Flex Property with Secured
For Sale
$1,150,000
1338 D St., Ramona, CA 92065
Two-level layout combines professional offices, an automotive shop, and secured outdoor yard space.
Property Size2,968 SF
Price / SF$387.47
Days on Market10
Property Features for 1338 D St.
General Information
Standard status
Active
Size
2,968 SF
Total Parking Spaces
7
Property subtype
Retail
Zoning
RM-V4
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Additional Details
Asking Price
$1,150,000
Drive-In Doors
1
Amenities
break/snack area
Central Air
3
8 Parking Spaces.
Paved. Paved Road.
Building Details
Year Built
1988
Buildings
1
Stories
2
Listing Agency:
eXp Realty of Southern CA
(888) 294-1415
Listed By:
Joseph Vahedi · License #02062354
Source:
Xome
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 11:06PM
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 eXp Realty of Southern CA
Investment Insights
Based on property information with market context.
This 2,968-square-foot flex property, built in 1988, pairs professional office areas with an automotive and shop component. The lower level includes two private offices, a half bathroom, a high-clearance garage opening, additional rooms, a wash and utility sink, storage, a break area, and a full bathroom with shower. The upper level adds four rooms or offices, a common area, and another full bathroom with shower. A Rotary two-post automotive lift may convey with an acceptable offer.
Recent improvements include a new roof, flooring, upstairs carpet, interior paint and trim, recessed lighting, and a new water heater. The entirely electric building has two separate electric meters and two HVAC systems with central heating and cooling. A secured gated side and rear yard provides approximately 14' wide access, approximately 53' from the garage to the rear lot line, and approximately 60' of width. The property is zoned RM-V4 Ramona Village and is located at 1338 D St. in Ramona, California.
Recent improvements include a new roof, flooring, upstairs carpet, interior paint and trim, recessed lighting, and a new water heater. The entirely electric building has two separate electric meters and two HVAC systems with central heating and cooling. A secured gated side and rear yard provides approximately 14' wide access, approximately 53' from the garage to the rear lot line, and approximately 60' of width. The property is zoned RM-V4 Ramona Village and is located at 1338 D St. in Ramona, California.
Key Highlights
- 2,968‑square‑foot flex property built in 1988
- Office areas on both levels with 6 total rooms or offices and 2 full bathrooms
- Automotive shop with approximately 11.5' high x 9.5' wide garage opening
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
$68,677
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
5.97%
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%
$1,373,540
$1.4M
Cap Rate 7%
$981,100
$981.1K
Cap Rate 9%
$763,078
$763.1K
Market Conditions
NOI Build-Up for 2,968 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
$106.8K $36.00/SF
− Vacancy
−$15.3K −$5.15/SF
EGI
$91.6K $30.85/SF
− OpEx
−$22.9K −$7.71/SF
NOI
$68.7K $23.14/SF
Area
San Diego County, CA
Vacancy
14.30%
Lease Rate
$36.00 /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%
$1,373,540
Cap Rate 7%
$981,100
Cap Rate 9%
$763,078
Alternative Uses
Best Use
Office B
$981.1K
$858.5K – $1.14M
NOI $68,677 @ 7.0% cap · market cap 5.97%
Second Best
Flex RnD
$874.0K
$764.7K – $1.02M
NOI $61,178 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,189 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,196
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92065, CA
37,047
Population
12,774
Households
2.9
Avg Household Size
41
Median Age
29%
College-Educated
87%
High-School Grad
169.3 sq mi
ZIP Area
219
Density / Sq Mi
$120,550
Median Household Income
$52,015
Median Earnings
$1,889
Median Rent
$731,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level layout combines professional offices, an automotive shop, and secured outdoor yard space.
Where is this flex space located?
The property is located at 1338 D St. Ramona, CA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 2,968‑square‑foot flex property built in 1988; Office areas on both levels with 6 total rooms or offices and 2 full bathrooms; Automotive shop with approximately 11.5' high x 9.5' wide garage opening
