Freestanding Office Building For
For Sale
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2070 N Tustin Ave, Santa Ana, CA 92705
Two-story office building with lease income and owner-user opportunity.
Property Size9,032 SF
Price / SF$328.83
Days on Market705
Property Features for 2070 N Tustin Ave
General Information
Standard status
Active
Size
9,032 SF
Property subtype
Office
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Built
1981
Year Renovated
2024
Stories
2
Tenancy
Multi
Listing Agency:
Economos Dewolf
Listed By:
Geoff DeWolf · License #01319312
Source:
Crexi
Added: Sep 26, 2024
Changed: Aug 24
Last Checked: Aug 30 at 10:45PM
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 Economos Dewolf
Investment Insights
Based on property information with market context.
This freestanding office building, constructed in 1981, features a reception area and two stories of office space. The layout includes private offices, a conference room, an open area suitable for cubicles, restrooms, and a kitchenette/employee lounge. The building offers an owner-user opportunity with approximately 4,516 square feet available on the ground floor. The second floor, also approximately 4,516 square feet, is currently leased to a construction company through June 30, 2028, with options to extend the lease for two additional one-year terms. The current rental income is $7,875 per month on a Full Service Gross lease, with scheduled annual rent increases of 3% beginning May 1, 2025. The total property size is 9,032 square feet.
Key Highlights
- Owner‑user opportunity to occupy the ±4,516‑SF ground floor.
- The ±4,516‑SF second floor is leased through June 30, 2028, with options to extend.
- Existing lease provides $7,875 Full Service Gross monthly income.
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
$142,437
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
4.80%
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%
$2,848,740
$2.8M
Cap Rate 7%
$2,034,814
$2.0M
Cap Rate 9%
$1,582,633
$1.6M
Market Conditions
NOI Build-Up for 9,032 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
$233.0K $25.80/SF
− Vacancy
−$43.1K −$4.77/SF
EGI
$189.9K $21.03/SF
− OpEx
−$47.5K −$5.26/SF
NOI
$142.4K $15.77/SF
Area
ZIP 92705
Vacancy
18.50%
Lease Rate
$25.80 /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%
$2,848,740
Cap Rate 7%
$2,034,814
Cap Rate 9%
$1,582,633
Alternative Uses
Best Use
Office B
$2.03M
$1.78M – $2.37M
NOI $142,437 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.71M
$2.38M – $3.17M
NOI $190,011 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,160
Businesses Nearby
Explore this area
Business Placement
Demographics for 92705, CA
45,902
Population
16,642
Households
2.8
Avg Household Size
40
Median Age
46%
College-Educated
87%
High-School Grad
11.8 sq mi
ZIP Area
3,890
Density / Sq Mi
$125,928
Median Household Income
$51,830
Median Earnings
$2,250
Median Rent
$1,135,600
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?
Office building - Two-story office building with lease income and owner-user opportunity.
Where is this office building located?
The property is located at 2070 N Tustin Ave Santa Ana, CA.
What is the asking price?
The asking price for this property is $2,970,000.
What are key features of this property?
This property features: Owner‑user opportunity to occupy the ±4,516‑SF ground floor.; The ±4,516‑SF second floor is leased through June 30, 2028, with options to extend.; Existing lease provides $7,875 Full Service Gross monthly income.
