Two-Story Office Building for
For Sale
$2,599,000
3175 Old Conejo Road 24, Newbury Park, CA 91320
Two-story office building with elevator and individually metered suites.
Property Size6,523 SF
Price / SF$398.44
Days on Market503
Property Features for 3175 Old Conejo Road 24
General Information
Standard status
Active
Size
6,523 SF
Property subtype
Office
Building Details
Building Size
6,523 SF
Year Built
2008
Listing Agency:
Coldwell Banker Realty
Listed By:
Paul Carrese · License #01356791
(949) 285-4498
Source:
Truthrealty
Added: Apr 24, 2025
Changed: Sep 3
Last Checked: Sep 7 at 7:11AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-story office building features an elevator and individually metered suites for electricity. Each office suite has its own separate HVAC system. The property benefits from a location just off the 101 Freeway, providing convenient access. The suites are described as light and bright, and the property offers ample parking. Every suite is a corner unit. Two suites on the second floor can be delivered vacant, making them suitable for an owner/user. The property is suitable for medical or general office use, as stated in the listing remarks. The building has a total size of 6523 square feet.
Key Highlights
- Great location, just off the 101 Freeway
- Individually metered suites - electric
- Separate HVAC in each office suite
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
$151,008
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
5.81%
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%
$3,020,160
$3.0M
Cap Rate 7%
$2,157,257
$2.2M
Cap Rate 9%
$1,677,867
$1.7M
Market Conditions
NOI Build-Up for 6,523 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
$247.4K $37.92/SF
− Vacancy
−$46.0K −$7.05/SF
EGI
$201.3K $30.87/SF
− OpEx
−$50.3K −$7.72/SF
NOI
$151.0K $23.15/SF
Area
Thousand Oaks, CA
Vacancy
18.60%
Lease Rate
$37.92 /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%
$3,020,160
Cap Rate 7%
$2,157,257
Cap Rate 9%
$1,677,867
Alternative Uses
Best Use
Office B
$2.16M
$1.89M – $2.52M
NOI $151,008 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,916 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
Explore this area
Business Placement
Demographics for 91320, CA
44,462
Population
15,509
Households
2.9
Avg Household Size
43
Median Age
53%
College-Educated
95%
High-School Grad
20.2 sq mi
ZIP Area
2,201
Density / Sq Mi
$150,861
Median Household Income
$62,932
Median Earnings
$2,617
Median Rent
$917,700
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?
Office building - Two-story office building with elevator and individually metered suites.
Where is this office building located?
The property is located at 3175 Old Conejo Road 24 Newbury Park, CA.
What is the asking price?
The asking price for this property is $2,599,000.
What are key features of this property?
This property features: Great location, just off the 101 Freeway; Individually metered suites - electric; Separate HVAC in each office suite
