Multi-Tenant Shopping
New
For Sale
$42,220,000
1640-1680 Garnet Avenue, San Diego, CA 92109
The fully occupied center includes a ground-leased fuel station on a separate parcel.
Property Size237,678 SF
Price / SF$677.40
Days on Market2
Property Features for 1640-1680 Garnet Avenue
General Information
Standard status
Active
Size
237,678 SF
Property subtype
Retail
Zoning
CC-1-3: Commercial Community
Occupancy
100%
Site & Location
Neighborhood
Pacific Beach
Anchor Co-Tenants
Trader Joe's, Staples, PetSmart, Panda Express, San Diego County Credit Union, Sun Diego Boardshop
Additional Details
Tenant in Place
Yes
Building Details
Building Size
237,678 SF
Year Built
2015
Tenancy
Multi
Listing Agency:
SRS Industrial - Newport Beach
Listed By:
Matthew Mousavi · License #CA 01732226
(714) 404-8849
Source:
Srsre
Added: Oct 23
Last Checked: Oct 23 at 3:41PM
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 SRS Industrial - Newport Beach
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 62,327-square-foot shopping center in San Diego was built in 2015 and is 100% occupied. Its tenant roster includes Trader Joe’s, Staples, PetSmart, Panda Express, San Diego County Credit Union, and Sun Diego Boardshop, spanning grocery, specialty retail, food service, and financial services. The property is zoned CC-1-3: Commercial Community.
A Vons fuel station occupies a separate parcel under a ground lease. The center’s average remaining lease term is over 5 years, and each existing tenant has at least one option to extend. Trader Joe’s, San Diego County Credit Union, and Vons renewed their leases within the last two years. The property is located at 1640-1680 Garnet Avenue in San Diego.
A Vons fuel station occupies a separate parcel under a ground lease. The center’s average remaining lease term is over 5 years, and each existing tenant has at least one option to extend. Trader Joe’s, San Diego County Credit Union, and Vons renewed their leases within the last two years. The property is located at 1640-1680 Garnet Avenue in San Diego.
Key Highlights
- 62,327 SF community shopping center with 100% occupancy
- Tenants include Trader Joe’s, Staples, PetSmart, Panda Express, San Diego County Credit Union, and Sun Diego Boardshop
- Separate‑parcel Vons fuel station under a ground lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,504,516
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$30,090,320
$30.1M
Cap Rate 7%
$21,493,086
$21.5M
Cap Rate 9%
$16,716,844
$16.7M
Market Conditions
NOI Build-Up for 62,327 SF
Gross rent
$2.24M $36.00/SF
− Vacancy
−$94.5K −$1.52/SF
EGI
$2.15M $34.48/SF
− OpEx
−$644.8K −$10.35/SF
NOI
$1.50M $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 Rate 5%
$30,090,320
Cap Rate 7%
$21,493,086
Cap Rate 9%
$16,716,844
Alternative Uses
Best Use
Retail
$21.49M
$18.81M – $25.08M
NOI $1,504,516 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$24.62M
$21.54M – $28.72M
NOI $1,723,217 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Shopping center - The fully occupied center includes a ground-leased fuel station on a separate parcel.
Where is this shopping center located?
The property is located at 1640-1680 Garnet Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $42,220,000.
What are key features of this property?
This property features: 62,327 SF community shopping center with 100% occupancy; Tenants include Trader Joe’s, Staples, PetSmart, Panda Express, San Diego County Credit Union, and Sun Diego Boardshop; Separate‑parcel Vons fuel station under a ground lease
