Freestanding Retail
For Sale
Contact for pricing
1915-17 Morena Blvd, San Diego, CA 92110
CC-3-8 zoning and two levels offer flexibility for retail, office, or medical occupancy.
Property Size3,168 SF
Price / SF$567.87
Days on Market9
Property Features for 1915-17 Morena Blvd
General Information
Standard status
Active
Size
3,168 SF
Total Parking Spaces
12
Property subtype
Retail, Office
Zoning
CC-3-8
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
existing monument signage
Building Details
Buildings
1
Stories
2
Building Size
3,168 SF
Listing Agency:
Foster Commercial Real Estate
Listed By:
Adam Foster · License #CA 01831459
Source:
Crexi
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 2:52PM
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 Foster Commercial Real Estate
Investment Insights
Based on property information with market context.
This freestanding commercial building totals 3,168 square feet across two levels, each approximately 1,584 square feet. It will be vacant at closing and has 12 dedicated parking spaces, monument signage, and frontage along Morena Boulevard. CC-3-8 zoning supports retail, office, and medical use potential.
The property is on Morena Boulevard in San Diego, with immediate access to I-5 and I-8. Mission Bay, SeaWorld, and the University of San Diego are nearby.
The property is on Morena Boulevard in San Diego, with immediate access to I-5 and I-8. Mission Bay, SeaWorld, and the University of San Diego are nearby.
Key Highlights
- 3,168‑square‑foot freestanding commercial building
- Two levels of approximately 1,584 square feet each
- 12 dedicated parking spaces
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
$76,473
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
4.25%
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%
$1,529,460
$1.5M
Cap Rate 7%
$1,092,471
$1.1M
Cap Rate 9%
$849,700
$849.7K
Market Conditions
NOI Build-Up for 3,168 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
$114.0K $36.00/SF
− Vacancy
−$4.8K −$1.52/SF
EGI
$109.2K $34.48/SF
− OpEx
−$32.8K −$10.35/SF
NOI
$76.5K $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%
$1,529,460
Cap Rate 7%
$1,092,471
Cap Rate 9%
$849,700
Alternative Uses
Best Use
Retail
$1.09M
$955.9K – $1.27M
NOI $76,473 @ 7.0% cap · market cap 4.25%
Second Best
Office B
$873.7K
$764.5K – $1.02M
NOI $61,158 @ 7.0% cap · market cap 3.40%
Theoretical Best
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,589 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 92110, CA
31,048
Population
13,227
Households
2.3
Avg Household Size
34
Median Age
54%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
6,210
Density / Sq Mi
$102,508
Median Household Income
$52,150
Median Earnings
$2,298
Median Rent
$885,200
Median Home Value
Market
Vacancy Rate% for Office in San Diego, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - CC-3-8 zoning and two levels offer flexibility for retail, office, or medical occupancy.
Where is this retail space located?
The property is located at 1915-17 Morena Blvd San Diego, CA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 3,168‑square‑foot freestanding commercial building; Two levels of approximately 1,584 square feet each; 12 dedicated parking spaces
