Freestanding NNN Leased Thrift
For Sale
Contact for pricing
1655 Euclid Ave, San Diego, CA 92105
NN leased Red White & Blue Thrift Store for sale.
Property Size30,778 SF
Price / SF$338.33
Days on Market174
Property Features for 1655 Euclid Ave
General Information
Standard status
Active
Size
30,778 SF
Total Parking Spaces
106
Property subtype
Retail
Zoning
CA-RR
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$624,793
Building Details
Year Built
1959
Year Renovated
2025
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
(480) 221-4221
Listed By:
Gary Chou · License #01911222
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 11 at 7:27PM
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 Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
The property is a freestanding, net-net (NN) leased Red White & Blue Thrift Store located in San Diego, California. The tenant, Valley Thrift Store, LLC, has a 10-year lease with two 5-year options to extend. The lease includes 10% rental increases every 5 years throughout the initial term and at the beginning of each option period. The lease is NN with limited landlord responsibilities. Red White & Blue Thrift Stores operate in 30 locations across the U.S., offering second-hand items including apparel and home furnishings. The property is located near the intersection of Euclid Avenue and Federal Boulevard, with traffic exceeding 37,000 vehicles per day. It benefits from access to Interstate 805, Highway 94, and Highway 15. The site is adjacent to San Diego Marketplace, a neighborhood center anchored by dd’s Discounts, Dollar Tree, Planet Fitness, and Rent-A-Center. Nearby tenants include Costco, The Home Depot, Food4less and Goodwill. The site is located less than 4 miles from San Diego State University, which has a student population of over 41,000 and nearly 7,000 faculty and staff members. The property is approximately 6 miles from San Diego International Airport, which served 25.24 million passengers in 2024. It is within walking distance of apartment complexes such as Hillside Views (300 units), Harbor Vista (272 units), and Las Palmas Villas (110 units). The surrounding 5-mile trade area includes over 651,000 residents and 259,000 daytime employees with average household incomes exceeding $110,000. The property size is 30778 square feet.
Key Highlights
- NN lease with limited landlord responsibilities, ideal for passive investors.
- Tenant recently signed a 10‑year lease with options to extend, demonstrating long‑term commitment.
- 10% rental increases every 5 years**, hedging against inflation.
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
$744,581
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
7.15%
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%
$14,891,620
$14.9M
Cap Rate 7%
$10,636,871
$10.6M
Cap Rate 9%
$8,273,122
$8.3M
Market Conditions
NOI Build-Up for 30,778 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
$1.11M $36.00/SF
− Vacancy
−$44.3K −$1.44/SF
EGI
$1.06M $34.56/SF
− OpEx
−$319.1K −$10.37/SF
NOI
$744.6K $24.19/SF
Area
ZIP 92105
Vacancy
4.00%
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%
$14,891,620
Cap Rate 7%
$10,636,871
Cap Rate 9%
$8,273,122
Alternative Uses
Best Use
Retail
$10.64M
$9.31M – $12.41M
NOI $744,581 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.16M
$10.64M – $14.18M
NOI $850,950 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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 - NN leased Red White & Blue Thrift Store for sale.
Where is this storefront property located?
The property is located at 1655 Euclid Ave San Diego, CA.
What is the asking price?
The asking price for this property is $10,413,000.
What are key features of this property?
This property features: NN lease with limited landlord responsibilities, ideal for passive investors.; Tenant recently signed a **10‑year lease with options to extend**, demonstrating long‑term commitment.; 10% rental increases every 5 years**, hedging against inflation.
