
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
2.82%
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%
$621,240
$621.2K
Cap Rate 7%
$443,743
$443.7K
Cap Rate 9%
$345,133
$345.1K
Market Conditions
NOI Build-Up for 2,639 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
$45.0K $17.04/SF
− Vacancy
−$3.6K −$1.35/SF
EGI
$41.4K $15.69/SF
− OpEx
−$10.4K −$3.92/SF
NOI
$31.1K $11.77/SF
Area
San Bernardino County, CA
Vacancy
7.90%
Lease Rate
$17.04 /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%
$621,240
Cap Rate 7%
$443,743
Cap Rate 9%
$345,133
Alternative Uses
Best Use
Office B
$443.7K
$388.3K – $517.7K
NOI $31,062 @ 7.0% cap · market cap 2.82%
Second Best
Warehouse
$375.9K
$328.9K – $438.6K
NOI $26,315 @ 7.0% cap · market cap 2.39%
Theoretical Best
Office A
$556.7K
$487.1K – $649.4K
NOI $38,966 @ 7.0% cap · market cap 3.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,824
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91786, CA
55,763
Population
20,094
Households
2.8
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
6,266
Density / Sq Mi
$86,961
Median Household Income
$43,050
Median Earnings
$1,923
Median Rent
$607,100
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?
Flex space - Office and warehouse areas can operate as one configuration or as two separate units.
Where is this flex space located?
The property is located at 48 North Central Avenue Upland, CA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5,278‑square‑foot industrial condominium; Two 2,639‑square‑foot units that can connect or operate separately; Office and warehouse configuration
