Improved Flex R&D
For Sale
Contact for pricing
6194 6196 & 6198 Innovation Way, Carlsbad, CA 92009
Three connected condominium units combine upgraded office areas with specialized warehouse improvements and flexible configuration options.
Property Size11,739 SF
Price / SF$396.12
Days on Market115
Property Features for 6194 6196 & 6198 Innovation Way
General Information
Standard status
Active
Size
11,739 SF
Property subtype
Industrial
Zoning
Carlsbad P-C (Planned Community)
Building Details
Year Built
2007
Stories
2
Units
3
Listing Agency:
Cushman & Wakefield
(808) 419-0042
Listed By:
Danielle Bergson · License #CA 02196210
Source:
Crexi
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 12:39AM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
This flex-space condominium offering combines three units totaling 11,739 SF. The office areas at 6196 and 6198 Innovation Way include two-story loft layouts, exposed ceilings, and extensive glass. Warehouse improvements include heavy power, multiple car lifts, an extensive exhaust system, soundproofing, and three grade-level doors. The project was built in 2007 and has LEED certification.
The property is part of the 20-acre Towers at Bressi Ranch project within the 132-acre Bressi Ranch Corporate Center, a campus-style mixed-use business park. Pizza Port, Trader Joe’s, Mendocino Farms, Sprouts, Board & Brew, Bird Rock Coffee Roasters, and Eureka! are within walking distance.
Flexible unit sizing and design options support multiple tenant configurations, including an owner-user arrangement with the ability to lease a portion of the premises.
The property is part of the 20-acre Towers at Bressi Ranch project within the 132-acre Bressi Ranch Corporate Center, a campus-style mixed-use business park. Pizza Port, Trader Joe’s, Mendocino Farms, Sprouts, Board & Brew, Bird Rock Coffee Roasters, and Eureka! are within walking distance.
Flexible unit sizing and design options support multiple tenant configurations, including an owner-user arrangement with the ability to lease a portion of the premises.
Key Highlights
- Three flex R&D condominium units totaling 11,739 SF
- Office areas at 6196 and 6198 include two‑story loft layouts and exposed ceilings
- Warehouse improvements include heavy power, multiple car lifts, exhaust system, and soundproofing
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
$252,770
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
5.44%
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%
$5,055,400
$5.1M
Cap Rate 7%
$3,611,000
$3.6M
Cap Rate 9%
$2,808,556
$2.8M
Market Conditions
NOI Build-Up for 11,739 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
$387.4K $33.00/SF
− Vacancy
−$50.4K −$4.29/SF
EGI
$337.0K $28.71/SF
− OpEx
−$84.3K −$7.18/SF
NOI
$252.8K $21.53/SF
Area
Carlsbad, CA
Vacancy
13.00%
Lease Rate
$33.00 /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%
$5,055,400
Cap Rate 7%
$3,611,000
Cap Rate 9%
$2,808,556
Alternative Uses
Best Use
Office B
$3.61M
$3.16M – $4.21M
NOI $252,770 @ 7.0% cap · market cap 5.44%
Second Best
Flex RnD
$3.26M
$2.86M – $3.81M
NOI $228,544 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$4.31M
$3.77M – $5.03M
NOI $301,976 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,433
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92009, CA
44,816
Population
17,085
Households
2.6
Avg Household Size
44
Median Age
64%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
3,673
Density / Sq Mi
$162,128
Median Household Income
$68,634
Median Earnings
$2,955
Median Rent
$1,219,600
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Three connected condominium units combine upgraded office areas with specialized warehouse improvements and flexible configuration options.
Where is this flex space located?
The property is located at 6194 6196 & 6198 Innovation Way Carlsbad, CA.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: Three flex R&D condominium units totaling 11,739 SF; Office areas at 6196 and 6198 include two‑story loft layouts and exposed ceilings; Warehouse improvements include heavy power, multiple car lifts, exhaust system, and soundproofing
