Office Building with
For Sale
Contact for pricing
4470 Park Boulevard, San Diego, CA 92116
Flexible office property with CN-1-4 zoning and on-site surface parking in a walkable urban neighborhood.
Property Size14,594 SF
Price / SF$445.39
Days on Market12
Property Features for 4470 Park Boulevard
General Information
Standard status
Active
Size
14,594 SF
Class
C
Total Parking Spaces
33
Property subtype
Office
Zoning
CN-1-4
Investment Type
Redevelopment
Site & Location
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1958
Buildings
1
Listing Agency:
Urban Property Group, Inc.
(858) 874-1989
Listed By:
Bill Shrader · License #CA 01033317
Source:
Crexi
Added: Aug 12
Changed: Aug 21
Last Checked: Aug 22 at 2:53PM
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 Urban Property Group, Inc.
Investment Insights
Based on property information with market context.
This office property at 4470 Park Boulevard was built in 1958 and offers a flexible configuration suited to single-tenant or multi-tenant occupancy. The property includes 33 surface parking spaces and is located within a Transit Priority Area. CN-1-4 zoning supports high-density redevelopment and associated development incentives as described in the property information.
The building occupies Park Boulevard frontage in University Heights, with access to nearby dining, shopping, and local services. Its setting combines transit access with a walkable neighborhood environment and direct exposure along a prominent urban corridor.
The building occupies Park Boulevard frontage in University Heights, with access to nearby dining, shopping, and local services. Its setting combines transit access with a walkable neighborhood environment and direct exposure along a prominent urban corridor.
Key Highlights
- Office property with flexible single‑tenant or multi‑tenant configuration
- CN‑1‑4 zoning supports high‑density redevelopment
- 33 surface parking spaces
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
$281,737
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
4.33%
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%
$5,634,740
$5.6M
Cap Rate 7%
$4,024,814
$4.0M
Cap Rate 9%
$3,130,411
$3.1M
Market Conditions
NOI Build-Up for 14,594 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
$437.8K $30.00/SF
− Vacancy
−$62.2K −$4.26/SF
EGI
$375.6K $25.74/SF
− OpEx
−$93.9K −$6.44/SF
NOI
$281.7K $19.31/SF
Area
San Diego, CA
Vacancy
14.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,634,740
Cap Rate 7%
$4,024,814
Cap Rate 9%
$3,130,411
Alternative Uses
Best Use
Office B
$4.02M
$3.52M – $4.70M
NOI $281,737 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.76M
$5.04M – $6.72M
NOI $403,495 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,832
Businesses Nearby
Explore this area
Business Placement
Demographics for 92116, CA
31,523
Population
17,827
Households
1.8
Avg Household Size
37
Median Age
58%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
9,271
Density / Sq Mi
$95,775
Median Household Income
$63,420
Median Earnings
$1,903
Median Rent
$898,500
Median Home Value
Market
Vacancy Rate% for Office in San Diego, CA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Flexible office property with CN-1-4 zoning and on-site surface parking in a walkable urban neighborhood.
Where is this office building located?
The property is located at 4470 Park Boulevard San Diego, CA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Office property with flexible single‑tenant or multi‑tenant configuration; CN‑1‑4 zoning supports high‑density redevelopment; 33 surface parking spaces
