Freeway-Frontage Showroom
For Sale
$6,499,000
690 N 2nd St, El Cajon, CA 92021
Vacant showroom-warehouse with dock-high and roll-up doors, positioned for direct Interstate access.
Property Size22,805 SF
Lot Size1.75 Acres
Price / SF$284.98
Days on Market77
Property Features for 690 N 2nd St
General Information
Standard status
Active
Size
22,805 SF
Lot size
1.75 Acres
Property subtype
Vacant-User
Site & Location
Traffic Count
120,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
2
Amenities
Hard-corner showroom along N 2nd Street with high daily traffic counts and dense surrounding rooftops.
Expansive, flexible showroom floor suited to retail merchandising.
Rear distribution area served by one dock-high position and two roll-up grade-level doors.
Building Details
Building Size
22,805 SF
Year Built
1997
Listing Agency:
Marcus & Millichap | San Diego
(858) 373-3140
Listed By:
Peter Eltaeb · License #License(s): CA: 02143936
(858) 373-3140
Source:
Marcusmillichap
Added: Jun 17
Changed: Aug 27
Last Checked: Aug 30 at 1:14PM
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
Investment Insights
Based on property information with market context.
A built-in 1997 showroom warehouse on a 1.75-acre parcel, totaling 22,805 square feet. The building is designed with a large, open showroom area paired with a functional warehouse and distribution component. Operational loading is supported by one dock-high door and two grade-level roll-up doors, providing flexibility for showroom traffic and distribution needs. The property is delivered vacant, offering a turnkey option for an owner-user.
The site is located at 690 N 2nd Street in El Cajon, California, with direct access to Interstate 8. Interstate 8 carries roughly 120,000 vehicles per day, supporting strong exposure for a showroom-oriented tenant. The surrounding retail corridor includes major anchors such as Walmart, Sprouts, and Petco, along with numerous national retailers.
For tenants, this layout can support businesses that need both showroom presence and warehouse/distribution capabilities under one roof. For buyers, the asset presents an owner-user opportunity with immediate vacancy, as well as an alternative anchored by a stabilized leased scenario referenced in the offering at a $2.00/SF NNN asking rate. The combination of showroom space, loading access, and freeway connectivity can support a range of distribution and retail-related uses consistent with the property’s current improvements.
The site is located at 690 N 2nd Street in El Cajon, California, with direct access to Interstate 8. Interstate 8 carries roughly 120,000 vehicles per day, supporting strong exposure for a showroom-oriented tenant. The surrounding retail corridor includes major anchors such as Walmart, Sprouts, and Petco, along with numerous national retailers.
For tenants, this layout can support businesses that need both showroom presence and warehouse/distribution capabilities under one roof. For buyers, the asset presents an owner-user opportunity with immediate vacancy, as well as an alternative anchored by a stabilized leased scenario referenced in the offering at a $2.00/SF NNN asking rate. The combination of showroom space, loading access, and freeway connectivity can support a range of distribution and retail-related uses consistent with the property’s current improvements.
Key Highlights
- 22,805 SF freeway‑frontage showroom/warehouse building built in 1997 on a 1.75‑acre (76,230 SF) parcel in El Cajon, CA
- Freeway visibility with direct access to Interstate 8, which carries roughly 120,000 vehicles per day
- Large open showroom plus functional warehouse/distribution area with one dock‑high door and two grade‑level roll‑up doors
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
$283,827
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
4.37%
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%
$5,676,540
$5.7M
Cap Rate 7%
$4,054,671
$4.1M
Cap Rate 9%
$3,153,633
$3.2M
Market Conditions
NOI Build-Up for 22,805 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
$355.8K $15.60/SF
− Vacancy
−$21.8K −$0.96/SF
EGI
$333.9K $14.64/SF
− OpEx
−$50.1K −$2.20/SF
NOI
$283.8K $12.45/SF
Area
El Cajon, CA
Vacancy
6.14%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$5,676,540
Cap Rate 7%
$4,054,671
Cap Rate 9%
$3,153,633
Alternative Uses
Best Use
Warehouse
$4.05M
$3.55M – $4.73M
NOI $283,827 @ 7.0% cap · market cap 4.37%
Second Best
Industrial
$3.34M
$2.92M – $3.90M
NOI $233,740 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,627 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
2
Drive-in doors
120,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,423
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92021, CA
70,584
Population
23,360
Households
3
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
28.0 sq mi
ZIP Area
2,521
Density / Sq Mi
$69,979
Median Household Income
$37,739
Median Earnings
$1,818
Median Rent
$572,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant showroom-warehouse with dock-high and roll-up doors, positioned for direct Interstate access.
Where is this flex space located?
The property is located at 690 N 2nd St El Cajon, CA.
What is the asking price?
The asking price for this property is $6,499,000.
What are key features of this property?
This property features: 22,805 SF freeway‑frontage showroom/warehouse building built in 1997 on a 1.75‑acre (76,230 SF) parcel in El Cajon, CA; Freeway visibility with direct access to Interstate 8, which carries roughly 120,000 vehicles per day; Large open showroom plus functional warehouse/distribution area with one dock‑high door and two grade‑level roll‑up doors
