Second-Floor Office
New
For Sale
$435,000
950 Boardwalk Unit 202, San Marcos, CA 92078
Five private offices, a conference room, and reception area support a range of professional operations.
Property Size38,500 SF
Lot Size1.55 Acres
Price / SF$287.13
Days on Market7
Property Features for 950 Boardwalk Unit 202
General Information
Standard status
Active
Size
38,500 SF
Elevators
Yes
Lot size
1.55 Acres
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Floor
2
Office Units
18
Building Details
Year Built
2006
Buildings
1
Stories
3
Building Size
38,500 SF
Tenancy
Multi
Listing Agency:
Sean ONeil-Broker
(951) 285-6777
Listed By:
Sean ONeil · License #01394321
Source:
Myfabuloushome
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 6:05PM
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 Sean ONeil-Broker
Investment Insights
Based on property information with market context.
Suite 202 is a 1,515 SF office condominium on the second floor of a three-story, elevator-served building completed in 2006. The interior provides a reception and lobby area, five private offices, a large conference room, a break room with sink, and an additional flex or administrative workspace. The project includes 18 units, with the suite located near the elevator, common restrooms, and stairway.
The property is positioned along W San Marcos Blvd in San Marcos, near Costco, Restaurant Row, Creekside Marketplace, restaurants, entertainment, financial services, healthcare providers, and professional businesses. SR-78 provides access toward Oceanside, Vista, Escondido, I-5, and I-15. A 2021 traffic analysis recorded approximately 36,900 average daily vehicles on the nearest measured segment of W San Marcos Blvd. Palomar College, Cal State San Marcos, SPRINTER rail, and BREEZE bus service are also nearby.
The property is positioned along W San Marcos Blvd in San Marcos, near Costco, Restaurant Row, Creekside Marketplace, restaurants, entertainment, financial services, healthcare providers, and professional businesses. SR-78 provides access toward Oceanside, Vista, Escondido, I-5, and I-15. A 2021 traffic analysis recorded approximately 36,900 average daily vehicles on the nearest measured segment of W San Marcos Blvd. Palomar College, Cal State San Marcos, SPRINTER rail, and BREEZE bus service are also nearby.
Key Highlights
- 1,515 SF office condominium in Suite 202
- Five private offices plus a large conference room
- Reception/lobby, break room with sink, and flex or administrative workspace
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
$35,056
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
8.06%
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%
$701,120
$701.1K
Cap Rate 7%
$500,800
$500.8K
Cap Rate 9%
$389,511
$389.5K
Market Conditions
NOI Build-Up for 1,515 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
$54.5K $36.00/SF
− Vacancy
−$7.8K −$5.15/SF
EGI
$46.7K $30.85/SF
− OpEx
−$11.7K −$7.71/SF
NOI
$35.1K $23.14/SF
Area
San Diego County, CA
Vacancy
14.30%
Lease Rate
$36.00 /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%
$701,120
Cap Rate 7%
$500,800
Cap Rate 9%
$389,511
Alternative Uses
Best Use
Office B
$500.8K
$438.2K – $584.3K
NOI $35,056 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$694.1K
$607.4K – $809.8K
NOI $48,589 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,076
Businesses Nearby
Explore this area
Business Placement
Demographics for 92078, CA
52,347
Population
19,249
Households
2.7
Avg Household Size
39
Median Age
48%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
3,135
Density / Sq Mi
$114,905
Median Household Income
$55,060
Median Earnings
$2,468
Median Rent
$874,000
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?
Office units - Five private offices, a conference room, and reception area support a range of professional operations.
Where is this office units located?
The property is located at 950 Boardwalk Unit 202 San Marcos, 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: 1,515 SF office condominium in Suite 202; Five private offices plus a large conference room; Reception/lobby, break room with sink, and flex or administrative workspace
