City Heights Commercial Corner
4604 University Ave San Diego, CA
4604 University Ave, San Diego, CA, 00000
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For Sale
Contact for pricing
Freestanding 6,438 SF commercial building in City Heights.
Property Size6,438 SF
Lot Size0.21 Acres
Price / SF$291.24
Days on Market1010
Property Features for 4604 University Ave
General Information
- Standard status
- Active
- Size
- 6,438 SF
- Lot size
- 0.21 Acres
- Property subtype
- RETAIL
Listing agency
South Coast Commercial, Inc
(858) 531-8226
Listed by
Brian Nelson · License #01419860
(858) 531-8226
Source
Moodyscre
Added: Oct 17, 2023 Updated: Jul 6 at 10:33AM Checked: Jul 21 at 6:26AM
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 South Coast Commercial, Inc
Investment Insights
Based on property information with market context.
Located in a Complete Communities + Opportunity Zone in City Heights, this freestanding corner building at 4604 University Avenue offers 6,438 square feet of space on a 9,258 square foot parcel. Zoned for commercial use, the property is suitable for various purposes. Currently, a month-to-month tenant uses the space for retail/wholesale storage. The property includes six off-street gated parking spaces, plus two 30-minute street spaces. The current single net lease provides a 3.4% CAP rate, with rental upside potential by adjusting to the market rate of $1.60 per square foot. Over 23,000 vehicles pass by the property daily on University Avenue. The property is located in a Complete Communities Tier 3 Zone, allowing for 60+ apartment units to be built over retail with a FAR of 6.5. The current tenant has leased the property for the past 10 years and operates a nail/beauty supply warehouse business. Potential uses include: Complete Communities + opportunity zone redevelopment, owner/user opportunity, holding for redevelopment while generating cash flow, or subdividing into retail spaces. The owner is responsible for property taxes, insurance, and roof maintenance, while the tenant covers all other expenses.
Key Highlights
- Located in a Complete Communities Tier 3 Zone and Opportunity Zone, offering potential for 60+ apartment units over retail and significant tax incentives.
- Freestanding corner building with 6,438 square feet on a 9,258 square foot parcel.
- Current 3.4% CAP rate with rental upside potential to achieve a 4.8% CAP rate.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $231.8k | $36.00 |
| − Vacancy | −$9.8k | −$1.52 |
| EGI | $222.0k | $34.48 |
| − OpEx | −$66.6k | −$10.35 |
| NOI | $155.4k | $24.14 |
6,438 SF · lease $36.00/SF/yr · vacancy 4.21% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.22M
$1.94M – $2.59M
NOI $155,407 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.54M
$2.22M – $2.97M
NOI $177,998 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Freestanding 6,438 SF commercial building in City Heights.
Where is this retail space located?
The property is located at 4604 University Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Located in a Complete Communities Tier 3 Zone and Opportunity Zone, offering potential for 60+ apartment units over retail and significant tax incentives.; Freestanding corner building with 6,438 square feet on a 9,258 square foot parcel.; Current 3.4% CAP rate with rental upside potential to achieve a 4.8% CAP rate.
