Building Details

Building Size 21,706 SF

Year Built 1981

Stories 2

Listing Agency: Coldwell Banker Commercial BLAIR s***@cbcblair.com Show Phone

Listed By: Sheva Hosseinzadeh · License #01922147 Show Phone

Source: Cbcworldwide

Added: Dec 3, 2025 Changed: Aug 8 Last Checked: Apr 9 at 9:00PM

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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 Commercial BLAIR

Investment Insights

Based on property information with market context.

Two two-story office buildings located at 18327 and 18331 Gridley Rd in Cerritos, CA, are available for sale for the first time since 1998. The properties include 14 units totaling approximately 27,520 square feet of improvements (inclusive of the exterior walkways), situated on approximately 75,102 square feet of land. The large on-site parking lot provides ample parking for businesses. All tenants are on month-to-month or short-term leases, making the property attractive for an owner/user, an investor looking for upside potential, or a developer interested in developing close to an acre and a half of land. The properties are located between Los Angeles and Orange County, directly adjacent to the Los Cerritos Center, commonly known as the Cerritos Mall. This 100-acre shopping mall includes high-end stores and dining establishments. The property also benefits from its proximity to the Cerritos Auto Square.

Key Highlights

• Prime location adjacent to the Los Cerritos Center (Cerritos Mall) with high‑end retail and dining.
• Significant upside potential due to month‑to‑month or short‑term tenant leases.
• Large 75,102 SF lot size offering potential for redevelopment.

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

$432,449

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

3.84%

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%

$8,648,980 $8.6M

Cap Rate 7%

$6,177,843 $6.2M

Cap Rate 9%

$4,804,989 $4.8M

Market Conditions

NOI Build-Up for 27,520 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

$660.5K $24.00/SF

− Vacancy

−$83.9K −$3.05/SF

EGI

$576.6K $20.95/SF

− OpEx

−$144.1K −$5.24/SF

NOI

$432.4K $15.71/SF

Area

Monroe County, PA

Vacancy

12.70%

Lease Rate

$24.00 /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%

$8,648,980

Cap Rate 7%

$6,177,843

Cap Rate 9%

$4,804,989

Alternative Uses

Best Use

Office B

$6.18M

$5.41M – $7.21M (±1% cap)

NOI $432,449 @ 7.0% cap · market cap 3.84%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$8.24M

$7.21M – $9.61M (±1% cap)

NOI $576,599 @ 7.0% cap · market cap 5.13%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Auto Repair Shop Storage Facility Big Box & Wholesale Store Building Supply Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,313

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Office building - Two-story office buildings near Cerritos Mall with redevelopment potential.

Where is this office building located?

The property is located at 18331- Delaware Water Gap, PA.

What is the asking price?

The asking price for this property is $11,250,000.

What are key features of this property?

This property features: Prime location adjacent to the Los Cerritos Center (Cerritos Mall) with high‑end retail and dining.; Significant upside potential due to month‑to‑month or short‑term tenant leases.; Large 75,102 SF lot size offering potential for redevelopment.