By-Right Multifamily Development
For Sale
$7,500,000
1050510509 San Diego Mission Rd, San Diego, CA 92108
Two-parcel commercial land assembly positioned for multifamily development under Complete Communities standards.
Property Size13,037 SF
Price / SF$575.29
Days on Market48
Property Features for 1050510509 San Diego Mission Rd
General Information
Standard status
Active
Size
13,037 SF
Property subtype
General Commercial
Amenities
Corner Lot.
On Site, Private.
1.18
Corner.
Building Details
Stories
1
Listing Agency:
Empey Realty
(858) 230-8644
Listed By:
Lauren Empey · License #01924792
Source:
Xome
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 30 at 1:46PM
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 Empey Realty
Investment Insights
Based on property information with market context.
This two-parcel commercial land assembly encompasses 51,389 SF, or 1.18 acres, and qualifies for a Complete Communities FAR of 4.0. The framework supports approximately 200,000 SF of residential development and a potential project exceeding 300 units. Administrative processing is available by right, without Planning Group, Board of Zoning Appeals, or City Council approval. The site may also qualify for development impact fee reductions on qualifying apartment units and may support senior housing with additional state incentives.
The property is approximately 1/2 mile from SDSU’s future Mission Valley Campus and approximately 1/4 mile from the Green Line Trolley. It is within the Trolley Station Design District’s “special attention area” and near a proposed SANDAG transit-oriented development stop under SB 79. Planned campus components include an 80+ acre River Park, Snapdragon Stadium, retail, research and innovation space, hotel and conference facilities, and pedestrian and bicycle connections. A planned pedestrian/bicycle corridor is expected to connect the area directly to the River Park.
The property is approximately 1/2 mile from SDSU’s future Mission Valley Campus and approximately 1/4 mile from the Green Line Trolley. It is within the Trolley Station Design District’s “special attention area” and near a proposed SANDAG transit-oriented development stop under SB 79. Planned campus components include an 80+ acre River Park, Snapdragon Stadium, retail, research and innovation space, hotel and conference facilities, and pedestrian and bicycle connections. A planned pedestrian/bicycle corridor is expected to connect the area directly to the River Park.
Key Highlights
- 51,389 SF two‑parcel commercial land assembly totaling 1.18 acres
- Complete Communities FAR of 4.0 supports approximately 200,000 SF of residential development
- Potential project exceeding 300 units with by‑right administrative processing
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
$215,476
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
2.87%
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%
$4,309,520
$4.3M
Cap Rate 7%
$3,078,229
$3.1M
Cap Rate 9%
$2,394,178
$2.4M
Market Conditions
NOI Build-Up for 13,037 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
$414.6K $31.80/SF
− Vacancy
−$22.8K −$1.75/SF
EGI
$391.8K $30.05/SF
− OpEx
−$176.3K −$13.52/SF
NOI
$215.5K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$4,309,520
Cap Rate 7%
$3,078,229
Cap Rate 9%
$2,394,178
Alternative Uses
Best Use
Apartment 5plus
$3.08M
$2.69M – $3.59M
NOI $215,476 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.15M
$4.51M – $6.01M
NOI $360,447 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,533
Businesses Nearby
Explore this area
Business Placement
Demographics for 92108, CA
24,266
Population
14,072
Households
1.7
Avg Household Size
35
Median Age
58%
College-Educated
97%
High-School Grad
4.4 sq mi
ZIP Area
5,515
Density / Sq Mi
$101,704
Median Household Income
$63,136
Median Earnings
$2,731
Median Rent
$606,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Two-parcel commercial land assembly positioned for multifamily development under Complete Communities standards.
Where is this commercial land located?
The property is located at 1050510509 San Diego Mission Rd San Diego, CA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 51,389 SF two‑parcel commercial land assembly totaling 1.18 acres; Complete Communities FAR of 4.0 supports approximately 200,000 SF of residential development; Potential project exceeding 300 units with by‑right administrative processing
