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 Market193
Property Features for 2534 State St
General Information
Standard status
Active
Size
7,004 SF
Total Parking Spaces
20
Property subtype
Office
Occupancy
100%
Additional Details
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: Sep 5
Last Checked: Sep 8 at 7:09AM
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
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
$135,212
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
3.86%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,698
Businesses Nearby
Explore this area
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
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?
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
