Office Building Off Major
For Sale
Contact for pricing
601 S Lewis St Orange, Orange, CA 92868
Office building at 601 S Lewis St with immediate access to SR-22 and convenient connections to several regional routes.
Property Size33,483 SF
Price / SF$403.19
Days on Market409
Property Features for 601 S Lewis St Orange
General Information
Standard status
Active
Size
33,483 SF
Total Parking Spaces
149
Property subtype
Office
Zoning
UMU (Urban Mixed Use)
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1989
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
CBRE - Orange County
Listed By:
Anthony Delorenzo · License #CA 01706686
(949) 725-8425
Source:
Crexi
Added: Jul 29, 2025
Changed: Aug 31
Last Checked: Sep 10 at 7:13AM
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 - Orange County
Investment Insights
Based on property information with market context.
This offering is an office building located at 601 S Lewis St, Orange, CA 92868. The property is presented in the context of Central Orange County’s office market dynamics, including reported tenant relocations and a reduction in office inventory for long-term owner-users or potential residential redevelopment.
The remarks describe the site as located immediately off SR-22 freeway, with access to I-5, SR-57, SR-91, and SR-55, along with proximity to John Wayne Airport and several Metrolink stations. The surrounding area is described as an entertainment and resort amenity hub, with named nearby destinations including MainPlace Mall, Platinum Triangle, Angel Stadium, Honda Center, Disneyland, Old Towne Orange, UCI Medical Center, and Chapman University.
The City of Orange’s housing element requirements are also noted, including the designation of this and surrounding properties as Urban Mixed Use allowing residential development density of 30 to 60 units per acre, as described in the public remarks.
The remarks describe the site as located immediately off SR-22 freeway, with access to I-5, SR-57, SR-91, and SR-55, along with proximity to John Wayne Airport and several Metrolink stations. The surrounding area is described as an entertainment and resort amenity hub, with named nearby destinations including MainPlace Mall, Platinum Triangle, Angel Stadium, Honda Center, Disneyland, Old Towne Orange, UCI Medical Center, and Chapman University.
The City of Orange’s housing element requirements are also noted, including the designation of this and surrounding properties as Urban Mixed Use allowing residential development density of 30 to 60 units per acre, as described in the public remarks.
Key Highlights
- Office building at 601 S Lewis St, built in 1989
- Immediate access to SR‑22 freeway with convenient connections to I‑5, SR‑57, SR‑91, and SR‑55
- Nearby to John Wayne Airport and several Metrolink stations for multimodal commuting
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
$618,726
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
4.58%
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%
$12,374,520
$12.4M
Cap Rate 7%
$8,838,943
$8.8M
Cap Rate 9%
$6,874,733
$6.9M
Market Conditions
NOI Build-Up for 33,483 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
$948.2K $28.32/SF
− Vacancy
−$123.3K −$3.68/SF
EGI
$825.0K $24.64/SF
− OpEx
−$206.2K −$6.16/SF
NOI
$618.7K $18.48/SF
Area
Orange, CA
Vacancy
13.00%
Lease Rate
$28.32 /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%
$12,374,520
Cap Rate 7%
$8,838,943
Cap Rate 9%
$6,874,733
Alternative Uses
Best Use
Office B
$8.84M
$7.73M – $10.31M
NOI $618,726 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.10M
$10.59M – $14.12M
NOI $847,340 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,842
Businesses Nearby
Explore this area
Business Placement
Demographics for 92868, CA
27,127
Population
9,105
Households
3
Avg Household Size
34
Median Age
36%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,979
Density / Sq Mi
$89,050
Median Household Income
$45,978
Median Earnings
$2,356
Median Rent
$714,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Office building at 601 S Lewis St with immediate access to SR-22 and convenient connections to several regional routes.
Where is this office building located?
The property is located at 601 S Lewis St Orange Orange, CA.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: Office building at 601 S Lewis St, built in 1989; Immediate access to SR‑22 freeway with convenient connections to I‑5, SR‑57, SR‑91, and SR‑55; Nearby to John Wayne Airport and several Metrolink stations for multimodal commuting
