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    Retail Building on University Avenue Title is generated by Realmo AI

    1405 University Ave, San Diego, CA 92103

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    Retail building in Hillcrest neighborhood with high traffic.

    Type:Retail
    Property size:
    1,834 SF
    Price / SF:
    $1,076/SF
    Added:
    May 18, 2024
    Days on Market:
    750
    Last Refresh:
    May 12 at 8:07 pm

    Property Features for 1405 University Ave

    General Information

    Standard status
    Active
    Size
    1,834 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Ali Valiahdi

    Listing agent Ali Valiahdi License #CA 01980677

    Listing office Marcus & Millichap - San Diego

    Listing date May 18, 2024

    Source Crexi

    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

    HighLights

    • 100% leased NNN lease provides stable income stream.
    • Tenant recently exercised a 5‑year renewal option, ensuring continued occupancy.
    • High‑traffic location on University Avenue with over 20,000 vehicles per day.
    • Opportunity to lease out 1,600 SF back storage area for additional income.
    • Long‑term tenant has occupied the space since 2008.
    • Close proximity to the 163 freeway, Balboa Park, Fashion Valley mall, and San Diego International Airport.

    Overview

    Located on University Avenue in the Hillcrest neighborhood of San Diego, CA, the property at 1405 University Ave is a 1,834-square-foot retail building. The building is currently 100% leased on a NNN lease to Romantix, an adult bookstore, which has occupied the space since 2008 and recently exercised a 5-year renewal option. University Avenue is the neighborhood’s main street and sees more than 20,000 vehicles passing per day. The property is in close proximity to the 163 freeway, half a mile away from Balboa Park, and two miles from Fashion Valley mall and the San Diego International Airport. The landlord recently reached an agreement with the tenant to break out a back storage area of 1,600 square feet from the lease agreement. The tenant will continue paying the same rent schedule as previously, meaning that the new owner can lease this space out for additional income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.1509079
    Latitude
    32.7481873

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    FAQs

    What type of property is this?
    Retail space - Retail building in Hillcrest neighborhood with high traffic.
    Where is this retail space located?
    The property is located at 1405 University Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $1,975,000.
    What are key features of this property?
    This property features: 100% leased NNN lease provides stable income stream.; Tenant recently exercised a 5‑year renewal option, ensuring continued occupancy.; High‑traffic location on University Avenue with over 20,000 vehicles per day.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ali Valiahdi
    Real Estate License ID: CA 01980677
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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