3-Story Office Building with
2534 State St San Diego, CA 92101
For Sale
Contact for pricing
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 Market146
Property Features for 2534 State St
General Information
- Standard status
- Active
- Size
- 7,004 SF
- Property subtype
- Office
Listing Agency:
CAST CAPITAL PARTNERS
(619) 308-6787
Listed By:
Bret Morriss · License #CA 02037074
Source:
Crexi
Added: Feb 27
Changed: Jul 23
Last Checked: Jul 23 at 7:32AM
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
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $210.1k | $30.00 |
| − Vacancy | −$29.8k | −$4.26 |
| EGI | $180.3k | $25.74 |
| − OpEx | −$45.1k | −$6.44 |
| NOI | $135.2k | $19.31 |
7,004 SF · lease $30.00/SF/yr · vacancy 14.20% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Tecni Pac
Industrial Manufacturer
Colepepper Plumbing San ...
Plumbing Service
Robert Lynn Att ...
Law Firm
J S Keene ...
Accounting Firm
The Carnahan Law Firm
Law Firm
FAQs
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
