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    Property profile & analytics

    1691 Melrose Dr San Marcos, CA 92078

    • Retail space
    • 18,492 SF
    • 1.91 lot acres
    For Lease
    View listing
    Last Sale
    Oct 14, 2024
    $9,300,000
    Value Estimations
    $9,300,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-7056488
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • San Elijo Dental / Dentist / Pediatric Dentist
    • Manhattan Giant Pizza / Pizza Restaurant
    • San Elijo Martial Arts / Martial Arts School
    • Mariah's Westwind Restaurant / American Restaurant / Breakfast Restaurant
    • Windmill Cleaners III / Dry Cleaner

    Property Details for 1691 Melrose Dr

    Year built
    2008
    Lot size
    1.91 lot acres
    Property size
    18,492 SF
    Zone code
    COMMERCIAL
    Property type
    Retail space
    APN
    223-030-96-00
    APU
    2230309600

    Description

    This exceptional Class A retail space, located at 1691-1693 Melrose Drive in the desirable La Costa submarket of San Marcos, California, presents a unique opportunity for a discerning tenant. The property boasts a total of 2,000 square feet of vacant space, perfect for a single-tenant occupancy. Situated in a thriving commercial strip center, this location offers ample parking for customers and employees, ensuring convenient access and high visibility. The property's address is 1691-1693 Melrose Drive, San Marcos, CA 92078. Its convenient location within the San Marcos submarket and the La Costa cluster guarantees high foot traffic and excellent exposure to a diverse customer base. The building is classified as Class A, reflecting its superior construction, modern amenities, and prime location. This single-tenant space is immediately available, providing a seamless transition for your business. The property's size is ideal for a variety of retail uses, offering significant potential for growth and success. Don't miss this chance to establish your business in a highly sought-after location. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,300,000
      ML approach
      $9,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,327,000
      Market price range: $3.51M - $8.33M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,615,000
      Current use
      RESTAURANT
      $12,125,000
      Change: +116% Conversion: Easy
      MEDICAL BUILDING
      $8,775,000
      Change: +56% Conversion: Difficult
      OFFICE BUILDING
      $8,135,000
      Change: +45% Conversion: Easy
      AUTO REPAIR, GARAGE
      $7,060,000
      Change: +26% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $5,820,000
      Change: +4% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Marcos
    County
    San Diego
    State
    California
    Longitude
    -117.222
    Latitude
    33.1067
    CBSA code
    41740
    CBSA name
    SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $123,150
    $3,888,335
    $7,105,054
    $10,993,389
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      11.20 Acres

      555 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 11.20 Acres
      555 Grand Ave, San Marcos, CA 92078-1234
      View Details
    • Value Estimation
      $2,900,000
      11,364 SF

      577 Rancho Santa Fe Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,364 SF
      577 Rancho Santa Fe Rd, San Marcos, CA 92078-3639
      View Details
    • Value Estimation
      $1,460,000
      5,381 SF

      1501 San Elijo S Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,381 SF
      1501 San Elijo S Rd, San Marcos, CA 92078-2047
      View Details
    • Value Estimation
      $1,780,000
      4,480 SF

      920 San Marcos Blvd

      RETAIL STORES (PERSONAL SERVICES) • 4,480 SF
      920 San Marcos Blvd, San Marcos, CA 92078-1119
      View Details
    • Value Estimation
      $6,050,000
      10,707 SF

      904 San Marcos Blvd

      RETAIL STORES (PERSONAL SERVICES) • 10,707 SF
      904 San Marcos Blvd, San Marcos, CA 92078-1118
      View Details
    • Value Estimation
      $6,050,000
      18,143 SF

      910 San Marcos Blvd

      RETAIL STORES (PERSONAL SERVICES) • 18,143 SF
      910 San Marcos Blvd, San Marcos, CA 92078-1115
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Retail Space Near San Marcos High

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      Retail Buildings on San Marcos Blvd

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      Retail Pad Available Q1 2024

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      Retail Space Near Cal State

      Retail space with prominent signage and convenient freeway access.
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    1691 Melrose Dr
    San Marcos, CA 92078
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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.

    More about this property
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