Bankers Hill Mixed-Use
For Sale
Contact for pricing
3356-3368 2nd Avenue, San Diego, CA 92103
Centrally located property in Bankers Hill with office and retail.
Property Size6,844 SF
Price / SF$555.23
Days on Market154
Property Features for 3356-3368 2nd Avenue
General Information
Standard status
Active
Size
6,844 SF
Total Parking Spaces
20
Property subtype
Retail, Office
Investment Type
Owner/User
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Commercial Asset Advisors
(858) 360-3000
Listed By:
Matt Monterroso · License #CA 02073919
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Jul 23 at 2:51PM
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 Commercial Asset Advisors
Investment Insights
Based on property information with market context.
Located in the well-established Bankers Hill neighborhood, this property benefits from a central location known for its historic character and a mix of office, dining, and retail uses. The adjacent Hillcrest submarket is a desirable area for both residential and commercial real estate, supported by long-term demand and stable property values. The property is strategically positioned with convenient access to North Park, Mission Bay, Pacific Beach, Old Town, Downtown San Diego, Mission Valley, and San Diego International Airport. The property is 6,844 square feet and suitable for office and retail purposes.
Key Highlights
- Centrally located in Bankers Hill, a well‑established neighborhood.
- Convenient access to North Park, Mission Bay, Pacific Beach, Old Town, Downtown San Diego, Mission Valley, and San Diego International Airport.
- Recognized for its historic character.
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
$165,208
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
4.35%
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%
$3,304,160
$3.3M
Cap Rate 7%
$2,360,114
$2.4M
Cap Rate 9%
$1,835,644
$1.8M
Market Conditions
NOI Build-Up for 6,844 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
$246.4K $36.00/SF
− Vacancy
−$10.4K −$1.52/SF
EGI
$236.0K $34.48/SF
− OpEx
−$70.8K −$10.35/SF
NOI
$165.2K $24.14/SF
Area
San Diego, CA
Vacancy
4.21%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,304,160
Cap Rate 7%
$2,360,114
Cap Rate 9%
$1,835,644
Alternative Uses
Best Use
Retail
$2.36M
$2.07M – $2.75M
NOI $165,208 @ 7.0% cap · market cap 4.35%
Second Best
Office B
$1.89M
$1.65M – $2.20M
NOI $132,123 @ 7.0% cap · market cap 3.48%
Theoretical Best
Specialty Retail
$2.70M
$2.37M – $3.15M
NOI $189,223 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,116
Businesses Nearby
Balanced
Demand for This Use
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?
Office space - Centrally located property in Bankers Hill with office and retail.
Where is this office space located?
The property is located at 3356-3368 2nd Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Centrally located in Bankers Hill, a well‑established neighborhood.; Convenient access to North Park, Mission Bay, Pacific Beach, Old Town, Downtown San Diego, Mission Valley, and San Diego International Airport.; Recognized for its historic character.
