Mixed-Use Property in Opportunity
For Sale
$795,000
3651 55 Ocean View Boulevard, San Diego, CA 92113
Five-unit mixed-use property with redevelopment potential in San Diego.
Property Size3,450 SF
Lot Size0.16 Acres
Price / SF$230.43
Days on Market102
Property Features for 3651 55 Ocean View Boulevard
General Information
Standard status
Active
Size
3,450 SF
Lot size
0.16 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1926
Listing Agency:
The Browar Group
(858) 349-7183
Listed By:
Grant Myerson · License #02095348
(858) 349-7183
Source:
Exitrealty
Added: May 20
Changed: Aug 25
Last Checked: Aug 29 at 8:12AM
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 The Browar Group
Investment Insights
Based on property information with market context.
The property at 55 Ocean View Blvd, San Diego, CA 92113 is a five-unit mixed-use property totaling approximately 3,450 square feet, situated on a 6,752 square foot lot. Constructed in 1926, the property features two 1-bedroom, 1-bathroom units, each approximately 660 square feet, and three retail units totaling approximately 2,130 square feet. Located in an Opportunity Zone, the property offers a renovation or redevelopment opportunity. The building sustained fire damage previously, and the seller has rebuild plans available. A buyer may also have the opportunity to renovate or reposition the asset to their own vision. The RS-1-7 zoning may make the property attractive for a buyer looking to convert the asset to fully residential use. The property has a walk score of 75, indicating it is very walkable, a transit score of 57, indicating good transit, and a bike score of 40, indicating it is somewhat bikeable.
Key Highlights
- Mixed‑use property with 5 units, featuring 2 residential and 3 retail spaces totaling approximately 3,450 sq ft.
- Located in an Opportunity Zone, offering potential tax benefits for investors.
- Strong renovation or redevelopment opportunity with rebuild plans available for maximizing the property's potential.
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
$66,654
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
8.38%
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%
$1,333,080
$1.3M
Cap Rate 7%
$952,200
$952.2K
Cap Rate 9%
$740,600
$740.6K
Market Conditions
NOI Build-Up for 3,450 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
$115.9K $33.60/SF
− Vacancy
−$9.3K −$2.69/SF
EGI
$106.6K $30.91/SF
− OpEx
−$40.0K −$11.59/SF
NOI
$66.7K $19.32/SF
Area
San Diego, CA
Vacancy
8.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,333,080
Cap Rate 7%
$952,200
Cap Rate 9%
$740,600
Alternative Uses
Best Use
Mixed Use
$952.2K
$833.2K – $1.11M
NOI $66,654 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.36M
$1.19M – $1.59M
NOI $95,386 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 92113, CA
50,457
Population
14,443
Households
3.5
Avg Household Size
32
Median Age
11%
College-Educated
69%
High-School Grad
4.5 sq mi
ZIP Area
11,213
Density / Sq Mi
$59,177
Median Household Income
$31,099
Median Earnings
$1,608
Median Rent
$559,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five-unit mixed-use property with redevelopment potential in San Diego.
Where is this mixed-use property located?
The property is located at 3651 55 Ocean View Boulevard San Diego, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Mixed‑use property with 5 units, featuring 2 residential and 3 retail spaces totaling approximately 3,450 sq ft.; Located in an Opportunity Zone, offering potential tax benefits for investors.; Strong renovation or redevelopment opportunity with rebuild plans available for maximizing the property's potential.
