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    Morena Blvd Redevelopment Opportunity Title is generated by Realmo AI

    1013 Morena Blvd, San Diego, CA 92110

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    Claim this Listing
    New
    For Sale
    $6,750,000

    Infill redevelopment opportunity in San Diego's Morena Station District.

    Type:Shopping Strip
    Property size:
    7,425 SF
    Lot size:
    0.61 Acres
    Price / SF:
    $909/SF
    Added:
    Jun 1, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 1 at 3:55 am

    Property Features for 1013 Morena Blvd

    General Information

    Standard status
    Active
    Size
    7,425 SF
    Lot size
    0.61 Acres
    Property subtype
    Shopping Strip

    Building Details

    Year Built
    1954

    We can help!

    Listing Contact
    Ethan Costa
    Ethan Costa

    Listing agent Ethan Costa License #License(s): CA: 02239620

    Listing office Marcus & Millichap | San Diego

    Listing date Jun 1, 2026

    Source Marcusmillichap

    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 Marcus & Millichap | San Diego

    HighLights

    • High‑density redevelopment potential with a maximum FAR of 4.0, allowing for approximately 104,648 gross square feet and up to 114 residential units.
    • Located in San Diego’s Morena Station District within the Morena Corridor Specific Plan, near major transit, USD, and coastal/urban demand drivers.
    • Favorable entitlement framework with significant parking relief and potential waivers on setbacks, open space, lot coverage, and design standards.
    • Environmental clearance with a No Further Action letter from the SAM Division, and no known fatal geotechnical or development constraints.
    • Existing income stream of approximately $198,000 annually from the current 7,400‑square‑foot building.
    • Attractive land basis of approximately $59,200 per potential unit relative to the scarcity of transit‑oriented infill development sites in San Diego.

    Overview

    Located in San Diego’s Morena Station District, 1013 Morena Blvd presents a redevelopment opportunity. The site consists of approximately 0.61 acres with 75 feet of frontage along Morena Blvd and 359 feet of depth. A commissioned feasibility study confirms a maximum FAR of 4.0, allowing approximately 104,648 gross square feet and potential for up to 114 residential units through the Morena Corridor Specific Plan, Morena Station District, Complete Communities Housing Solutions Tier 4, TOD Enhancement, and applicable state density bonus programs. The existing approximately 7,400-square-foot building generates roughly $198,000 in annual income. Phase I and Phase II environmental reports have been completed, and the property has received a No Further Action letter from the SAM Division, providing environmental clarity for future development. Additionally, there are no known fatal geotechnical or development constraints based on completed diligence. The zoning framework provides meaningful advantages for developers, including significant parking relief, potential waivers on setbacks, open space, lot coverage, and design standards, along with a ministerial approval path intended to reduce entitlement risk and accelerate housing production.
    Location Intelligence

    Current Use by Public Records

    Carpeteria Carpet One ... Carpet & Flooring Store Grinder Gym San ... Gym & Fitness Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.1987505
    Latitude
    32.767467

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    FAQs

    What type of property is this?
    Commercial land - Infill redevelopment opportunity in San Diego's Morena Station District.
    Where is this commercial land located?
    The property is located at 1013 Morena Blvd San Diego, CA.
    What is the asking price?
    The asking price for this property is $6,750,000.
    What are key features of this property?
    This property features: High‑density redevelopment potential with a maximum FAR of 4.0, allowing for approximately 104,648 gross square feet and up to 114 residential units.; Located in San Diego’s Morena Station District within the Morena Corridor Specific Plan, near major transit, USD, and coastal/urban demand drivers.; Favorable entitlement framework with significant parking relief and potential waivers on setbacks, open space, lot coverage, and design standards.
    (858) 373-3161
    We can help!
    Listing Contact
    Ethan Costa
    Ethan Costa
    Real Estate License ID: License(s): CA: 02239620
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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