Freestanding NNN Corporate Guaranteed
For Sale
Contact for pricing
9236 California City Blvd, California City, CA 93505
Freestanding NNN property with corporate guaranteed tenant until August 2023.
Property Size1,753 SF
Lot Size0.22 Acres
Price / SF$159.73
Days on Market1196
Property Features for 9236 California City Blvd
General Information
Standard status
Active
Size
1,753 SF
Lot size
0.22 Acres
Property subtype
Office
Zoning
Commercial Office
Lease Type
NNN
Net Operating Income
$17,160
Listing Agency:
C21 Commercial
(559) 359-4035
Listed By:
Jared Ennis · License #CA
Source:
Crexi
Added: May 22, 2023
Changed: Aug 8
Last Checked: Aug 28 at 8:00PM
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 C21 Commercial
Investment Insights
Based on property information with market context.
This freestanding commercial-zoned building is a corporate-guaranteed Hall Ambulance location. The tenant has operated at this location for decades and recently extended their lease until August 31, 2023. The property is a ±2,758 square foot professional office building producing a current rate of $3,588 per month NNN. Historically, the rent has increased by 10% per year. An investor can extend with the existing tenant in September 2023, offering an upcoming CAP Rate of 6.75%. The building includes multiple private rooms, a kitchen and dining area, and private restrooms. It is positioned on 0.22 acres of land with a private rear parking lot, a well-maintained yard, and street parking. Hall Ambulance inked a new lease in 2021 and is in their first corporate-guaranteed lease extension through 2023. The tenant has full licensing in place to operate at the location and completed a remodel when moving in. Hall Ambulance is the 9-1-1 paramedic provider for 94% of Kern County. It was the first local ambulance service to provide paramedic service (1975); implementing Kern County’s first critical care transport program (2009); the Company’s Communications Division assuming dispatch of 100% of all requests for medical aid throughout Kern County (2015). Hall Ambulance is known for providing high-quality advanced life support and basic life support care.
Key Highlights
- Corporate Guaranteed Hall Ambulance Tenant: Provides stability.
- Absolute Triple Net (NNN) Lease: Zero landlord responsibilities.
- Upcoming 6.75% CAP Rate: Offers a strong return on investment.
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
$20,143
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
7.19%
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%
$402,860
$402.9K
Cap Rate 7%
$287,757
$287.8K
Cap Rate 9%
$223,811
$223.8K
Market Conditions
NOI Build-Up for 1,753 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
$30.5K $17.40/SF
− Vacancy
−$3.6K −$2.08/SF
EGI
$26.9K $15.32/SF
− OpEx
−$6.7K −$3.83/SF
NOI
$20.1K $11.49/SF
Area
Kern County, CA
Vacancy
11.95%
Lease Rate
$17.40 /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%
$402,860
Cap Rate 7%
$287,757
Cap Rate 9%
$223,811
Alternative Uses
Best Use
Office B
$287.8K
$251.8K – $335.7K
NOI $20,143 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$374.5K
$327.7K – $436.9K
NOI $26,214 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 93505, CA
14,880
Population
5,352
Households
2.8
Avg Household Size
35
Median Age
11%
College-Educated
79%
High-School Grad
65.0 sq mi
ZIP Area
229
Density / Sq Mi
$55,010
Median Household Income
$32,590
Median Earnings
$1,016
Median Rent
$239,600
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 - Freestanding NNN property with corporate guaranteed tenant until August 2023.
Where is this office building located?
The property is located at 9236 California City Blvd California City, CA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Corporate Guaranteed Hall Ambulance Tenant: Provides stability.; Absolute Triple Net (NNN) Lease: Zero landlord responsibilities.; Upcoming 6.75% CAP Rate: Offers a strong return on investment.
