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The Reserve 2333 State St 19,896 SF 100% Leased 4-Star Office Building Carlsbad, CA 92008 $11,700,000 ($588.06/SF) 6% Cap Rate
Investment Highlights
- Expansive Zoning with Future Upside - Immediate 6% Return on Cost
- Unobstructed Views of the Pacific Ocean and Buena Vista Lagoon with Operable Windows
- Potential for Condo Map
- Premium Finishes Not Found in Any Other Office Building in the Village
- Brand New, Top-Tier Interior Improvements Throughout; 76% Medical
Executive Summary
The Reserve stands in a class of its own. Located at the northern entry point into Carlsbad Village, this premier property offers unmatched visibility and a commanding presence. Between 2022-2025, ownership completed extensive renovations, including a refreshed exterior facade, new outdoor areas and landscaping, and an updated lobby. All interior suites feature newly constructed, high-end creative improvements. The Reserve is fully stabilized, generating strong in-place cash flow from existing tenants while maintaining rollover flexibility ideal for an owner/user investor.
Additionally, the existing three-story office building offers developers a rare covered-land opportunity, with in-place income generating an immediate 6% return on cost. The property is positioned for significant land value appreciation over the next decade, supported by annual rent escalations of 3%. This ocean view, 1 acre site offers a variety of future development and redevelopment opportunities.
Additionally, the existing three-story office building offers developers a rare covered-land opportunity, with in-place income generating an immediate 6% return on cost. The property is positioned for significant land value appreciation over the next decade, supported by annual rent escalations of 3%. This ocean view, 1 acre site offers a variety of future development and redevelopment opportunities.
Sale Flyer
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
19,896 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
1977/2024
Price
$11,700,000
Price Per SF
$588.06
Cap Rate
6%
NOI
$702,000
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
6,632 SF
Slab To Slab
9’
Building FAR
0.46
Lot Size
0.99 AC
Zoning
Village Center (VC) - most expansive zoning in the Village - highest density and best development standards. Base Density - 35 dwelling units/acre, 45' height
Parking
50 Spaces (2.51 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Direct Elevator Exposure
- Natural Light
- Monument Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Out The Window Advertising
- Professional, Scientific, and Technical Services
- -
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$9.99
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Lorem Ipsum
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Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Out The Window Advertising | Professional, Scientific, and Technical Services | - | $9.99 | Lorem Ipsum | Jan 0000 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
40/100
About Carlsbad
The beach, freeway arteries, high-end housing, and beautiful weather make Carlsbad an attractive location for office tenants and residents alike. Outlet and boutique shopping, restaurants, and countless cultural and outdoor amenities blanket the neighborhood. A COASTER Commuter Rail Station supports the North County suburban town, providing a further layer of transportation convenience to central San Diego County and Orange County.
Office tenants in Carlsbad constitute a “who’s who” of the tech industry. Thermo Fisher Scientific, ViaSat, and Walmart Labs are among the most prominent office users, while countless medical technology companies and small co-working providers line the submarket. These firms support high household incomes and home values, and they draw a well-educated local population.
While a number of buildings are built out to attract technology companies, Carlsbad also features many properties that can accommodate office investors interested in new or garden-style buildings, while remaining in the thick of population nodes and freeway corridors such as the I-5 and I-15.
Carlsbad has been one of San Diego’s most in-demand office markets in San Diego over the past few years. It offers a discount to office nodes in the UC San Diego area while situated in one of San Diego County’s most idyllic locations.
Demographics
Demographics
1 mile
3 mile
5 mile
2020 Population
10,776
72,181
168,661
2025 Population
11,555
74,881
174,593
Population Growth '20-'25
7.2%
3.7%
3.5%
2020 Households
4,943
29,577
62,715
2025 Households
5,337
30,834
65,357
Household Growth '20-'25
8.0%
4.3%
4.2%
Average Age
42
41
40
Median Household Income
$92,545
$95,925
$96,324
Daytime Employees
8,536
34,003
87,432
Total Businesses
1,649
5,737
12,011
College Degree + Higher
44%
40%
37%
Nearby Amenities
Hospitals |
|||
|---|---|---|---|
| Tri - City Medical Center | Acute Care | 8 min drive | 4.9 mi |
| Naval Hospital Camp Pendleton | Acute Care | 15 min drive | 7.5 mi |
| Scripps Memorial Hospital - Encinitas | Acute Care | 15 min drive | 10.5 mi |
Property Taxes
| Parcel Number | 155-200-04 | Improvements Assessment | $2,122,416 |
| Land Assessment | $5,306,040 | Total Assessment | $7,428,456 |
Property Taxes
Parcel Number
155-200-04
Land Assessment
$5,306,040
Improvements Assessment
$2,122,416
Total Assessment
$7,428,456
Sale Advisors
Sale Advisors
Peter Curry, Executive Director, Commercial Real Estate
Peter Curry specializes in office building leasing and sales. His areas of emphasis include developer representation for ground up development including medical office, mixed-use properties, office condominiums and build-to-suits.
Brooks Campbell, Senior Director
Brooks Campbell specializes in North County San Diego Office and Investment properties. His focus is on institutional sales and leasing in San Diego’s North County Coastal Submarkets and locating value add investment opportunities throughout the West Coast. Campbell provides representation and consultation to landlords, tenants, buyers, and sellers in all aspects of commercial real estate brokerage including selection, detailed financial analysis, renewal and relocation studies, negotiation of deal terms, and lease analysis.
Owen Curry, Director
Owen Curry is a Director with Cushman & Wakefield’s Private Client Group in San Diego, with over six years of experience specializing in commercial real estate sales and leasing. Since joining the firm in 2019, he has advised landlords, tenants, buyers, and private capital on retail, office, medical, and owner-user transactions, with a focus on disciplined execution, market timing, and long-term value creation.
Owen serves as the local market lead for Cushman & Wakefield’s North Beach Cities Private Capital Group and is active in acquisition and disposition advisory throughout North County’s coastal markets. He frequently works alongside buyer and tenant representatives across San Diego, supporting underwriting, pricing strategy, and negotiations with a strong command of current sale and lease comparables.
Known for his practical, market-driven approach, Owen brings deep familiarity with zoning, entitlement, and municipal considerations—helping transactions move efficiently and collaboratively.
In 2025, Owen was recognized by Cushman & Wakefield as “Young Gun on the Run,” leading the associates race firmwide and earning his promotion to Director.
Owen serves as the local market lead for Cushman & Wakefield’s North Beach Cities Private Capital Group and is active in acquisition and disposition advisory throughout North County’s coastal markets. He frequently works alongside buyer and tenant representatives across San Diego, supporting underwriting, pricing strategy, and negotiations with a strong command of current sale and lease comparables.
Known for his practical, market-driven approach, Owen brings deep familiarity with zoning, entitlement, and municipal considerations—helping transactions move efficiently and collaboratively.
In 2025, Owen was recognized by Cushman & Wakefield as “Young Gun on the Run,” leading the associates race firmwide and earning his promotion to Director.
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The Reserve | 2333 State St
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