Miramar Office Condo For
For Sale
Contact for pricing
9888 Carroll Centre Road, San Diego, CA 92126
Office condo in Miramar, divisible to two suites.
Property Size1,679 SF
Price / SF$309
Days on Market708
Property Features for 9888 Carroll Centre Road
General Information
Standard status
Active
Size
1,679 SF
Property subtype
Office
Zoning
IL-2-1 ( City of San Diego), Professional & Medical Use
Listing Agency:
Pacific Coast Commercial
Listed By:
Bo Gibbons · License #CA 01367936
Source:
Crexi
Added: Sep 30, 2024
Changed: Aug 23
Last Checked: Sep 7 at 12:05PM
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 Pacific Coast Commercial
Investment Insights
Based on property information with market context.
This office condo, located in Miramar, offers approximately 1,679 square feet of space and is divisible into two suites. The window-lined offices provide natural lighting. The suite can be connected to water. The property includes one reserved parking space and a new private security system with 24-hour access. Common area restrooms are available on both floors, and the building is elevator served. The property is zoned IL-2-1 (City of San Diego), which allows for professional, medical, and dental uses. Currently, the suite is divided for two tenants, offering the option to lease the second suite for extra income. HOA fees are $711 per month. The property features a beautiful atrium with a campus-like setting and courtyard. Renovated in 2015, the building was originally built in 1985. Monument signage is available. It offers easy freeway access to I-15 via Carroll Canyon and Miramar Road. Ample parking is available, with 4 spaces per 1,000 square feet, totaling 185 spaces. The property is located in close proximity to an abundance of restaurants on Mira Mesa Boulevard.
Key Highlights
- ± 1,679 SF Office Condo in Miramar with window‑lined offices providing natural lighting.
- Divisible to Two Suites: Option to lease the second suite for extra income.
- Zoned IL‑2‑1 (City of San Diego): Professional, Medical & Dental Uses Allowed.
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
$35,292
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
6.80%
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%
$705,840
$705.8K
Cap Rate 7%
$504,171
$504.2K
Cap Rate 9%
$392,133
$392.1K
Market Conditions
NOI Build-Up for 1,679 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
$54.4K $32.40/SF
− Vacancy
−$7.3K −$4.37/SF
EGI
$47.1K $28.03/SF
− OpEx
−$11.8K −$7.01/SF
NOI
$35.3K $21.02/SF
Area
ZIP 92126
Vacancy
13.50%
Lease Rate
$32.40 /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%
$705,840
Cap Rate 7%
$504,171
Cap Rate 9%
$392,133
Alternative Uses
Best Use
Office B
$504.2K
$441.2K – $588.2K
NOI $35,292 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$601.7K
$526.5K – $702.0K
NOI $42,117 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 92126, CA
74,788
Population
26,146
Households
2.9
Avg Household Size
37
Median Age
49%
College-Educated
90%
High-School Grad
11.6 sq mi
ZIP Area
6,447
Density / Sq Mi
$123,232
Median Household Income
$56,975
Median Earnings
$2,630
Median Rent
$802,000
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 condo in Miramar, divisible to two suites.
Where is this office units located?
The property is located at 9888 Carroll Centre Road San Diego, CA.
What is the asking price?
The asking price for this property is $518,811.
What are key features of this property?
This property features: ± 1,679 SF Office Condo in Miramar with window‑lined offices providing natural lighting.; Divisible to Two Suites: Option to lease the second suite for extra income.; Zoned IL‑2‑1 (City of San Diego): Professional, Medical & Dental Uses Allowed.
