3-Story Office Building with
For Sale
Contact for pricing
2534 State St, San Diego, CA 92101
Three-story office building with elevator service and integrated covered, secure parking, plus an adjoining gated parking lot.
Property Size7,004 SF
Price / SF$499.71
Days on Market238
Property Features for 2534 State St
General Information
Standard status
Active
Size
7,004 SF
Total Parking Spaces
20
Property subtype
Office
Occupancy
100%
Site & Location
Neighborhood
Park West
Highway Access
Yes
Amenities
elevator service
covered secure parking
Building Details
Stories
3
Construction
modern
Tenancy
Multi
Listing Agency:
CAST CAPITAL PARTNERS
Listed By:
Bret Morriss · License #CA 02037074
(619) 308-6787
Source:
Crexi
Added: Feb 27
Changed: Oct 23
Last Checked: Oct 23 at 6:21AM
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 CAST CAPITAL PARTNERS
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Investment Insights
Based on property information with market context.
This three-story office building totals 7,004 SF and includes elevator service and integrated on-site covered, secure parking. The property is described as having a modern design and multiple income streams, including executive suites and virtual rentals through mailbox services. The building is currently 100% occupied, and it can be made readily available for an owner-user, with the current owner occupying 50% of the space and planning to vacate. Remaining tenants are on month-to-month leases.
An adjoining 5,002 SF gated parking lot provides up to 20 parking spaces. The parking lot can be sold together with the office building or separately.
The property is located in the Banker’s Hill / Mission Hills area and is described as highly accessible, adjacent to I-5, with nearby proximity to Downtown San Diego, Little Italy, Balboa Park, and San Diego International Airport.
An adjoining 5,002 SF gated parking lot provides up to 20 parking spaces. The parking lot can be sold together with the office building or separately.
The property is located in the Banker’s Hill / Mission Hills area and is described as highly accessible, adjacent to I-5, with nearby proximity to Downtown San Diego, Little Italy, Balboa Park, and San Diego International Airport.
Key Highlights
- 7,004 SF, 3‑story office building with elevator service and integrated covered, secure parking
- Adjoining 5,002 SF gated parking lot with up to 20 parking spaces; can be sold with the office or separately
- Property is currently 100% occupied, and can be made available for an owner‑user
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$135,212
Cap Rate
3.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,704,240
$2.7M
Cap Rate 7%
$1,931,600
$1.9M
Cap Rate 9%
$1,502,356
$1.5M
Market Conditions
NOI Build-Up for 7,004 SF
Gross rent
$210.1K $30.00/SF
− Vacancy
−$29.8K −$4.26/SF
EGI
$180.3K $25.74/SF
− OpEx
−$45.1K −$6.44/SF
NOI
$135.2K $19.31/SF
Area
San Diego, CA
Vacancy
14.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,704,240
Cap Rate 7%
$1,931,600
Cap Rate 9%
$1,502,356
Alternative Uses
Best Use
Office B
$1.93M
$1.69M – $2.25M
NOI $135,212 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,647 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,698
Businesses Nearby
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Business Placement
Demographics for 92101, CA
47,505
Population
32,909
Households
1.4
Avg Household Size
39
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
8,797
Density / Sq Mi
$90,477
Median Household Income
$72,371
Median Earnings
$2,351
Median Rent
$740,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in San Diego, CA
Frequently Asked Questions
What type of property is this?
Office building - Three-story office building with elevator service and integrated covered, secure parking, plus an adjoining gated parking lot.
Where is this office building located?
The property is located at 2534 State St San Diego, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 7,004 SF, 3‑story office building with elevator service and integrated covered, secure parking; Adjoining 5,002 SF gated parking lot with up to 20 parking spaces; can be sold with the office or separately; Property is currently 100% occupied, and can be made available for an owner‑user
