Mixed-Use Office and Retail
For Sale
$1,189,000
825-829 Washington St., San Diego, CA 92103
COMMERCIAL - San Diego, CA
Property Size1,778 SF
Lot Size0.03 Acres
Price / SF$668.73
Days on Market527
Property Features for 825-829 Washington St.
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Subdivision
MISSION HILLS (92103)
Standard status
Active
APN
444-690-24-00
Size
1,778 SF
Lot size
0.03 Acres
Utilities
Cooling system
Electric, Central Air, Heat Pump
Building Details
Year built
1958
Floors in Building
2
Number of units
3
Listing Agency:
VO Properties & Investments
(858) 864-8118
Listed By:
Teresa Vo · License #01341470
(858) 864-8118
Added: Mar 4, 2025
Changed: Aug 6
Last Checked: Aug 13 at 9:06AM
MLS# 250020442
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property contains three units combining office and retail space, presented with a mix of modern upgrades and vintage-inspired character. The property has been significantly refreshed with improvements that include a new roof, HVAC, asphalt, flooring, windows, electrical, lighting, plumbing, relined sewer, fencing, security features, interior paint and finishes, and a two-story exterior mural.
The building is located at 825-829 Washington St. in San Diego’s Hillcrest area. Public remarks note high visibility with foot and vehicle traffic, with surrounding uses including apartments and a range of neighborhood services. The property is described as being about one block from the 163.
With three separate units on-site, the configuration supports multiple occupancy options within the same building, with the updated systems and finishes intended to reduce near-term capital needs.
The building is located at 825-829 Washington St. in San Diego’s Hillcrest area. Public remarks note high visibility with foot and vehicle traffic, with surrounding uses including apartments and a range of neighborhood services. The property is described as being about one block from the 163.
With three separate units on-site, the configuration supports multiple occupancy options within the same building, with the updated systems and finishes intended to reduce near-term capital needs.
Key Highlights
- 3 units on Washington Street in Hillcrest, San Diego.
- Upgrades include new roof, HVAC, asphalt, flooring, windows, electrical, lighting, plumbing, relined sewer, and interior paint/finishes.
- HVAC includes central air and a heat pump with electric cooling.
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
Office B
$490.3K
$429.1K – $572.1K
NOI $34,324 @ 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
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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?
Office units - Three remodeled office and retail units at 825-829 Washington St. offer extensive exterior and systems upgrades.
Where is this office units 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: 3 units on Washington Street in Hillcrest, San Diego.; Upgrades include new roof, HVAC, asphalt, flooring, windows, electrical, lighting, plumbing, relined sewer, and interior paint/finishes.; HVAC includes central air and a heat pump with electric cooling.
