Updated Mixed-Use Office-Retail
For Sale
$4,500,000
3675 Voltaire St, San Diego, CA 92106
Retail space at grade is paired with offices above in a flexible commercial layout.
Property Size11,060 SF
Price / SF$406.87
Days on Market110
Property Features for 3675 Voltaire St
General Information
Standard status
Active
Size
11,060 SF
Property subtype
Vacant-User
Amenities
Rare large-format mixed-use offering in Point Loma, only one comparable building has traded in this zip code in the last five years. Corner Lot on Voltaire & Poinsettia.
13 suites across a flexible office-over-retail layout with 6 surface parking spaces. 8 occupied suites with 5 immediately available for user or re-tenanting. All leases short-term and below market.
Major capital improvements completed, new roof, two new HVAC units, exterior paint, beams, staircase, exterior windows
Supply-constrained submarket with strong demographics and no new commercial pipeline. Embedded Point Loma location directly adjacent to Point Loma High School.
Dual-path opportunity, ideal for the owner-user and compelling for the value-add investor
Building Details
Building Size
11,060 SF
Year Built
1960
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap | The Mansour Group
(858) 373-3159
Listed By:
Nicholas Totah · License #License(s): CA: CA 01922255
(858) 373-3159
Source:
Marcusmillichap
Added: May 14
Changed: Aug 30
Last Checked: Aug 31 at 12:54PM
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 Marcus & Millichap | The Mansour Group
Investment Insights
Based on property information with market context.
This 11,060-square-foot mixed-use building contains 13 suites arranged with retail at grade and office space above. Built in 1960, the property retains mid-century architectural elements, including wooden beams, while receiving substantial recent improvements. Work includes a new roof, two new HVAC units, fresh exterior paint, refinished beams, a new staircase, and new exterior windows.
Eight suites are occupied, while five are currently available. Existing leases are short-term and structured on a gross basis, providing a mix of occupied and available space within the building. The property is located at 3675 Voltaire Street in San Diego’s Point Loma area, directly adjacent to Point Loma High School.
Eight suites are occupied, while five are currently available. Existing leases are short-term and structured on a gross basis, providing a mix of occupied and available space within the building. The property is located at 3675 Voltaire Street in San Diego’s Point Loma area, directly adjacent to Point Loma High School.
Key Highlights
- 11,060 SF mixed‑use building with 13 suites
- Retail‑at‑grade and office‑above configuration
- Eight of 13 suites occupied; five suites available
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
$266,978
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
5.93%
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%
$5,339,560
$5.3M
Cap Rate 7%
$3,813,971
$3.8M
Cap Rate 9%
$2,966,422
$3.0M
Market Conditions
NOI Build-Up for 11,060 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
$398.2K $36.00/SF
− Vacancy
−$16.8K −$1.52/SF
EGI
$381.4K $34.48/SF
− OpEx
−$114.4K −$10.35/SF
NOI
$267.0K $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%
$5,339,560
Cap Rate 7%
$3,813,971
Cap Rate 9%
$2,966,422
Alternative Uses
Best Use
Retail
$3.81M
$3.34M – $4.45M
NOI $266,978 @ 7.0% cap · market cap 5.93%
Second Best
Mixed Use
$3.05M
$2.67M – $3.56M
NOI $213,679 @ 7.0% cap · market cap 4.75%
Theoretical Best
Specialty Retail
$4.37M
$3.82M – $5.10M
NOI $305,787 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Explore this area
Business Placement
Demographics for 92106, CA
20,214
Population
7,908
Households
2.6
Avg Household Size
39
Median Age
63%
College-Educated
97%
High-School Grad
5.7 sq mi
ZIP Area
3,546
Density / Sq Mi
$127,209
Median Household Income
$55,428
Median Earnings
$2,231
Median Rent
$1,359,000
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?
Mixed-use property - Retail space at grade is paired with offices above in a flexible commercial layout.
Where is this mixed-use property located?
The property is located at 3675 Voltaire St San Diego, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 11,060 SF mixed‑use building with 13 suites; Retail‑at‑grade and office‑above configuration; Eight of 13 suites occupied; five suites available
