Corner Single Story Office
For Sale
Contact for pricing
Pending
2538 Catamaran Way, Chula Vista, CA 91914
1,446 SF office condo with functional layout for owner-user.
Property Size1,446 SF
Days on Market198
Property Features for 2538 Catamaran Way
General Information
Standard status
Pending
Size
1,446 SF
Property subtype
Office
Zoning
PC Chula Vista
Investment Type
Owner/User
Building Details
Year Built
2006
Listing Agency:
Voit Real Estate Services San Diego
(858) 453-0505
Listed By:
Kimberly Clark · License #CA 01439305
Source:
Crexi
Added: Feb 13
Changed: Aug 19
Last Checked: Aug 28 at 11:22AM
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 Voit Real Estate Services San Diego
Investment Insights
Based on property information with market context.
This 1,446 SF single-story office condominium is located on a corner lot. The functional layout includes 3 private offices, 2 restrooms, a kitchenette, and an open office space. This property presents an opportunity for an owner-user.
Key Highlights
- Single‑story, corner office condominium.
- Ideal for owner‑user.
- Functional layout featuring 3 private offices and open space.
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
$24,230
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
3.34%
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%
$484,600
$484.6K
Cap Rate 7%
$346,143
$346.1K
Cap Rate 9%
$269,222
$269.2K
Market Conditions
NOI Build-Up for 1,446 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
$37.7K $26.04/SF
− Vacancy
−$5.3K −$3.70/SF
EGI
$32.3K $22.34/SF
− OpEx
−$8.1K −$5.59/SF
NOI
$24.2K $16.76/SF
Area
Chula Vista, CA
Vacancy
14.20%
Lease Rate
$26.04 /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%
$484,600
Cap Rate 7%
$346,143
Cap Rate 9%
$269,222
Alternative Uses
Best Use
Office B
$346.1K
$302.9K – $403.8K
NOI $24,230 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$461.2K
$403.5K – $538.1K
NOI $32,283 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,894
Businesses Nearby
Explore this area
Business Placement
Demographics for 91914, CA
17,522
Population
4,948
Households
3.5
Avg Household Size
39
Median Age
48%
College-Educated
94%
High-School Grad
6.6 sq mi
ZIP Area
2,655
Density / Sq Mi
$164,398
Median Household Income
$71,944
Median Earnings
$3,076
Median Rent
$960,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 1,446 SF office condo with functional layout for owner-user.
Where is this office units located?
The property is located at 2538 Catamaran Way Chula Vista, CA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Single‑story, corner office condominium.; Ideal for owner‑user.; Functional layout featuring 3 private offices and open space.
