Mixed-Use Restaurant and Office
For Sale
$31,000,000
4475 Mission Bouleard San Diego, San Diego, CA 92109
Combines ground-floor retail and restaurants with executive office suites above.
Property Size38,103 SF
Lot Size1.43 Acres
Price / SF$813.58
Days on Market50
Property Features for 4475 Mission Bouleard San Diego
General Information
Standard status
Active
Size
38,103 SF
Total Parking Spaces
121
Lot size
1.43 Acres
Property subtype
Land
Zoning
CC-4-2
Additional Details
Office Units
45
Amenities
onsite manager
printing room
conference room
Level
62500
1.4348
Building Details
Buildings
1
Building Size
38,103 SF
Tenancy
Multi
Listing Agency:
Tony Franco Realty, Inc
(888) 584-9427
Listed By:
Raymond Plummer · License #01950498
(888) 584-9427
Source:
Ca.exprealty
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 31 at 1:08PM
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 Tony Franco Realty, Inc
Investment Insights
Based on property information with market context.
This mixed-use property contains 38,103 square feet across ground-floor retail and restaurant space with executive offices on the second level. The lower floor includes three restaurants, a clothing store, and 7,100 square feet of vacant retail space formerly occupied by Sketchers. Ground-floor tenants are under triple net lease agreements.
The upper level includes approximately 45 executive offices, an onsite manager’s office, a printing room, and a large conference room. Office lease terms have less than one year remaining. Certain suites overlook the retail area, while others face Garnet Avenue and the ocean. The property encompasses six parcels totaling 62,500 square feet, or 1.43 acres, and includes 121 parking spaces. Zoning is CC-4-2.
The upper level includes approximately 45 executive offices, an onsite manager’s office, a printing room, and a large conference room. Office lease terms have less than one year remaining. Certain suites overlook the retail area, while others face Garnet Avenue and the ocean. The property encompasses six parcels totaling 62,500 square feet, or 1.43 acres, and includes 121 parking spaces. Zoning is CC-4-2.
Key Highlights
- 38,103‑square‑foot mixed‑use building with restaurants, retail, and executive offices
- Ground floor includes three restaurants, a clothing store, and 7,100 square feet of vacant retail space
- Approximately 45 executive offices with onsite manager, printing room, and large conference room
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
$1,053,472
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
3.40%
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%
$21,069,440
$21.1M
Cap Rate 7%
$15,049,600
$15.0M
Cap Rate 9%
$11,705,244
$11.7M
Market Conditions
NOI Build-Up for 38,103 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
$1.46M $38.40/SF
− Vacancy
−$58.5K −$1.54/SF
EGI
$1.40M $36.86/SF
− OpEx
−$351.2K −$9.22/SF
NOI
$1.05M $27.65/SF
Area
San Diego, CA
Vacancy
4.00%
Lease Rate
$38.40 /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%
$21,069,440
Cap Rate 7%
$15,049,600
Cap Rate 9%
$11,705,244
Alternative Uses
Best Use
Specialty Retail
$15.05M
$13.17M – $17.56M
NOI $1,053,472 @ 7.0% cap · market cap 3.40%
Second Best
Retail
$13.14M
$11.50M – $15.33M
NOI $919,771 @ 7.0% cap · market cap 2.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
45
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 92109, CA
44,671
Population
26,503
Households
1.7
Avg Household Size
35
Median Age
70%
College-Educated
97%
High-School Grad
7.6 sq mi
ZIP Area
5,878
Density / Sq Mi
$118,300
Median Household Income
$71,054
Median Earnings
$2,362
Median Rent
$1,136,000
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 - Combines ground-floor retail and restaurants with executive office suites above.
Where is this mixed-use property located?
The property is located at 4475 Mission Bouleard San Diego San Diego, CA.
What is the asking price?
The asking price for this property is $31,000,000.
What are key features of this property?
This property features: 38,103‑square‑foot mixed‑use building with restaurants, retail, and executive offices; Ground floor includes three restaurants, a clothing store, and 7,100 square feet of vacant retail space; Approximately 45 executive offices with onsite manager, printing room, and large conference room
