Renovated Mixed-Use Retail and
For Sale
Contact for pricing
1560-1564 Garnet Avenue, San Diego, CA 92109
Renovated in 2024, this multitenant storefront offers three retail suites, two residential units, and refrigerated storage.
Property Size7,365 SF
Lot Size0.21 Acres
Price / SF$515.95
Days on Market147
Property Features for 1560-1564 Garnet Avenue
General Information
Standard status
Active
Size
7,365 SF
Class
A
Total Parking Spaces
3
Lot size
0.21 Acres
Property subtype
Retail
Zoning
C
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Value Add
Net Operating Income
$196,323
Additional Details
Traffic Count
21,000 vehicles/day
Multifamily Units
2
Amenities
refrigerated storage
gated alley access
outside dining
HVAC upgrades
Building Details
Year Built
1950
Year Renovated
2024
Buildings
3
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Lee & Associates - San Diego - North
Listed By:
Rick Puttkammer · License #00664825
Source:
Crexi
Added: Apr 13
Changed: Aug 27
Last Checked: Sep 3 at 6:35AM
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 Lee & Associates - San Diego - North
Investment Insights
Based on property information with market context.
1560-1564 Garnet Ave is a renovated, mixed-use multitenant storefront property with three commercial suites and two residential units. Refrigerated storage is included, along with upgraded HVAC for one of the major tenant spaces completed in 2022. The asset also features gated alley access and outside dining, with three on-site parking spaces.
The property sits on a parcel with approximately 75 feet of frontage on Garnet Avenue near the signalized intersection of Garnet Avenue and Ingraham Street. Public remarks indicate visibility supported by traffic counts exceeding 21,000 VPD on both corridors, with the surrounding area offering major retailers, dining, and daily-needs shopping in Pacific Beach.
This configuration combines retail and residential components within one property, supported by the presence of multiple commercial suites, refrigerated storage, and practical on-site access and parking.
The property sits on a parcel with approximately 75 feet of frontage on Garnet Avenue near the signalized intersection of Garnet Avenue and Ingraham Street. Public remarks indicate visibility supported by traffic counts exceeding 21,000 VPD on both corridors, with the surrounding area offering major retailers, dining, and daily-needs shopping in Pacific Beach.
This configuration combines retail and residential components within one property, supported by the presence of multiple commercial suites, refrigerated storage, and practical on-site access and parking.
Key Highlights
- Renovated in 2024, ±7,365 SF multitenant storefront with 3 commercial suites and 2 residential units
- ±9,365 SF parcel with approx. 75 ft of Garnet Ave frontage and gated alley access
- Refrigerated storage plus flexible retail/residential layout across 5 total units
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
$177,784
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
4.68%
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%
$3,555,680
$3.6M
Cap Rate 7%
$2,539,771
$2.5M
Cap Rate 9%
$1,975,378
$2.0M
Market Conditions
NOI Build-Up for 7,365 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
$265.1K $36.00/SF
− Vacancy
−$11.2K −$1.52/SF
EGI
$254.0K $34.48/SF
− OpEx
−$76.2K −$10.35/SF
NOI
$177.8K $24.14/SF
Area
San Diego, CA
Vacancy
4.21%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,555,680
Cap Rate 7%
$2,539,771
Cap Rate 9%
$1,975,378
Alternative Uses
Best Use
Retail
$2.54M
$2.22M – $2.96M
NOI $177,784 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.91M
$2.55M – $3.39M
NOI $203,628 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
21,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
380k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 33%
Shops & Services 31%
Dining 25%
Office Supplies 6%
VONS
Groceries
54,960 visits/mo
0.2 miles
Trader Joe's
Groceries
47,201 visits/mo
0.1 miles
Staples
Office Supplies
23,360 visits/mo
0.1 miles
Sprouts Farmers Market
Groceries
21,521 visits/mo
0.4 miles
Starbucks
Dining
12,952 visits/mo
0.2 miles
Demographics for 92109, CA
44,671
Population
26,503
Households
1.7
Avg Household Size
35
Median Age
70%
College-Educated
97%
High-School Grad
7.6 sq mi
ZIP Area
5,878
Density / Sq Mi
$118,300
Median Household Income
$71,054
Median Earnings
$2,362
Median Rent
$1,136,000
Median Home Value
Market
Vacancy Rate% for Retail in San Diego, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated in 2024, this multitenant storefront offers three retail suites, two residential units, and refrigerated storage.
Where is this storefront property located?
The property is located at 1560-1564 Garnet Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Renovated in 2024, ±7,365 SF multitenant storefront with 3 commercial suites and 2 residential units; ±9,365 SF parcel with approx. 75 ft of Garnet Ave frontage and gated alley access; Refrigerated storage plus flexible retail/residential layout across 5 total units
