Mixed-Use Building with Restaurant &
For Sale
Contact for pricing
828 Fifth Ave, San Diego, CA 92101
Two-story mixed-use building featuring restaurant and executive office spaces.
Property Size8,729 SF
Price / SF$572.80
Days on Market843
Property Features for 828 Fifth Ave
General Information
Standard status
Active
Size
8,729 SF
Property subtype
Mixed Use, Office, Retail
Investment Type
Value Add
Net Operating Income
$319,040
Building Details
Year Built
1895
Year Renovated
2001
Units
3
Listing Agency:
Marcus & Millichap - San Diego
Listed By:
Ali Valiahdi · License #CA 01980677
(858) 373-3288
Source:
Crexi
Added: May 18, 2024
Changed: Aug 26
Last Checked: Sep 7 at 4:56AM
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 Marcus & Millichap - San Diego
Investment Insights
Based on property information with market context.
This two-story mixed-use building offers 8,729 square feet of space and is currently 85% leased. The first floor is occupied by Sadaf Restaurant and Casa Balance Restaurant, with an average rent of $5.73 per square foot on a NNN lease basis. These leases are set to expire in April 2026 and June 2026, respectively, with no remaining options. The second floor features 12 executive office units, with 9 currently leased to an architecture firm. This lease expires in April 2025 and includes one 5-year fair market option.
Key Highlights
- 2‑Story Mixed Use Building with 8,729 SF
- 85% Leased
- 1st Floor Tenants: Sadaf Restaurant & Casa Balance Restaurant
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
$168,644
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
3.37%
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%
$3,372,880
$3.4M
Cap Rate 7%
$2,409,200
$2.4M
Cap Rate 9%
$1,873,822
$1.9M
Market Conditions
NOI Build-Up for 8,729 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
$293.3K $33.60/SF
− Vacancy
−$23.5K −$2.69/SF
EGI
$269.8K $30.91/SF
− OpEx
−$101.2K −$11.59/SF
NOI
$168.6K $19.32/SF
Area
San Diego, CA
Vacancy
8.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
37.50%
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%
$3,372,880
Cap Rate 7%
$2,409,200
Cap Rate 9%
$1,873,822
Alternative Uses
Best Use
Mixed Use
$2.41M
$2.11M – $2.81M
NOI $168,644 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.45M
$3.02M – $4.02M
NOI $241,339 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,817
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building featuring restaurant and executive office spaces.
Where is this mixed-use property located?
The property is located at 828 Fifth Ave San Diego, CA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 2‑Story Mixed Use Building with 8,729 SF; 85% Leased; 1st Floor Tenants: Sadaf Restaurant & Casa Balance Restaurant
