Five-Story Mixed-Use Development
For Sale
$1,890,000
6365 Imperial Avenue, San Diego, CA 92114
Preliminary city review completed for a five-story mixed-use building with 44 units and first-floor commercial space.
Property Size4,569 SF
Price / SF$413.66
Days on Market454
Property Features for 6365 Imperial Avenue
General Information
Standard status
Active
Size
4,569 SF
Total Parking Spaces
9
Property subtype
Commercial Sale / Multi Family
Zoning
CN 1-4
Net Operating Income
$91,875
Listing Agency:
Jason Mithcell Real Estate
Listed By:
Rafael Mendez · License #01482855
(310) 720-6627
Source:
Compass
Added: Jun 11, 2025
Changed: Aug 22
Last Checked: Aug 14 at 7:59AM
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 Jason Mithcell Real Estate
Investment Insights
Based on property information with market context.
The site is positioned for a proposed five-story mixed-use building comprising 44 units, with commercial space planned for the first floor and apartments on the second through fifth floors. The city of San Diego has completed a preliminary review for the project.
The property currently includes four existing buildings: one front commercial space, one duplex, one detached 3-bedroom/1-bath dwelling, and one detached 1-bedroom/1-bath studio. All units are tenant occupied, allowing for continued rent collection while permits are obtained to begin construction.
The location is described as centrally located near freeways, shopping, and downtown San Diego, in the Encanto area of San Diego County, where new construction activity is noted in the surrounding neighborhood.
The property currently includes four existing buildings: one front commercial space, one duplex, one detached 3-bedroom/1-bath dwelling, and one detached 1-bedroom/1-bath studio. All units are tenant occupied, allowing for continued rent collection while permits are obtained to begin construction.
The location is described as centrally located near freeways, shopping, and downtown San Diego, in the Encanto area of San Diego County, where new construction activity is noted in the surrounding neighborhood.
Key Highlights
- Preliminary city of San Diego review completed for a five‑story mixed‑use building with 44 units
- Plan includes commercial space on the first floor and apartments on the second through fifth floors
- Current site has 4 existing buildings: one front commercial space, one duplex, one 3BR/1BA detached dwelling, and one 1BR/1BA detached studio
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
$95,869
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
5.07%
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%
$1,917,380
$1.9M
Cap Rate 7%
$1,369,557
$1.4M
Cap Rate 9%
$1,065,211
$1.1M
Market Conditions
NOI Build-Up for 4,569 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
$183.7K $40.20/SF
− Vacancy
−$9.4K −$2.05/SF
EGI
$174.3K $38.15/SF
− OpEx
−$78.4K −$17.17/SF
NOI
$95.9K $20.98/SF
Area
ZIP 92114
Vacancy
5.10%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,917,380
Cap Rate 7%
$1,369,557
Cap Rate 9%
$1,065,211
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,869 @ 7.0% cap · market cap 5.07%
Second Best
Mixed Use
$1.10M
$963.8K – $1.29M
NOI $77,102 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,409 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 92114, CA
66,248
Population
18,767
Households
3.5
Avg Household Size
37
Median Age
20%
College-Educated
82%
High-School Grad
8.3 sq mi
ZIP Area
7,982
Density / Sq Mi
$90,171
Median Household Income
$41,312
Median Earnings
$1,741
Median Rent
$604,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Preliminary city review completed for a five-story mixed-use building with 44 units and first-floor commercial space.
Where is this mixed-use property located?
The property is located at 6365 Imperial Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Preliminary city of San Diego review completed for a five‑story mixed‑use building with 44 units; Plan includes commercial space on the first floor and apartments on the second through fifth floors; Current site has 4 existing buildings: one front commercial space, one duplex, one 3BR/1BA detached dwelling, and one 1BR/1BA detached studio
