Ground Floor Office
For Sale
Contact for pricing
4455 Morena Boulevard Suite 115, San Diego, CA 92117
Office suite available for sale or lease in Morena.
Property Size968 SF
Price / SF$449.38
Days on Market847
Property Features for 4455 Morena Boulevard Suite 115
General Information
Standard status
Active
Size
968 SF
Property subtype
Office
Investment Type
Owner/User
Building Details
Tenancy
Single
Listing Agency:
Voit Real Estate Services San Diego
Listed By:
Garrett Fena · License #01919122
Source:
Crexi
Added: May 14, 2024
Changed: Aug 14
Last Checked: Sep 1 at 10:42PM
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 Voit Real Estate Services San Diego
Investment Insights
Based on property information with market context.
Located at 4455 Morena Boulevard, this ground floor office suite is available for sale or lease. The 968 square foot unit is situated in the Morena submarket within a well-maintained office building.
Key Highlights
- Ground floor office suite
- Located in the highly desirable Morena submarket
- Available for lease or sale
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
$18,687
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
4.30%
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%
$373,740
$373.7K
Cap Rate 7%
$266,957
$267.0K
Cap Rate 9%
$207,633
$207.6K
Market Conditions
NOI Build-Up for 968 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
$29.0K $30.00/SF
− Vacancy
−$4.1K −$4.26/SF
EGI
$24.9K $25.74/SF
− OpEx
−$6.2K −$6.44/SF
NOI
$18.7K $19.31/SF
Area
San Diego, CA
Vacancy
14.20%
Lease Rate
$30.00 /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%
$373,740
Cap Rate 7%
$266,957
Cap Rate 9%
$207,633
Alternative Uses
Best Use
Office B
$267.0K
$233.6K – $311.5K
NOI $18,687 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$382.3K
$334.5K – $446.1K
NOI $26,763 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
920
Businesses Nearby
Explore this area
Business Placement
Demographics for 92117, CA
51,505
Population
21,706
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
91%
High-School Grad
8.7 sq mi
ZIP Area
5,920
Density / Sq Mi
$105,286
Median Household Income
$58,135
Median Earnings
$2,115
Median Rent
$914,400
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 - Office suite available for sale or lease in Morena.
Where is this office units located?
The property is located at 4455 Morena Boulevard Suite 115 San Diego, CA.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Ground floor office suite; Located in the highly desirable Morena submarket; Available for lease or sale
