Multi-Tenant Industrial
For Sale
Contact for pricing
1873 Diamond St, San Marcos, CA 92078
Industrial building with flexible loading access and a two-occupant configuration suited to owner-user or investment requirements.
Property Size20,000 SF
Price / SF$285
Days on Market20
Property Features for 1873 Diamond St
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Industrial
Building Details
Buildings
1
Building Size
20,000 SF
Tenancy
Multi
Listing Agency:
Lee & Associates San Diego - Carlsbad
Listed By:
Marko Dragovic · License #CA 01773106
(858) 531-4523
Source:
Crexi
Added: Aug 19
Changed: Sep 5
Last Checked: Sep 6 at 3:27PM
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 Lee & Associates San Diego - Carlsbad
Investment Insights
Based on property information with market context.
This 20,000 square foot industrial warehouse at 1873 Diamond St in San Marcos is arranged for two occupants and combines elevated dock access with ground-level loading. The layout supports separate tenancy while retaining operational flexibility for industrial users.
Approximately 12,000 square feet is scheduled to become available on October 1, 2026. The other approximately 8,000 square feet is occupied by Veruca, an on-demand grocery delivery company, providing in-place rental income. The configuration allows an owner-user to occupy the available portion while retaining an existing tenant, with the ability to consider additional expansion if the occupied space later becomes available.
Approximately 12,000 square feet is scheduled to become available on October 1, 2026. The other approximately 8,000 square feet is occupied by Veruca, an on-demand grocery delivery company, providing in-place rental income. The configuration allows an owner-user to occupy the available portion while retaining an existing tenant, with the ability to consider additional expansion if the occupied space later becomes available.
Key Highlights
- 20,000 square foot multi‑tenant industrial building
- Approximately 12,000 square feet becomes available on October 1, 2026
- Approximately 8,000 square feet occupied by Veruca
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
$412,252
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
7.23%
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%
$8,245,040
$8.2M
Cap Rate 7%
$5,889,314
$5.9M
Cap Rate 9%
$4,580,578
$4.6M
Market Conditions
NOI Build-Up for 20,000 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
$739.2K $36.96/SF
− Vacancy
−$105.0K −$5.25/SF
EGI
$634.2K $31.71/SF
− OpEx
−$222.0K −$11.10/SF
NOI
$412.3K $20.61/SF
Area
San Diego County, CA
Vacancy
14.20%
Lease Rate
$36.96 /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%
$8,245,040
Cap Rate 7%
$5,889,314
Cap Rate 9%
$4,580,578
Alternative Uses
Best Use
Flex RnD
$5.89M
$5.15M – $6.87M
NOI $412,252 @ 7.0% cap · market cap 7.23%
Second Best
Warehouse
$3.97M
$3.47M – $4.63M
NOI $277,848 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$9.16M
$8.02M – $10.69M
NOI $641,434 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92078, CA
52,347
Population
19,249
Households
2.7
Avg Household Size
39
Median Age
48%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
3,135
Density / Sq Mi
$114,905
Median Household Income
$55,060
Median Earnings
$2,468
Median Rent
$874,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with flexible loading access and a two-occupant configuration suited to owner-user or investment requirements.
Where is this warehouse located?
The property is located at 1873 Diamond St San Marcos, CA.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: 20,000 square foot multi‑tenant industrial building; Approximately 12,000 square feet becomes available on October 1, 2026; Approximately 8,000 square feet occupied by Veruca
