CVS Drug
For Sale
$9,187,920
14589 Camino del Norte, San Diego, CA 92128
CVS drug store near national retail anchors and established residential communities.
Property Size16,972 SF
Price / SF$541.36
Days on Market20
Property Features for 14589 Camino del Norte
General Information
Standard status
Active
Size
16,972 SF
Property subtype
Drug Store
Lease Type
NNN
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
5%
Amenities
Absolute Net Lease. 26+ Year Historical Occupancy as a Drug Store Demonstrating a Strong Commitment to the Location. Serves Beer & Wine, and Features a Drive-Thru Pharmacy.
Strong Tenant - CVS Health (NYSE: CVS) features a S&P Investment Grade Credit Rating of "BBB" and is Ranked #5 on the Fortune 500 List with an Annual Revenue of more than $402.1 Billion.
Prime I-15 Corridor Location - Property Sits within San Diego's I-15 Corridor Trade Area Described as the Dominant Retail Trade Area in North San Diego County.
Regional Trade Area Reach - the Surrounding Retail Corridor Serves A Regional Trade Area Extending to Mira Mesa, Poway, and Rancho Bernardo, Giving the Site Exposure Well Beyond its Immediate Neighborhood Boundaries.
Positioned Along A High-Traffic Regional Corridor - Signalized Intersection Location featuring Easy Access, Excellent Visibility, and Strong Frontage Along Camino Del Norte, with Daily Combined Traffic Counts Exceeding 80k Vehicles Across the Corridor.
Established Master-Planned Scale - Carmel Mountain Ranch Spans 1,489 Acres and is a Master-Planned Community Along the I-15 Corridor Containing Corporate Offices, Shopping, and Restaurants, Supporting a Diversified Daytime and Residential Base.
Nearby Regional Healthcare Anchor - Palomar UC San Diego Health Poway, a 107-Bed Acute Care Hospital, sits Just Minutes away, Generating Consistent Pharmacy and Daily-Needs Demand from Patients, Staff, and Visitors.
Adjacent To Carmel Mountain Plaza - the Property is Near Carmel Mountain Plaza, a 532,418-Square-Foot Power Center with 56 Stores, Anchored By Nordstrom Rack, At Home, Costco, the Home Depot, Sprouts Farmers Market, Dick's, Barnes & Noble and more. Affluent, Densely Populated Trade Area - the Surrounding Area Supports a Densely Populated, Affluent Consumer Base with Average Household Income Exceeding $178,000 and approximately 203,000 Residents within a Five-Mile Radius.
Building Details
Building Size
16,972 SF
Listing Agency:
Marcus & Millichap - San Diego
(858) 373-3184
Listed By:
Alvin Mansour · License #License(s): CA: 01391653, TX: 0606255
(858) 373-3184
Source:
Marcusmillichap
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 31 at 12:55PM
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.
This 16,972-square-foot drug store property is identified with CVS and carries an absolute NNN lease structure. The asset is positioned at 14589 Camino del Norte within Carmel Mountain Ranch, a 1,489-acre master-planned community combining residential neighborhoods, offices, shopping centers, and restaurants.
The surrounding trade area includes Rancho Peñasquitos, Rancho Bernardo, and Sabre Springs, with access to I-15, State Route 56, and Ted Williams Parkway. Nearby national retailers include Costco, Home Depot, Best Buy, Trader Joe’s, TJ Maxx, and Marshalls. Carmel Mountain Ranch has more than 12,000 residents, a 3.0% residential vacancy rate, and additional daytime employment associated with the U.S. Postal Service distribution center.
The property benefits from its placement within an established North San Diego retail corridor serving daily-needs-oriented consumer activity and nearby residential communities.
The surrounding trade area includes Rancho Peñasquitos, Rancho Bernardo, and Sabre Springs, with access to I-15, State Route 56, and Ted Williams Parkway. Nearby national retailers include Costco, Home Depot, Best Buy, Trader Joe’s, TJ Maxx, and Marshalls. Carmel Mountain Ranch has more than 12,000 residents, a 3.0% residential vacancy rate, and additional daytime employment associated with the U.S. Postal Service distribution center.
The property benefits from its placement within an established North San Diego retail corridor serving daily-needs-oriented consumer activity and nearby residential communities.
Key Highlights
- 16,972‑square‑foot CVS drug store property
- Absolute NNN lease structure
- Located at 14589 Camino del Norte, San Diego, CA 92128
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
$469,242
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
5.11%
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%
$9,384,840
$9.4M
Cap Rate 7%
$6,703,457
$6.7M
Cap Rate 9%
$5,213,800
$5.2M
Market Conditions
NOI Build-Up for 16,972 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
$651.7K $38.40/SF
− Vacancy
−$26.1K −$1.54/SF
EGI
$625.7K $36.86/SF
− OpEx
−$156.4K −$9.22/SF
NOI
$469.2K $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%
$9,384,840
Cap Rate 7%
$6,703,457
Cap Rate 9%
$5,213,800
Alternative Uses
Best Use
Specialty Retail
$6.70M
$5.87M – $7.82M
NOI $469,242 @ 7.0% cap · market cap 5.11%
Second Best
Retail
$5.85M
$5.12M – $6.83M
NOI $409,688 @ 7.0% cap · market cap 4.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,256
Businesses Nearby
449k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 41%
Shops & Services 32%
Home Improvements & Furnishings 14%
Dining 13%
Costco Wholesale
Superstores
183,921 visits/mo
0.4 miles
Costco Gasoline
Shops & Services
97,648 visits/mo
0.5 miles
The Home Depot
Home Improvements & Furnishings
64,061 visits/mo
0.4 miles
Panda Express
Dining
26,337 visits/mo
0.3 miles
San Diego County Credit Union
Shops & Services
19,911 visits/mo
0.3 miles
Demographics for 92128, CA
49,083
Population
21,308
Households
2.3
Avg Household Size
45
Median Age
64%
College-Educated
97%
High-School Grad
11.7 sq mi
ZIP Area
4,195
Density / Sq Mi
$128,150
Median Household Income
$80,723
Median Earnings
$2,760
Median Rent
$875,400
Median Home Value
Market
Vacancy Rate% for Retail in San Diego, CA
Questions? Ask Rey
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Similar Off Market Nearby
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- Sprouts Farmers Market — 11710 Carmel Mountain Rd, San Diego, CA 92128
- Lai-Ha T. Lu, PharmD — 11845 Carmel Mountain Rd, San Diego, CA 92128
- Hema Naik, RPh — 11845 Carmel Mountain Rd, San Diego, CA 92128
Frequently Asked Questions
What type of property is this?
Drug store - CVS drug store near national retail anchors and established residential communities.
Where is this drug store located?
The property is located at 14589 Camino del Norte San Diego, CA.
What is the asking price?
The asking price for this property is $9,187,920.
What are key features of this property?
This property features: 16,972‑square‑foot CVS drug store property; Absolute NNN lease structure; Located at 14589 Camino del Norte, San Diego, CA 92128
