Two-Building Retail Strip
For Sale
Contact for pricing
2360-72 Paseo De Las Americas, San Diego, CA 92154
Retail center with direct frontage on two roads and proximity to the Otay Mesa/Mexico pedestrian border crossing.
Property Size34,560 SF
Price / SF$248.99
Days on Market8
Property Features for 2360-72 Paseo De Las Americas
General Information
Standard status
Active
Size
34,560 SF
Property subtype
Retail
Occupancy
35%
Lease Type
Net
Investment Type
Value Add
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Colliers - Los Angeles - La Jolla, California
Listed By:
Robert Mooney · License #CA 00836061
Source:
Crexi
Added: Aug 28
Changed: Sep 3
Last Checked: Sep 3 at 2:16AM
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 Colliers - Los Angeles - La Jolla, California
Investment Insights
Based on property information with market context.
Otay Plaza comprises two retail buildings totaling 34,560 square feet. The strip center is currently 65% vacant, offering a substantial amount of available space within an established commercial property. Existing frontage extends along Paseo De Las Americas and Roll Drive.
The property is located in the Otay Mesa area of San Diego, within short walking distance of the Otay Mesa/Mexico Pedestrian Border Crossing. Its two-building configuration, street frontage, and current vacancy profile provide a flexible basis for retail occupancy and property repositioning.
The property is located in the Otay Mesa area of San Diego, within short walking distance of the Otay Mesa/Mexico Pedestrian Border Crossing. Its two-building configuration, street frontage, and current vacancy profile provide a flexible basis for retail occupancy and property repositioning.
Key Highlights
- Two retail buildings totaling 34,560 SF
- 65% currently vacant
- Frontage on Paseo De Las Americas and Roll Drive
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
$542,868
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
6.31%
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%
$10,857,360
$10.9M
Cap Rate 7%
$7,755,257
$7.8M
Cap Rate 9%
$6,031,867
$6.0M
Market Conditions
NOI Build-Up for 34,560 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
$829.4K $24.00/SF
− Vacancy
−$53.9K −$1.56/SF
EGI
$775.5K $22.44/SF
− OpEx
−$232.7K −$6.73/SF
NOI
$542.9K $15.71/SF
Area
ZIP 92154
Vacancy
6.50%
Lease Rate
$24.00 /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%
$10,857,360
Cap Rate 7%
$7,755,257
Cap Rate 9%
$6,031,867
Alternative Uses
Best Use
Retail
$7.76M
$6.79M – $9.05M
NOI $542,868 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.37M
$10.82M – $14.43M
NOI $865,935 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
86k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Dining 45%
Hotels & Casinos 6%
Electronics 1%
Starbucks
Dining
14,426 visits/mo
0.1 miles
Jack in the Box
Dining
14,060 visits/mo
0.4 miles
76
Shops & Services
10,536 visits/mo
0.4 miles
Circle K
Shops & Services
8,496 visits/mo
0.4 miles
Carl's Jr.
Dining
8,031 visits/mo
0.1 miles
Demographics for 92154, CA
84,027
Population
23,832
Households
3.5
Avg Household Size
36
Median Age
21%
College-Educated
80%
High-School Grad
51.3 sq mi
ZIP Area
1,638
Density / Sq Mi
$90,035
Median Household Income
$42,333
Median Earnings
$2,143
Median Rent
$606,400
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?
Strip mall - Retail center with direct frontage on two roads and proximity to the Otay Mesa/Mexico pedestrian border crossing.
Where is this strip mall located?
The property is located at 2360-72 Paseo De Las Americas San Diego, CA.
What is the asking price?
The asking price for this property is $8,605,000.
What are key features of this property?
This property features: Two retail buildings totaling 34,560 SF; 65% currently vacant; Frontage on Paseo De Las Americas and Roll Drive
