Two-Story Flex Space with
For Sale
$1,475,000
A-1223 N Tustin Ave, Anaheim, CA 92807
Versatile commercial layout combines private offices, meeting space, and warehouse functionality within an established business park.
Property Size3,485 SF
Price / SF$423.24
Days on Market139
Property Features for A-1223 N Tustin Ave
General Information
Standard status
Active
Size
3,485 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
14 ft
Warehouse Space
1,021 SF
Office Build-Out
2,219 SF
Building Details
Stories
2
Parking Ratio
5.74 per 1,000 SF
Listing Agency:
Pellego, Inc.
(949) 806-0240
Listed By:
Leo Gutierrez-Torres · License #02107407
(949) 806-0240
Source:
Exprealty
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 7:34PM
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 Pellego, Inc.
Investment Insights
Based on property information with market context.
This two-story flex space contains 3,485 SF, including 2,219 SF of office area and 1,021 SF of warehouse space. The office component includes a reception area, five private offices, and a conference room, while the warehouse offers 14-foot clear height. The configuration supports a blend of administrative and storage functions within one property.
Positioned in Tustin Ave Business Park, the property has exposure to approximately 28,000 vehicles per day and access to the 91, 55, and 57 Freeways. Parking is provided at a ratio of 5.74 spaces per 1,000 SF. The property is subject to an HOA described as well maintained, and a 3D virtual tour is available for remote review.
Positioned in Tustin Ave Business Park, the property has exposure to approximately 28,000 vehicles per day and access to the 91, 55, and 57 Freeways. Parking is provided at a ratio of 5.74 spaces per 1,000 SF. The property is subject to an HOA described as well maintained, and a 3D virtual tour is available for remote review.
Key Highlights
- 3,485 SF flex space with 2,219 SF of office and 1,021 SF of warehouse area
- 14‑foot clear height in the warehouse
- Two‑story layout with reception, five private offices, and a conference room
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
$68,140
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
4.62%
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%
$1,362,800
$1.4M
Cap Rate 7%
$973,429
$973.4K
Cap Rate 9%
$757,111
$757.1K
Market Conditions
NOI Build-Up for 3,485 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
$115.0K $33.00/SF
− Vacancy
−$24.2K −$6.93/SF
EGI
$90.9K $26.07/SF
− OpEx
−$22.7K −$6.52/SF
NOI
$68.1K $19.55/SF
Area
Anaheim, CA
Vacancy
21.00%
Lease Rate
$33.00 /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%
$1,362,800
Cap Rate 7%
$973,429
Cap Rate 9%
$757,111
Alternative Uses
Best Use
Office B
$973.4K
$851.8K – $1.14M
NOI $68,140 @ 7.0% cap · market cap 4.62%
Second Best
Warehouse
$781.6K
$683.9K – $911.9K
NOI $54,713 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,617 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92807, CA
37,627
Population
12,985
Households
2.9
Avg Household Size
44
Median Age
47%
College-Educated
92%
High-School Grad
11.0 sq mi
ZIP Area
3,421
Density / Sq Mi
$136,089
Median Household Income
$62,020
Median Earnings
$2,959
Median Rent
$918,000
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 - Versatile commercial layout combines private offices, meeting space, and warehouse functionality within an established business park.
Where is this flex space located?
The property is located at A-1223 N Tustin Ave Anaheim, CA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 3,485 SF flex space with 2,219 SF of office and 1,021 SF of warehouse area; 14‑foot clear height in the warehouse; Two‑story layout with reception, five private offices, and a conference room
