Retail Space with
For Sale
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2415 San Diego Ave, San Diego, CA 92110
Retail property with shared courtyard space, patio seating, rear dedicated parking, and prominent signage.
Property Size23,601 SF
Price / SF$359.94
Days on Market421
Property Features for 2415 San Diego Ave
General Information
Standard status
Active
Size
23,601 SF
Property subtype
RETAIL
Amenities
common area courtyard space with patio seating
dedicated parking
Building Details
Tenancy
Multi
Listing Agency:
Urban Property Group (UPG)
(858) 874-1989
Listed By:
Bill Shrader · License #01033317
(619) 851-0288
Source:
Moodyscre
Added: Jul 22, 2025
Changed: Sep 15
Last Checked: Sep 14 at 9:03AM
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 Urban Property Group (UPG)
Investment Insights
Based on property information with market context.
This 23,601-square-foot retail property includes shared outdoor courtyard space with patio seating, dedicated parking at the rear of the building, and signage along San Diego Ave. The property has existing vacancies and offers retail space within a commercial building serving the Old Town San Diego area.
Located on a main thoroughfare in Old Town San Diego, the property benefits from foot traffic associated with Old Town Historic Park, which attracts over 3.5 million annual visitors. It is minutes from the Old Town Transit Center, San Diego International Airport, Downtown, I-5, and I-8. The combination of retail space, outdoor common areas, rear parking, and prominent street exposure supports a range of commercial occupancy configurations.
Located on a main thoroughfare in Old Town San Diego, the property benefits from foot traffic associated with Old Town Historic Park, which attracts over 3.5 million annual visitors. It is minutes from the Old Town Transit Center, San Diego International Airport, Downtown, I-5, and I-8. The combination of retail space, outdoor common areas, rear parking, and prominent street exposure supports a range of commercial occupancy configurations.
Key Highlights
- 23,601‑square‑foot retail property
- Shared outdoor courtyard with patio seating
- Dedicated parking at the rear of the building
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
$569,706
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
6.71%
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%
$11,394,120
$11.4M
Cap Rate 7%
$8,138,657
$8.1M
Cap Rate 9%
$6,330,067
$6.3M
Market Conditions
NOI Build-Up for 23,601 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
$849.6K $36.00/SF
− Vacancy
−$35.8K −$1.52/SF
EGI
$813.9K $34.48/SF
− OpEx
−$244.2K −$10.35/SF
NOI
$569.7K $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%
$11,394,120
Cap Rate 7%
$8,138,657
Cap Rate 9%
$6,330,067
Alternative Uses
Best Use
Retail
$8.14M
$7.12M – $9.50M
NOI $569,706 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.32M
$8.16M – $10.88M
NOI $652,520 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,258
Businesses Nearby
95k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Hotels & Casinos 23%
Apparel 11%
Groceries 6%
Michaels
Shops & Services
24,351 visits/mo
0.5 miles
ARCO
Shops & Services
16,158 visits/mo
0.3 miles
Big 5 Sporting Goods
Apparel
10,168 visits/mo
0.5 miles
Shell
Shops & Services
9,716 visits/mo
0.3 miles
Best Western Plus Hacienda Hotel Old Town
Hotels & Casinos
8,219 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in San Diego, CA
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with shared courtyard space, patio seating, rear dedicated parking, and prominent signage.
Where is this retail space located?
The property is located at 2415 San Diego Ave San Diego, CA.
What is the asking price?
The asking price for this property is $8,495,000.
What are key features of this property?
This property features: 23,601‑square‑foot retail property; Shared outdoor courtyard with patio seating; Dedicated parking at the rear of the building
