Downtown San Diego Mixed-Use
For Sale
Contact for pricing
640 Broadway, San Diego, CA 92101
Mixed-use building in downtown San Diego with redevelopment potential.
Property Size29,096 SF
Lot Size0.23 Acres
Price / SF$271.51
Days on Market147
Property Features for 640 Broadway
General Information
Standard status
Active
Size
29,096 SF
Total Parking Spaces
52
Lot size
0.23 Acres
Property subtype
Retail, Office, Mixed Use
Zoning
CCPD-CORE
Investment Type
Redevelopment
Building Details
Year Built
1920
Stories
42
Units
384
Tenancy
Multi
Listing Agency:
Lee & Associates San Diego - Carlsbad
(760) 448-2442
Listed By:
Michael Golden · License #CA 01359892
Source:
Crexi
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 11 at 9:01AM
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 Lee & Associates San Diego - Carlsbad
Investment Insights
Based on property information with market context.
The property at 640 Broadway is centrally located in the Downtown San Diego Core, near the Gaslamp Quarter, Horton Plaza, and Civic Theatre, with access to retail, dining, entertainment, and employment amenities. The location offers walkability and convenient access to Interstate 5, Interstate 163, Highway 94, and multiple trolley and bus lines, providing connectivity throughout San Diego County. The property consists of approximately 0.23 acres (10,032 square feet) and includes a 29,096-square-foot mixed-use building currently accommodating retail, restaurant, office, and commercial uses. Situated within the Downtown San Diego submarket, the property is zoned CCPD-CORE (Centre City Planned District - Core District) and lies within the Complete Communities Downtown Area, allowing for unlimited FAR and significant high-density development potential. Architecturally developed concept plans illustrate a potential 384-unit residential development, positioning the site as a high-rise residential mixed-use redevelopment opportunity.
Key Highlights
- Unlimited FAR and high‑density development potential.
- Redevelopment opportunity for a high‑rise residential mixed‑use project with architecturally developed concept plans for 384 units.
- Prime downtown location near Gaslamp Quarter, Horton Plaza, and Civic Theatre.
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
$702,351
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
8.89%
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%
$14,047,020
$14.0M
Cap Rate 7%
$10,033,586
$10.0M
Cap Rate 9%
$7,803,900
$7.8M
Market Conditions
NOI Build-Up for 29,096 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
$1.05M $36.00/SF
− Vacancy
−$44.1K −$1.52/SF
EGI
$1.00M $34.48/SF
− OpEx
−$301.0K −$10.35/SF
NOI
$702.4K $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%
$14,047,020
Cap Rate 7%
$10,033,586
Cap Rate 9%
$7,803,900
Alternative Uses
Best Use
Specialty Retail
$11.49M
$10.06M – $13.41M
NOI $804,446 @ 7.0% cap · market cap 10.18%
Second Best
Retail
$10.03M
$8.78M – $11.71M
NOI $702,351 @ 7.0% cap · market cap 8.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,985
Businesses Nearby
Explore this area
Business Placement
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 Office in San Diego, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in downtown San Diego with redevelopment potential.
Where is this mixed-use property located?
The property is located at 640 Broadway San Diego, CA.
What is the asking price?
The asking price for this property is $7,900,000.
What are key features of this property?
This property features: Unlimited FAR and high‑density development potential.; Redevelopment opportunity for a high‑rise residential mixed‑use project with architecturally developed concept plans for 384 units.; Prime downtown location near Gaslamp Quarter, Horton Plaza, and Civic Theatre.
