Two-Story Mixed-Use Restaurant
For Sale
Contact for pricing
1130 Garnet Avenue, San Diego, CA 92109
Mixed-use building with a ground-floor restaurant tenancy and a second-floor short-term rental unit.
Property Size3,019 SF
Lot Size0.14 Acres
Price / SF$828.09
Days on Market100
Property Features for 1130 Garnet Avenue
General Information
Standard status
Active
Size
3,019 SF
Total Parking Spaces
8
Lot size
0.14 Acres
Property subtype
Retail, Mixed Use
Zoning
CC-4-2
Lease Type
NNN
Building Details
Year Built
1980
Stories
2
Tenancy
Multi
Listing Agency:
Voit Real Estate Services Voit Carlsbad
Listed By:
Max Stone · License #01944151
(858) 458-3348
Source:
Crexi
Added: May 29
Changed: Aug 8
Last Checked: Sep 4 at 2:07PM
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 Voit Real Estate Services Voit Carlsbad
Investment Insights
Based on property information with market context.
This two-story mixed-use building offers approximately 3,019 square feet on an approximately 0.14-acre lot. The ground floor is currently occupied by Zen Sushi, with the lease term set to expire December 31, 2026. The second-floor residential unit is used as a short-term rental and is currently vacant.
The property is located along Garnet Avenue in Pacific Beach’s primary retail and dining corridor, positioning the restaurant space within an active commercial area. This configuration provides separate floors for distinct uses, with the street-facing portion occupied by an established restaurant operation and the residential level available to be re-occupied.
For buyers seeking a mixed-use setup, the combination of an operating restaurant tenant on the ground level and a separately utilized residential unit above can support a variety of owner strategies, including maintaining the restaurant tenancy through the stated lease expiration while determining the next use and leasing approach for the vacant short-term rental unit.
The property is located along Garnet Avenue in Pacific Beach’s primary retail and dining corridor, positioning the restaurant space within an active commercial area. This configuration provides separate floors for distinct uses, with the street-facing portion occupied by an established restaurant operation and the residential level available to be re-occupied.
For buyers seeking a mixed-use setup, the combination of an operating restaurant tenant on the ground level and a separately utilized residential unit above can support a variety of owner strategies, including maintaining the restaurant tenancy through the stated lease expiration while determining the next use and leasing approach for the vacant short-term rental unit.
Key Highlights
- Approximately 3,019 SF two‑story mixed‑use building on an approximately 0.14‑acre lot on Garnet Avenue in Pacific Beach
- Ground‑floor tenant: Zen Sushi; lease term expires December 31, 2026
- Second‑floor residential unit used as a short‑term rental; currently vacant
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
$83,469
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
3.34%
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%
$1,669,380
$1.7M
Cap Rate 7%
$1,192,414
$1.2M
Cap Rate 9%
$927,433
$927.4K
Market Conditions
NOI Build-Up for 3,019 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
$115.9K $38.40/SF
− Vacancy
−$4.6K −$1.54/SF
EGI
$111.3K $36.86/SF
− OpEx
−$27.8K −$9.22/SF
NOI
$83.5K $27.65/SF
Area
San Diego, CA
Vacancy
4.00%
Lease Rate
$38.40 /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%
$1,669,380
Cap Rate 7%
$1,192,414
Cap Rate 9%
$927,433
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,469 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$712.8K
$623.7K – $831.6K
NOI $49,898 @ 7.0% cap · market cap 2.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,870
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92109, CA
44,671
Population
26,503
Households
1.7
Avg Household Size
35
Median Age
70%
College-Educated
97%
High-School Grad
7.6 sq mi
ZIP Area
5,878
Density / Sq Mi
$118,300
Median Household Income
$71,054
Median Earnings
$2,362
Median Rent
$1,136,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Similar Off Market Nearby
- 自助餐 — 1840 Garnet Ave, San Diego, CA 92109
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Mixed-use building with a ground-floor restaurant tenancy and a second-floor short-term rental unit.
Where is this conventional restaurant located?
The property is located at 1130 Garnet Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Approximately 3,019 SF two‑story mixed‑use building on an approximately 0.14‑acre lot on Garnet Avenue in Pacific Beach; Ground‑floor tenant: Zen Sushi; lease term expires December 31, 2026; Second‑floor residential unit used as a short‑term rental; currently vacant
