Mixed-Use Creative and Wellness
For Sale
$1,975,000
Pending
3065 Reynard Way, San Diego, CA 92103
Two-parcel property with existing improvements and current tenant occupancy in a CN-1-3 zone with Complete Communities Tier 3 overlay.
Property Size6,222 SF
Lot Size0.33 Acres
Days on Market206
Property Features for 3065 Reynard Way
General Information
Standard status
Pending
Size
6,222 SF
Lot size
0.33 Acres
Property subtype
Lots/Land
Zoning
CN-1-3
Additional Details
Highway Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Top Gun CRE
(619) 550-4515
Listed By:
Nicolas Hernandez · License #02207439
(619) 602-0263
Source:
Exitrealty
Added: Feb 12
Changed: Sep 2
Last Checked: Sep 6 at 7:48AM
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 Top Gun CRE
Investment Insights
Based on property information with market context.
This mixed-use creative and wellness property includes two legal parcels totaling approximately 14,246 square feet, with 6,222 square feet of existing improvements. The space is currently occupied by a diverse mix of creative, studio, wellness, and service-oriented tenants, providing in-place income while allowing for rent repositioning and further redevelopment evaluation.
Zoned CN-1-3 and located within the Complete Communities Tier 3 overlay, the site may allow increased residential density with a floor area ratio of up to 6.5. The property is centrally positioned just north of Downtown San Diego, offering access to Mission Hills, Old Town, major employment centers, and regional freeways.
For buyers and brokers underwriting both income stability and long-term repositioning, the combination of existing occupancy and redevelopment potential is central to the property’s marketability.
Zoned CN-1-3 and located within the Complete Communities Tier 3 overlay, the site may allow increased residential density with a floor area ratio of up to 6.5. The property is centrally positioned just north of Downtown San Diego, offering access to Mission Hills, Old Town, major employment centers, and regional freeways.
For buyers and brokers underwriting both income stability and long-term repositioning, the combination of existing occupancy and redevelopment potential is central to the property’s marketability.
Key Highlights
- Two legal parcels totaling approx. 14,246 SF with 6,222 SF of existing improvements
- Currently occupied by a mix of creative, studio, wellness, and service‑oriented tenants providing in‑place income
- Zoned CN‑1‑3 with Complete Communities Tier 3 overlay
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
$120,116
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
6.08%
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%
$2,402,320
$2.4M
Cap Rate 7%
$1,715,943
$1.7M
Cap Rate 9%
$1,334,622
$1.3M
Market Conditions
NOI Build-Up for 6,222 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
$186.7K $30.00/SF
− Vacancy
−$26.5K −$4.26/SF
EGI
$160.2K $25.74/SF
− OpEx
−$40.0K −$6.44/SF
NOI
$120.1K $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%
$2,402,320
Cap Rate 7%
$1,715,943
Cap Rate 9%
$1,334,622
Alternative Uses
Best Use
Office B
$1.72M
$1.50M – $2.00M
NOI $120,116 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.46M
$2.15M – $2.87M
NOI $172,026 @ 7.0% cap · market cap 8.71%
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
3,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
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?
Creative space - Two-parcel property with existing improvements and current tenant occupancy in a CN-1-3 zone with Complete Communities Tier 3 overlay.
Where is this creative space located?
The property is located at 3065 Reynard Way San Diego, CA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Two legal parcels totaling approx. 14,246 SF with 6,222 SF of existing improvements; Currently occupied by a mix of creative, studio, wellness, and service‑oriented tenants providing in‑place income; Zoned CN‑1‑3 with Complete Communities Tier 3 overlay
