Kearny Mesa Multi-Tenant Office
For Sale
$4,750,000
4565 Ruffner St, San Diego, CA 92111
Two-story office building near Convoy Street, fully occupied by 27 tenants.
Property Size15,974 SF
Price / SF$297.36
Days on Market138
Property Features for 4565 Ruffner St
General Information
Standard status
Active
Size
15,974 SF
Property subtype
Office
Amenities
Located next to Convoy Street, one of San Diego's busiest commercial corridors
Close proximity to major national retailers including 24-Hour Fitness, CarMax, and Target
Owner-user ability with short term leases in place
Building Details
Building Size
15,974 SF
Year Built
1981
Listing Agency:
Marcus & Millichap | San Diego
Listed By:
Peter Eltaeb · License #License(s): CA: 02143936
(858) 373-3140
Source:
Marcusmillichap
Added: Jun 1
Changed: Oct 4
Last Checked: Oct 16 at 5:50AM
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 | San Diego
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Investment Insights
Based on property information with market context.
The two-story, multi-tenant office building at 4565 Ruffner Street is situated adjacent to Convoy Street, with immediate access to Interstate 805. The building has a total area of 15,974 square feet and is currently 100% occupied by 27 tenants. The property generates $237,116 in annual net operating income. The building has maintained over 90% occupancy for over 10 years, and all tenants are on short-term leases.
Key Highlights
- Prime Kearny Mesa location adjacent to Convoy Street with immediate access to Interstate 805
- Stable in‑place income of $237,116 annual NOI at a 5.00% CAP rate
- Significant rental upside with in‑place rents at $23.62/SF compared to submarket comps at $29.55/SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$308,378
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,167,560
$6.2M
Cap Rate 7%
$4,405,400
$4.4M
Cap Rate 9%
$3,426,422
$3.4M
Market Conditions
NOI Build-Up for 15,974 SF
Gross rent
$479.2K $30.00/SF
− Vacancy
−$68.0K −$4.26/SF
EGI
$411.2K $25.74/SF
− OpEx
−$102.8K −$6.44/SF
NOI
$308.4K $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 Rate 5%
$6,167,560
Cap Rate 7%
$4,405,400
Cap Rate 9%
$3,426,422
Alternative Uses
Best Use
Office B
$4.41M
$3.85M – $5.14M
NOI $308,378 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.31M
$5.52M – $7.36M
NOI $441,649 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,634
Businesses Nearby
Explore this area
Business Placement
Demographics for 92111, CA
46,686
Population
17,624
Households
2.6
Avg Household Size
37
Median Age
43%
College-Educated
88%
High-School Grad
8.5 sq mi
ZIP Area
5,492
Density / Sq Mi
$95,081
Median Household Income
$43,215
Median Earnings
$2,049
Median Rent
$754,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in San Diego, CA
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building near Convoy Street, fully occupied by 27 tenants.
Where is this office building located?
The property is located at 4565 Ruffner St San Diego, CA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Prime Kearny Mesa location adjacent to Convoy Street with immediate access to Interstate 805; Stable in‑place income of $237,116 annual NOI at a 5.00% CAP rate; Significant rental upside with in‑place rents at $23.62/SF compared to submarket comps at $29.55/SF
