Three-Unit Retail
For Sale
$2,995,000
1631-37 Garnet Ave, San Diego, CA 92109
Three individually metered units occupy a mixed-use, high-intensity commercial property near established retail and coastal destinations.
Property Size7,840 SF
Lot Size0.36 Acres
Price / SF$382.02
Days on Market37
Property Features for 1631-37 Garnet Ave
General Information
Standard status
Active
Size
7,840 SF
Total Parking Spaces
17
Lot size
0.36 Acres
Property subtype
Commercial
Zoning
CC-4-2
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Tony Franco Realty, Inc.
(951) 226-5454
Listed By:
Tony Franco tony@tonyfrancorealty.com
Source:
Findahomenorthcountysandiego
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 1:45PM
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 Tony Franco Realty, Inc.
Investment Insights
Based on property information with market context.
This retail property includes approximately 7,840 square feet within a three-unit building on a 15,625-square-foot lot measuring 125 feet by 125 feet. The units are individually metered, with two tenants in place and a majority of the property expected to be vacant at close of escrow. On-site parking includes 17 spaces.
The property fronts Garnet Avenue in San Diego and sits across from Trader Joe’s and Staples. The beach, boardwalk, and Mission Bay are within walking distance. CC-4-2 zoning identifies the site for mixed-use, high-intensity commercial activity, adding flexibility to the existing retail configuration.
The property fronts Garnet Avenue in San Diego and sits across from Trader Joe’s and Staples. The beach, boardwalk, and Mission Bay are within walking distance. CC-4-2 zoning identifies the site for mixed-use, high-intensity commercial activity, adding flexibility to the existing retail configuration.
Key Highlights
- Approximately 7,840 SF building on a 15,625 SF lot
- Lot dimensions: 125' x 125'
- Three individually metered units with two in‑place tenants
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
$189,250
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
6.32%
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%
$3,785,000
$3.8M
Cap Rate 7%
$2,703,571
$2.7M
Cap Rate 9%
$2,102,778
$2.1M
Market Conditions
NOI Build-Up for 7,840 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
$282.2K $36.00/SF
− Vacancy
−$11.9K −$1.52/SF
EGI
$270.4K $34.48/SF
− OpEx
−$81.1K −$10.35/SF
NOI
$189.3K $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%
$3,785,000
Cap Rate 7%
$2,703,571
Cap Rate 9%
$2,102,778
Alternative Uses
Best Use
Retail
$2.70M
$2.37M – $3.15M
NOI $189,250 @ 7.0% cap · market cap 6.32%
Second Best
Industrial
$1.32M
$1.16M – $1.55M
NOI $92,719 @ 7.0% cap · market cap 3.10%
Theoretical Best
Specialty Retail
$3.10M
$2.71M – $3.61M
NOI $216,760 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
380k
Monthly Visits Nearby
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?
Retail space - Three individually metered units occupy a mixed-use, high-intensity commercial property near established retail and coastal destinations.
Where is this retail space located?
The property is located at 1631-37 Garnet Ave San Diego, CA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Approximately 7,840 SF building on a 15,625 SF lot; Lot dimensions: 125' x 125'; Three individually metered units with two in‑place tenants
