High-Visibility Retail
For Sale
Contact for pricing
4222-4228 El Cajon Blvd, San Diego, CA 92105
Retail property with 123 feet of frontage and month-to-month tenants on 6,752 square feet of space.
Property Size6,752 SF
Lot Size0.28 Acres
Price / SF$443.57
Days on Market132
Property Features for 4222-4228 El Cajon Blvd
General Information
Standard status
Active
Size
6,752 SF
Lot size
0.28 Acres
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
South Coast Commercial, Inc
(619) 226-6011
Listed By:
Arby Eivazian · License #01948830
(619) 990-4436
Source:
Moodyscre
Added: May 7
Changed: Sep 7
Last Checked: Sep 14 at 12:21PM
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 South Coast Commercial, Inc
Investment Insights
Based on property information with market context.
4222–4228 El Cajon Boulevard is a high-visibility retail property featuring 123 feet of frontage and 6,752 square feet of retail space. The property sits on a 12,279 square foot site and is currently occupied by tenants on month-to-month leases, supporting immediate interim cash flow while preserving flexibility for future repositioning.
The property is located within the Complete Communities Tier 3 Overlay, allowing up to 6.5 FAR with no on-site parking requirement. A preliminary yield study outlines a potential development concept of approximately 78 multifamily units above roughly 3,000 square feet of ground-floor commercial, totaling nearly 69,000 square feet of buildable area.
The offering is positioned in San Diego’s City Heights neighborhood with proximity to North Park, Normal Heights, and Kensington, supporting walkability and transit access for surrounding demand.
The property is located within the Complete Communities Tier 3 Overlay, allowing up to 6.5 FAR with no on-site parking requirement. A preliminary yield study outlines a potential development concept of approximately 78 multifamily units above roughly 3,000 square feet of ground-floor commercial, totaling nearly 69,000 square feet of buildable area.
The offering is positioned in San Diego’s City Heights neighborhood with proximity to North Park, Normal Heights, and Kensington, supporting walkability and transit access for surrounding demand.
Key Highlights
- 12,279 SF site with 6,752 SF of retail space and 123 feet of frontage on El Cajon Boulevard
- All tenants on month‑to‑month leases for interim cash flow with flexibility for repositioning
- Complete Communities Tier 3 Overlay allows up to 6.5 FAR and no on‑site parking requirement
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
$163,344
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
5.45%
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%
$3,266,880
$3.3M
Cap Rate 7%
$2,333,486
$2.3M
Cap Rate 9%
$1,814,933
$1.8M
Market Conditions
NOI Build-Up for 6,752 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
$243.1K $36.00/SF
− Vacancy
−$9.7K −$1.44/SF
EGI
$233.3K $34.56/SF
− OpEx
−$70.0K −$10.37/SF
NOI
$163.3K $24.19/SF
Area
ZIP 92105
Vacancy
4.00%
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%
$3,266,880
Cap Rate 7%
$2,333,486
Cap Rate 9%
$1,814,933
Alternative Uses
Best Use
Retail
$2.33M
$2.04M – $2.72M
NOI $163,344 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.67M
$2.33M – $3.11M
NOI $186,679 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,871
Businesses Nearby
352k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 34%
Groceries 16%
Electronics 4%
El Super
Groceries
54,815 visits/mo
0.5 miles
McDonald's
Dining
34,397 visits/mo
0.4 miles
Starbucks
Dining
22,144 visits/mo
0.3 miles
Chevron
Shops & Services
21,632 visits/mo
0.4 miles
Starbucks
Dining
21,553 visits/mo
0.5 miles
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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 - Retail property with 123 feet of frontage and month-to-month tenants on 6,752 square feet of space.
Where is this retail space located?
The property is located at 4222-4228 El Cajon Blvd San Diego, CA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 12,279 SF site with 6,752 SF of retail space and 123 feet of frontage on El Cajon Boulevard; All tenants on month‑to‑month leases for interim cash flow with flexibility for repositioning; Complete Communities Tier 3 Overlay allows up to 6.5 FAR and no on‑site parking requirement
