Industrial Condo in San
For Sale
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1534 Santiago Ridge Way, San Diego, CA 92154
2,183 SF industrial condo with roll-up door for sale.
Property Size2,183 SF
Price / SF$295.92
Days on Market113
Property Features for 1534 Santiago Ridge Way
General Information
Standard status
Active
Size
2,183 SF
Property subtype
Industrial
Listing Agency:
Colliers - Los Angeles - La Jolla, California
Listed By:
Chuck Wasker · License #CA
Source:
Crexi
Added: May 13
Changed: Aug 23
Last Checked: Sep 1 at 4:47PM
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 Colliers - Los Angeles - La Jolla, California
Investment Insights
Based on property information with market context.
This industrial condominium, situated within a well-maintained industrial park in San Diego, offers 2,183 square feet of cold shell space. The property is plumbed for a restroom and HVAC system. It features a private entrance, a sprinkler system, and a rear roll-up door with dimensions of 12' X 10'. Parking is available at a rate of 2.5 spaces per 1,000 square feet. The property is currently vacant.
Key Highlights
- Located in a well‑kept industrial park in San Diego.
- 2,183 square feet of cold shell space.
- Great parking with 2.5 spaces per 1,000 square feet.
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
$30,649
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
4.74%
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%
$612,980
$613.0K
Cap Rate 7%
$437,843
$437.8K
Cap Rate 9%
$340,544
$340.5K
Market Conditions
NOI Build-Up for 2,183 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
$52.4K $24.00/SF
− Vacancy
−$5.2K −$2.40/SF
EGI
$47.2K $21.60/SF
− OpEx
−$16.5K −$7.56/SF
NOI
$30.6K $14.04/SF
Area
ZIP 92154
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$612,980
Cap Rate 7%
$437,843
Cap Rate 9%
$340,544
Alternative Uses
Best Use
Flex RnD
$437.8K
$383.1K – $510.8K
NOI $30,649 @ 7.0% cap · market cap 4.74%
Second Best
Industrial
$356.8K
$312.2K – $416.3K
NOI $24,975 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$781.4K
$683.7K – $911.6K
NOI $54,697 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92154, CA
84,027
Population
23,832
Households
3.5
Avg Household Size
36
Median Age
21%
College-Educated
80%
High-School Grad
51.3 sq mi
ZIP Area
1,638
Density / Sq Mi
$90,035
Median Household Income
$42,333
Median Earnings
$2,143
Median Rent
$606,400
Median Home Value
Market
Vacancy Rate% for Industrial in San Diego, CA
Questions? Ask Rey
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Similar Off Market Nearby
- Baba Foods — 8765 Dead Stick Rd, San Diego, CA 92154
Frequently Asked Questions
What type of property is this?
Flex space - 2,183 SF industrial condo with roll-up door for sale.
Where is this flex space located?
The property is located at 1534 Santiago Ridge Way San Diego, CA.
What is the asking price?
The asking price for this property is $646,000.
What are key features of this property?
This property features: Located in a well‑kept industrial park in San Diego.; 2,183 square feet of cold shell space.; Great parking with 2.5 spaces per 1,000 square feet.
