Remodeled Mixed-Use Property in
For Sale
Contact for pricing
825-829 Washington St., San Diego, CA 92103
Remodeled office and retail space in dynamic Hillcrest neighborhood.
Property Size1,778 SF
Price / SF$668.73
Days on Market527
Property Features for 825-829 Washington St.
General Information
Standard status
Active
Size
1,778 SF
Property subtype
Office, Retail, Industrial
Building Details
Year Built
1958
Buildings
1
Stories
2
Units
3
Listing Agency:
VO Properties & Investments
(858) 864-8118
Listed By:
Teresa Vo · License #01341470
Source:
Crexi
Added: Mar 3, 2025
Changed: Aug 8
Last Checked: Aug 12 at 7:07AM
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 VO Properties & Investments
Investment Insights
Based on property information with market context.
Located in the heart of Hillcrest, this mixed-use property features remodeled office and retail space. The property, totaling 1778 square feet, is situated on bustling Washington Street, offering high visibility with exceptional foot and vehicle traffic. The surrounding area includes apartments, homes, bars, restaurants, coffee houses, medical and law offices, clinics, hospitals, and vintage boutiques. The location is just one block from the 163. Upgrades to the property include a new roof, HVAC system, asphalt, flooring, windows, electrical system, lighting, plumbing, relined sewer, fencing, security features, a two-story exterior mural, and interior paint and finishes. This property is suitable for both owner-users and developers.
Key Highlights
- Prime Hillcrest location on bustling Washington Street with high foot and vehicle traffic.
- Completely remodeled with modern upgrades including new roof, HVAC, flooring, windows, electrical, plumbing, and more.
- Mixed‑use opportunity ideal for both owner‑users and developers.
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
$42,919
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
3.61%
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%
$858,380
$858.4K
Cap Rate 7%
$613,129
$613.1K
Cap Rate 9%
$476,878
$476.9K
Market Conditions
NOI Build-Up for 1,778 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
$64.0K $36.00/SF
− Vacancy
−$2.7K −$1.52/SF
EGI
$61.3K $34.48/SF
− OpEx
−$18.4K −$10.35/SF
NOI
$42.9K $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%
$858,380
Cap Rate 7%
$613,129
Cap Rate 9%
$476,878
Alternative Uses
Best Use
Retail
$613.1K
$536.5K – $715.3K
NOI $42,919 @ 7.0% cap · market cap 3.61%
Second Best
Mixed Use
$490.7K
$429.4K – $572.5K
NOI $34,351 @ 7.0% cap · market cap 2.89%
Theoretical Best
Specialty Retail
$702.3K
$614.5K – $819.3K
NOI $49,158 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,651
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
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 - Remodeled office and retail space in dynamic Hillcrest neighborhood.
Where is this mixed-use property located?
The property is located at 825-829 Washington St. San Diego, CA.
What is the asking price?
The asking price for this property is $1,189,000.
What are key features of this property?
This property features: Prime Hillcrest location on bustling Washington Street with high foot and vehicle traffic.; Completely remodeled with modern upgrades including new roof, HVAC, flooring, windows, electrical, plumbing, and more.; Mixed‑use opportunity ideal for both owner‑users and developers.
