Freestanding Flex Space with Lab
For Sale
$23,500,000
4650 Overland Ave, San Diego, CA 92123
Highly improved flex facility with laboratories, clean rooms, offices, warehouse areas, and employee support amenities.
Property Size56,159 SF
Price / SF$418.45
Days on Market8
Property Features for 4650 Overland Ave
General Information
Standard status
Active
Size
56,159 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Building Size
56,159 SF
Listing Agency:
San Diego
(858) 677-5356
Listed By:
Bob Mooney · License #00836061
(858) 677-5356
Source:
Colliers
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 10:29PM
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 San Diego
Investment Insights
Based on property information with market context.
This 56,159-square-foot freestanding flex facility combines specialized work areas with adaptable office and warehouse components. The interior includes laboratories, clean rooms, conference rooms, private offices, open bullpen areas, a kitchen, lunchroom, lounge, patios, and skylights. Warehouse improvements include multiple dock loading doors, substantial clear height, locker rooms, and showers, supporting a range of operational layouts.
The property is located at 4650 Overland Avenue within the Spectrum Center in Kearny Mesa, San Diego. Interstates 15, 8, and 805 are nearby, along with the 163 and 52 freeways. These routes connect to San Diego within a five-minute drive and reach the Inland Empire and Los Angeles in under two hours. San Diego International Airport is 9.2 miles away, while the surrounding area offers walkable access to a broad range of amenities.
The property is located at 4650 Overland Avenue within the Spectrum Center in Kearny Mesa, San Diego. Interstates 15, 8, and 805 are nearby, along with the 163 and 52 freeways. These routes connect to San Diego within a five-minute drive and reach the Inland Empire and Los Angeles in under two hours. San Diego International Airport is 9.2 miles away, while the surrounding area offers walkable access to a broad range of amenities.
Key Highlights
- 56,159‑square‑foot freestanding flex building at 4650 Overland Avenue
- Laboratories, clean rooms, conference rooms, offices, bullpen areas, and employee lounge spaces
- Warehouse areas with multiple dock loading doors and substantial clear height
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
$814,755
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
3.47%
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%
$16,295,100
$16.3M
Cap Rate 7%
$11,639,357
$11.6M
Cap Rate 9%
$9,052,833
$9.1M
Market Conditions
NOI Build-Up for 56,159 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
$1.35M $24.00/SF
− Vacancy
−$94.3K −$1.68/SF
EGI
$1.25M $22.32/SF
− OpEx
−$438.7K −$7.81/SF
NOI
$814.8K $14.51/SF
Area
San Diego, CA
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$16,295,100
Cap Rate 7%
$11,639,357
Cap Rate 9%
$9,052,833
Alternative Uses
Best Use
Flex RnD
$11.64M
$10.18M – $13.58M
NOI $814,755 @ 7.0% cap · market cap 3.47%
Second Best
Warehouse
$11.52M
$10.08M – $13.44M
NOI $806,476 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$22.18M
$19.41M – $25.88M
NOI $1,552,684 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,943
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92123, CA
30,937
Population
13,108
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
93%
High-School Grad
8.6 sq mi
ZIP Area
3,597
Density / Sq Mi
$121,856
Median Household Income
$55,111
Median Earnings
$2,798
Median Rent
$799,600
Median Home Value
Market
Vacancy Rate% for Industrial in San Diego, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Highly improved flex facility with laboratories, clean rooms, offices, warehouse areas, and employee support amenities.
Where is this flex space located?
The property is located at 4650 Overland Ave San Diego, CA.
What is the asking price?
The asking price for this property is $23,500,000.
What are key features of this property?
This property features: 56,159‑square‑foot freestanding flex building at 4650 Overland Avenue; Laboratories, clean rooms, conference rooms, offices, bullpen areas, and employee lounge spaces; Warehouse areas with multiple dock loading doors and substantial clear height
