North Park Retail/Commercial
For Sale
Contact for pricing
Pending
3451-3465 El Cajon Boulevard, San Diego, CA 92104
Two-story commercial building and single-story retail storefront in North Park.
Property Size19,953 SF
Lot Size0.31 Acres
Days on Market1195
Property Features for 3451-3465 El Cajon Boulevard
General Information
Standard status
Pending
Size
19,953 SF
Class
A
Lot size
0.31 Acres
Property subtype
Office, Retail
Zoning
CT-2-3 & CU-2-3
Occupancy
59%
Lease Type
NNN
Building Details
Buildings
2
Stories
3
Tenancy
Multi
Listing Agency:
CAST CAPITAL PARTNERS
Listed By:
Bret Morriss · License #CA 02037074
(619) 308-6787
Source:
Crexi
Added: May 27, 2023
Changed: Aug 13
Last Checked: Aug 31 at 8:58PM
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.
Located in North Park, San Diego, at 3451-3465 El Cajon Boulevard, this property features a two-story commercial building and a single-story retail storefront. The buildings total approximately 19,953 square feet and are situated on approximately 13,383 square feet of land. The property is located just off Interstate 805 and 15, within walking distance of dining, shopping, and entertainment options. It is suitable for an owner-user looking for an event space, wedding venue, or music venue.
Key Highlights
- Located in the highly desirable North Park community of San Diego.
- Excellent lease or investment opportunity.
- Total building area of approximately 19,953 square feet.
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
$481,647
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
8.56%
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%
$9,632,940
$9.6M
Cap Rate 7%
$6,880,671
$6.9M
Cap Rate 9%
$5,351,633
$5.4M
Market Conditions
NOI Build-Up for 19,953 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
$718.3K $36.00/SF
− Vacancy
−$30.2K −$1.52/SF
EGI
$688.1K $34.48/SF
− OpEx
−$206.4K −$10.35/SF
NOI
$481.6K $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%
$9,632,940
Cap Rate 7%
$6,880,671
Cap Rate 9%
$5,351,633
Alternative Uses
Best Use
Retail
$6.88M
$6.02M – $8.03M
NOI $481,647 @ 7.0% cap · market cap 8.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.88M
$6.90M – $9.19M
NOI $551,661 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,660
Businesses Nearby
126k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 19%
Electronics 3%
Home Improvements & Furnishings 2%
Wells Fargo
Shops & Services
19,030 visits/mo
0.3 miles
Chevron
Shops & Services
13,530 visits/mo
0.5 miles
ARCO
Shops & Services
10,861 visits/mo
0.3 miles
7-Eleven
Shops & Services
10,004 visits/mo
0.1 miles
7-Eleven
Shops & Services
9,619 visits/mo
0.3 miles
Demographics for 92104, CA
44,265
Population
24,580
Households
1.8
Avg Household Size
36
Median Age
55%
College-Educated
94%
High-School Grad
3.7 sq mi
ZIP Area
11,964
Density / Sq Mi
$92,862
Median Household Income
$60,195
Median Earnings
$1,925
Median Rent
$861,600
Median Home Value
Market
Vacancy Rate% for Retail in San Diego, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story commercial building and single-story retail storefront in North Park.
Where is this retail space located?
The property is located at 3451-3465 El Cajon Boulevard San Diego, CA.
What is the asking price?
The asking price for this property is $5,625,000.
What are key features of this property?
This property features: Located in the highly desirable North Park community of San Diego.; Excellent lease or investment opportunity.; Total building area of approximately 19,953 square feet.
