Elevator-Served Free-Standing
For Sale
Contact for pricing
9565 Waples St, San Diego, CA 92121
Elevator-served free-standing office building with expansive windows and abundant on-site parking.
Property Size13,454 SF
Price / SF$457.11
Days on Market279
Property Features for 9565 Waples St
General Information
Standard status
Active
Size
13,454 SF
Property subtype
OFFICE
Additional Details
Business Included
No
Highway Access
Yes
Amenities
elevator
Listing Agency:
Urban Property Group (UPG)
(858) 874-1989
Listed By:
Amy McNamara · License #01083491
(760) 889-2127
Source:
Moodyscre
Added: Dec 11, 2025
Changed: Aug 15
Last Checked: Sep 15 at 8:14AM
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 Urban Property Group (UPG)
Investment Insights
Based on property information with market context.
This free-standing office building offers flexibility for an owner-user or an investment setup, with the ability to occupy all or a portion of the building. The property features an expansive window line, elevator service, and visibility supported by signage.
Located in Sorrento Mesa in San Diego at 9565 Waples St, the building is positioned to support convenient commuting with proximity to a freeway and nearby transit options. Parking is a strong component, with abundance of on-site parking plus adjacent street parking. The property is also described as having zoning that allows for a mix of uses, with synergy noted from adjacent tenants in the technology, life science, and pharmaceutical hub.
Located in Sorrento Mesa in San Diego at 9565 Waples St, the building is positioned to support convenient commuting with proximity to a freeway and nearby transit options. Parking is a strong component, with abundance of on-site parking plus adjacent street parking. The property is also described as having zoning that allows for a mix of uses, with synergy noted from adjacent tenants in the technology, life science, and pharmaceutical hub.
Key Highlights
- elevator‑served, free‑standing office building in Sorrento Mesa with an expansive window line
- flexible layout for owner‑user or investment, with the ability to occupy all or a portion of the building
- abundance of on‑site parking plus adjacent street parking
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
$259,729
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
4.22%
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%
$5,194,580
$5.2M
Cap Rate 7%
$3,710,414
$3.7M
Cap Rate 9%
$2,885,878
$2.9M
Market Conditions
NOI Build-Up for 13,454 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
$403.6K $30.00/SF
− Vacancy
−$57.3K −$4.26/SF
EGI
$346.3K $25.74/SF
− OpEx
−$86.6K −$6.44/SF
NOI
$259.7K $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%
$5,194,580
Cap Rate 7%
$3,710,414
Cap Rate 9%
$2,885,878
Alternative Uses
Best Use
Office B
$3.71M
$3.25M – $4.33M
NOI $259,729 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.31M
$4.65M – $6.20M
NOI $371,976 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,742
Businesses Nearby
Explore this area
Business Placement
Demographics for 92121, CA
4,658
Population
1,774
Households
2.6
Avg Household Size
32
Median Age
75%
College-Educated
99%
High-School Grad
12.5 sq mi
ZIP Area
373
Density / Sq Mi
$135,795
Median Household Income
$70,431
Median Earnings
$2,537
Median Rent
$1,091,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in San Diego, CA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Elevator-served free-standing office building with expansive windows and abundant on-site parking.
Where is this office building located?
The property is located at 9565 Waples St San Diego, CA.
What is the asking price?
The asking price for this property is $6,150,000.
What are key features of this property?
This property features: elevator‑served, free‑standing office building in Sorrento Mesa with an expansive window line; flexible layout for owner‑user or investment, with the ability to occupy all or a portion of the building; abundance of on‑site parking plus adjacent street parking
