San Marcos Industrial and Office
For Sale
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737 747 777 Windy Point Drive, San Marcos, CA 92069
Fully leased industrial and office project in San Marcos, California.
Property Size34,373 SF
Lot Size3.93 Acres
Price / SF$450.94
Days on Market269
Property Features for 737 747 777 Windy Point Drive
General Information
Standard status
Active
Size
34,373 SF
Lot size
3.93 Acres
Property subtype
Office, Industrial
Occupancy
100%
Net Operating Income
$962,221
Building Details
Year Built
2020
Buildings
2
Listing Agency:
SRS Industrial
(760) 930-7904
Listed By:
Tucker Hohenstein, SIOR · License #CA 00999360
Source:
Crexi
Added: Nov 26, 2025
Changed: Aug 14
Last Checked: Aug 14 at 6:04AM
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 Industrial
Investment Insights
Based on property information with market context.
This fully-leased industrial and office project comprises two buildings situated in San Marcos, California. Located a short distance from Highway 78, the property at 737 & 777 Windy Point Drive was completed in 2020. The development offers 34,373 square feet of space and is fully leased to high-quality tenants. Key features include creative office space, warehouse facilities, and heavy power capacity, complemented by ample parking. The property spans 3.93 acres and presents an investment opportunity. The office building has a parking ratio of 9.20 per 1,000 square feet, generating $147,804 in annual parking revenue. Upon lease expiration, options include re-leasing to a user requiring a 9.20 per 1,000 square feet parking ratio or reducing the parking to a standard market rate of 4.00 per 1,000 square feet and constructing a third building on the site, as indicated in the site plan. The property is suitable for various commercial real estate purposes.
Key Highlights
- Fully‑leased, two‑building industrial and office project providing immediate income.
- New development completed in 2020, offering 34,373 SF of space.
- Located in the heart of San Marcos, just two blocks north of Highway 78.
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
$708,517
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
4.57%
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%
$14,170,340
$14.2M
Cap Rate 7%
$10,121,671
$10.1M
Cap Rate 9%
$7,872,411
$7.9M
Market Conditions
NOI Build-Up for 34,373 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
$1.27M $36.96/SF
− Vacancy
−$180.4K −$5.25/SF
EGI
$1.09M $31.71/SF
− OpEx
−$381.5K −$11.10/SF
NOI
$708.5K $20.61/SF
Area
San Diego County, CA
Vacancy
14.20%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
35.00%
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%
$14,170,340
Cap Rate 7%
$10,121,671
Cap Rate 9%
$7,872,411
Alternative Uses
Best Use
Flex RnD
$10.12M
$8.86M – $11.81M
NOI $708,517 @ 7.0% cap · market cap 4.57%
Second Best
Industrial
$5.62M
$4.92M – $6.55M
NOI $393,255 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$15.75M
$13.78M – $18.37M
NOI $1,102,400 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased industrial and office project in San Marcos, California.
Where is this flex space located?
The property is located at 737 747 777 Windy Point Drive San Marcos, CA.
What is the asking price?
The asking price for this property is $15,500,000.
What are key features of this property?
This property features: Fully‑leased, two‑building industrial and office project providing immediate income.; New development completed in 2020, offering 34,373 SF of space.; Located in the heart of San Marcos, just two blocks north of Highway 78.
