Freestanding Flex Space
For Sale
Contact for pricing
700 747 777 Windy Point Drive, San Marcos, CA 92069
Fully leased property combines creative office, warehouse space, and heavy power.
Property Size34,319 SF
Lot Size3.93 Acres
Price / SF$452.64
Days on Market132
Property Features for 700 747 777 Windy Point Drive
General Information
Standard status
Active
Size
34,319 SF
Total Parking Spaces
197
Lot size
3.93 Acres
Property subtype
Industrial, Office
Zoning
L-I, Light Industrial
Occupancy
100%
Net Operating Income
$970,849
Additional Details
Heavy Power
Yes
Building Details
Year Built
2020
Stories
2
Tenancy
Multi
Building Size
34,319 SF
Listing Agency:
SRS Real Estate Partners Newport Beach
(760) 930-7904
Listed By:
Patrick R. Luther, CCIM · License #01912215
Source:
Crexi
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 2:23PM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This freestanding flex space property includes 34,319 SF of office and warehouse improvements on 3.93 acres. Completed in 2020, the project features creative office areas, warehouse space, heavy power, and a modern building design. The asset is zoned L-I, Light Industrial.
Located at 700, 747, and 777 Windy Point Drive in San Marcos, California, the property is 100% leased under NNN lease structures. The tenant roster spans fitness, education, financial consulting, and other uses. The University of St. Augustine for Health Sciences serves as the property’s anchor and has approximately 4,300+ students system wide.
Located at 700, 747, and 777 Windy Point Drive in San Marcos, California, the property is 100% leased under NNN lease structures. The tenant roster spans fitness, education, financial consulting, and other uses. The University of St. Augustine for Health Sciences serves as the property’s anchor and has approximately 4,300+ students system wide.
Key Highlights
- 34,319 SF flex space development completed in 2020
- 3.93‑acre site with creative office and warehouse improvements
- 100% leased with NNN lease structures
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
$794,107
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
5.11%
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%
$15,882,140
$15.9M
Cap Rate 7%
$11,344,386
$11.3M
Cap Rate 9%
$8,823,411
$8.8M
Market Conditions
NOI Build-Up for 34,319 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
$1.24M $36.00/SF
− Vacancy
−$176.7K −$5.15/SF
EGI
$1.06M $30.85/SF
− OpEx
−$264.7K −$7.71/SF
NOI
$794.1K $23.14/SF
Area
San Diego County, CA
Vacancy
14.30%
Lease Rate
$36.00 /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%
$15,882,140
Cap Rate 7%
$11,344,386
Cap Rate 9%
$8,823,411
Alternative Uses
Best Use
Office B
$11.34M
$9.93M – $13.24M
NOI $794,107 @ 7.0% cap · market cap 5.11%
Second Best
Flex RnD
$10.11M
$8.84M – $11.79M
NOI $707,404 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$15.72M
$13.76M – $18.34M
NOI $1,100,668 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92069, CA
49,407
Population
15,687
Households
3.1
Avg Household Size
34
Median Age
35%
College-Educated
83%
High-School Grad
18.5 sq mi
ZIP Area
2,671
Density / Sq Mi
$93,065
Median Household Income
$41,634
Median Earnings
$2,078
Median Rent
$714,700
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 - Fully leased property combines creative office, warehouse space, and heavy power.
Where is this flex space located?
The property is located at 700 747 777 Windy Point Drive San Marcos, CA.
What is the asking price?
The asking price for this property is $15,534,000.
What are key features of this property?
This property features: 34,319 SF flex space development completed in 2020; 3.93‑acre site with creative office and warehouse improvements; 100% leased with NNN lease structures
