Flex/Office Building with T-Bar
For Sale
Contact for pricing
4616 Mission Gorge Pl, San Diego, CA 92120
Fee-simple flex/office building with drop T-bar ceilings, replaced roof and select HVAC, and about 15 on-site parking spaces.
Property Size5,400 SF
Lot Size0.13 Acres
Price / SF$411.11
Days on Market155
Property Features for 4616 Mission Gorge Pl
General Information
Standard status
Active
Size
5,400 SF
Total Parking Spaces
15
Lot size
0.13 Acres
Property subtype
Industrial, Office, Retail
Zoning
CC 3-8
Investment Type
Owner/User
Additional Details
Clear Height
10 ft
Building Details
Year Built
1971
Buildings
1
Stories
1
Units
2
Construction
concrete block
Listing Agency:
Commercial Properties Services
Listed By:
Steve Salmons · License #CA 00874893
Source:
Crexi
Added: Apr 6
Changed: Aug 26
Last Checked: Sep 1 at 4:56AM
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 Commercial Properties Services
Investment Insights
Based on property information with market context.
Fee simple flex/office building totaling approximately 5,400 sq. ft., with a lot size of approximately 5,760 sq. ft. The interior includes drop T-bar ceiling grid with heights described as approximately 10’ +/- and approximately 13’ +/- to roof. Construction is concrete block.
The property is zoned CC 3-8, with the information provided indicating potential for a variety of uses, including office, retail, medical, dental, and light industrial uses. Parking is reported as 15 spaces per the CoStar property report, and there is a reciprocal parking agreement with Caster Business Park Construction.
Roof and some HVAC units were replaced within the last four years. The building is described as deliverable vacant at the close of escrow, subject to buyer verification of zoning, parking count, and all dimensions and details.
The property is zoned CC 3-8, with the information provided indicating potential for a variety of uses, including office, retail, medical, dental, and light industrial uses. Parking is reported as 15 spaces per the CoStar property report, and there is a reciprocal parking agreement with Caster Business Park Construction.
Roof and some HVAC units were replaced within the last four years. The building is described as deliverable vacant at the close of escrow, subject to buyer verification of zoning, parking count, and all dimensions and details.
Key Highlights
- Fee‑simple commercial/flex office building built in 1971 with approx. 5,400 SF.
- Approx. 15 on‑site parking spaces, plus reciprocal parking agreement with Caster Business Park.
- Zoned CC 3‑8, with potential uses including office, retail, medical, dental, and light industrial.
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
$104,247
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
4.70%
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%
$2,084,940
$2.1M
Cap Rate 7%
$1,489,243
$1.5M
Cap Rate 9%
$1,158,300
$1.2M
Market Conditions
NOI Build-Up for 5,400 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
$162.0K $30.00/SF
− Vacancy
−$23.0K −$4.26/SF
EGI
$139.0K $25.74/SF
− OpEx
−$34.7K −$6.44/SF
NOI
$104.2K $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%
$2,084,940
Cap Rate 7%
$1,489,243
Cap Rate 9%
$1,158,300
Alternative Uses
Best Use
Office B
$1.49M
$1.30M – $1.74M
NOI $104,247 @ 7.0% cap · market cap 4.70%
Second Best
Flex RnD
$1.12M
$979.3K – $1.31M
NOI $78,343 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$2.13M
$1.87M – $2.49M
NOI $149,299 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
3,035
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92120, CA
30,768
Population
13,253
Households
2.3
Avg Household Size
40
Median Age
57%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
3,996
Density / Sq Mi
$114,579
Median Household Income
$61,123
Median Earnings
$2,416
Median Rent
$870,200
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?
Flex space - Fee-simple flex/office building with drop T-bar ceilings, replaced roof and select HVAC, and about 15 on-site parking spaces.
Where is this flex space located?
The property is located at 4616 Mission Gorge Pl San Diego, CA.
What is the asking price?
The asking price for this property is $2,220,000.
What are key features of this property?
This property features: Fee‑simple commercial/flex office building built in 1971 with approx. 5,400 SF.; Approx. 15 on‑site parking spaces, plus reciprocal parking agreement with Caster Business Park.; Zoned CC 3‑8, with potential uses including office, retail, medical, dental, and light industrial.
