Retail Building with On-Site
For Sale
Contact for pricing
600 W Grape St, San Diego, CA 92101
Downtown San Diego retail property with an NNN lease structure and an existing 7-Eleven tenancy.
Property Size6,532 SF
Price / SF$650.64
Days on Market160
Property Features for 600 W Grape St
General Information
Standard status
Active
Size
6,532 SF
Property subtype
Retail
Building Details
Units
4
Listing Agency:
Urban Property Group
(858) 874-1989
Listed By:
Joe Brady · License #01908072
Source:
Crexi
Added: Mar 25
Changed: Aug 31
Last Checked: Aug 30 at 7:47AM
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
Investment Insights
Based on property information with market context.
Il Palazzo is a 6,532-square-foot retail property at 600 W Grape St in San Diego’s Little Italy district. The asset includes on-site parking with 5 tandem spaces and is leased under an NNN structure to 7-Eleven. The property also features a diversified tenant mix.
The location provides immediate access to I-5 and sits along major ingress and egress thoroughfares serving Downtown San Diego. Nearby establishments include LALA, Cloak & Petal, Bolt Brewery, and Born & Raised. More than 5,000 residential units are proposed or under construction in the surrounding development pipeline.
The location provides immediate access to I-5 and sits along major ingress and egress thoroughfares serving Downtown San Diego. Nearby establishments include LALA, Cloak & Petal, Bolt Brewery, and Born & Raised. More than 5,000 residential units are proposed or under construction in the surrounding development pipeline.
Key Highlights
- 6,532‑square‑foot retail property at 600 W Grape St, San Diego, CA 92101
- On‑site parking with 5 tandem spaces
- NNN lease structure with 7‑Eleven tenancy
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
$157,676
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
3.71%
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%
$3,153,520
$3.2M
Cap Rate 7%
$2,252,514
$2.3M
Cap Rate 9%
$1,751,956
$1.8M
Market Conditions
NOI Build-Up for 6,532 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
$235.2K $36.00/SF
− Vacancy
−$9.9K −$1.52/SF
EGI
$225.3K $34.48/SF
− OpEx
−$67.6K −$10.35/SF
NOI
$157.7K $24.14/SF
Area
San Diego, CA
Vacancy
4.21%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,153,520
Cap Rate 7%
$2,252,514
Cap Rate 9%
$1,751,956
Alternative Uses
Best Use
Retail
$2.25M
$1.97M – $2.63M
NOI $157,676 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,597 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,553
Businesses Nearby
169k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Hotels & Casinos 28%
Dining 22%
Blick Art Materials
Shops & Services
18,914 visits/mo
0.1 miles
Shell
Shops & Services
18,524 visits/mo
0.4 miles
Mobil
Shops & Services
15,152 visits/mo
0.1 miles
Chevron
Shops & Services
15,047 visits/mo
0.3 miles
Jack in the Box
Dining
14,768 visits/mo
0.3 miles
Demographics for 92101, CA
47,505
Population
32,909
Households
1.4
Avg Household Size
39
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
8,797
Density / Sq Mi
$90,477
Median Household Income
$72,371
Median Earnings
$2,351
Median Rent
$740,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Downtown San Diego retail property with an NNN lease structure and an existing 7-Eleven tenancy.
Where is this retail space located?
The property is located at 600 W Grape St San Diego, CA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 6,532‑square‑foot retail property at 600 W Grape St, San Diego, CA 92101; On‑site parking with 5 tandem spaces; NNN lease structure with 7‑Eleven tenancy
