El Cajon Redevelopment
For Sale
Contact for pricing
939 W Main, El Cajon, CA 92020
Prime corner lot for mixed-use redevelopment in El Cajon.
Property Size3,800 SF
Lot Size0.48 Acres
Price / SF$394.42
Days on Market672
Property Features for 939 W Main
General Information
Standard status
Active
Size
3,800 SF
Class
C
Total Parking Spaces
6
Lot size
0.48 Acres
Property subtype
Office, Retail, Industrial
Zoning
Mixed Use
Investment Type
Redevelopment
Building Details
Year Built
1972
Buildings
1
Units
1
Listing Agency:
Pacific Coast Commercial
(858) 266-8329
Listed By:
Lesha Montoya · License #CA 02007808
Source:
Crexi
Added: Oct 18, 2024
Changed: Aug 8
Last Checked: Aug 19 at 9:25AM
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 Pacific Coast Commercial
Investment Insights
Based on property information with market context.
Located on the west corner of W. Main Street and Millar Avenue in El Cajon, this property is available for sale for the first time in 40 years. The site currently houses an existing industrial warehouse, and the seller is open to selling licenses. Alternatively, the corner location presents an opportunity for redevelopment into a new mixed-use project featuring retail and office suites with upper shop keep units. The City of El Cajon is encouraging developers to bring mixed-use solutions to the area, which is undergoing regeneration. The property is situated on a main thoroughfare into the city from La Mesa and Santee. The surrounding area is envisioned as a walking, pedestrian-friendly district. The project could serve employees at nearby car dealerships and residents in the adjacent residential neighborhood. The city is interested in working with a developer to rejuvenate the area. The property is easily accessible, located within two blocks of HWY 8 onramps, near the signal at Marshall and Main Street, around the corner from the El Cajon Transit Center, and in close proximity to several major car dealerships. The property is part of the "Green Street Gateway" and "Commercial Village" redevelopment plan. The parcel size is approximately 3,800 square feet. The seller also owns the neighboring three parcels to the east, which can be sold separately or as a portfolio, allowing a developer to acquire four parcels totaling just over 21,000 square feet for a larger mixed-use development.
Key Highlights
- Prime redevelopment opportunity in El Cajon's designated revitalization zone with city support and developer incentives.
- Potential for a large‑scale mixed‑use project with low parking requirements due to transit district location.
- Portfolio sale opportunity to acquire almost an entire block (approximately 21,000 SF) across four parcels.
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
$56,002
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
3.74%
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%
$1,120,040
$1.1M
Cap Rate 7%
$800,029
$800.0K
Cap Rate 9%
$622,244
$622.2K
Market Conditions
NOI Build-Up for 3,800 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
$85.7K $22.56/SF
− Vacancy
−$11.1K −$2.91/SF
EGI
$74.7K $19.65/SF
− OpEx
−$18.7K −$4.91/SF
NOI
$56.0K $14.74/SF
Area
El Cajon, CA
Vacancy
12.90%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$1,120,040
Cap Rate 7%
$800,029
Cap Rate 9%
$622,244
Alternative Uses
Best Use
Office B
$800.0K
$700.0K – $933.4K
NOI $56,002 @ 7.0% cap · market cap 3.74%
Second Best
Warehouse
$675.6K
$591.2K – $788.2K
NOI $47,294 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$944.1K
$826.1K – $1.10M
NOI $66,090 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,507
Businesses Nearby
Explore this area
Business Placement
Demographics for 92020, CA
60,454
Population
20,311
Households
3
Avg Household Size
37
Median Age
26%
College-Educated
84%
High-School Grad
11.1 sq mi
ZIP Area
5,446
Density / Sq Mi
$72,822
Median Household Income
$39,855
Median Earnings
$1,793
Median Rent
$741,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime corner lot for mixed-use redevelopment in El Cajon.
Where is this mixed-use property located?
The property is located at 939 W Main El Cajon, CA.
What is the asking price?
The asking price for this property is $1,498,800.
What are key features of this property?
This property features: Prime redevelopment opportunity in El Cajon's designated revitalization zone with city support and developer incentives.; Potential for a large‑scale mixed‑use project with low parking requirements due to transit district location.; Portfolio sale opportunity to acquire almost an entire block (approximately 21,000 SF) across four parcels.
