Main Street Motel Repositioning
3494 Main Street San Diego, CA 92113
3494 Main Street, San Diego, CA, 92113
Contact for pricing
For Sale
Contact for pricing
Former 27-room motel on 0.51 acres for redevelopment.
Property Size10,834 SF
Lot Size0.51 Acres
Price / SF$161.53
Days on Market65
Property Features for 3494 Main Street
General Information
- Standard status
- Active
- Size
- 10,834 SF
- Lot size
- 0.51 Acres
- Property subtype
- Hospitality
Listing Agency
NewGen Advisory
(520) 664-4091
Listed by
Kishan Gohel · License #SA684403000
Source
Crexi
Added: May 15 Checked: Jul 17 at 10:29 am
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 NewGen Advisory
Investment Insights
Based on property information with market context.
The Main Street Motel is a former 27-room, two-story independent economy hotel situated in San Diego’s South/East submarket. The property is located on a 0.51-acre urban lot and offers visibility along Main Street, with convenient access to Interstate 5, public transit, and San Diego International Airport. The property has IH-1-1 zoning and features exterior corridor access and surface parking. The layout is functional. The property is currently closed and presents a repositioning opportunity for investors and developers. Located within an Opportunity Zone, the asset offers potential for redevelopment, conversion to a recognized hotel brand, or renovation to maximize the site’s potential. The property is permit-ready, with asbestos abatement and demolition work already completed and approved by city inspection, allowing a buyer to begin renovation immediately. The building size is 10,834 square feet.
Key Highlights
- Permit‑ready: Asbestos abatement and demolition completed and approved, allowing immediate renovation.
- Repositioning opportunity: Ideal for redevelopment, conversion to a recognized hotel brand, or renovation.
- Opportunity Zone: Offers potential tax benefits for investors and developers.
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $156.0k | $14.40 |
| − Vacancy | −$15.6k | −$1.44 |
| EGI | $140.4k | $12.96 |
| − OpEx | −$73.7k | −$6.80 |
| NOI | $66.7k | $6.16 |
10,834 SF · lease $14.40/SF/yr · vacancy 10.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$952.8K
$833.7K – $1.11M
NOI $66,694 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.28M
$3.74M – $4.99M
NOI $299,538 @ 7.0% cap · market cap 17.12%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ALVASA Store
Party Supply Store
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FAQs
What type of property is this?
Motel - Former 27-room motel on 0.51 acres for redevelopment.
Where is this motel located?
The property is located at 3494 Main Street San Diego, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Permit‑ready: Asbestos abatement and demolition completed and approved, allowing immediate renovation.; Repositioning opportunity: Ideal for redevelopment, conversion to a recognized hotel brand, or renovation.; Opportunity Zone: Offers potential tax benefits for investors and developers.
