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Property profile & analytics
FOR LEASE
Warehouses
2946 Norman Strasse Rd San Marcos, CA 92069
Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US09-6909030
For Lease
1 / 2
$19,000,000
2946 Norman Strasse Rd, San Marcos, CA 92069
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2018
Total area
90,646 SF
Lot
5.79 ac (252,212 SF)
Zoning code
INDUSTRIAL (M ZONE)
APN
217-560-49-00
UPID
US09-6909030
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Multipack Industrial Manufacturer Production Facility
-
Ca. Spirits Food Processing Plant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$19.00M
CAP Approach
CAP
$19.38M
Comparable Approach
Comparable
$12.83M
Blend (final)
Blend
$19.00M
Owner & transaction history
Gki San Diego LLC · 2 yrs held
Gki San Diego LLC
since 2024
Last sale
$19.0M
7 recorded transactions
Zoning & alternative use
INDUSTRIAL (M ZONE) · San Marcos, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$28.5M
+11.1%
Retail stores
$27.5M
+7.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs San Marcos submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs San Marcos submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$19,000,000
ML approach
$19,000,000
CAP Approach
CAP Return
Estimation
6%
$20,990,000
6.5%
$19,375,000
7%
$17,990,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$25,685,000
Current use
APARTMENT HOUSE (5+ UNITS)
$28,535,000
Change: +11% · Conversion: Difficult
RETAIL STORES
$27,525,000
Change: +7% · Conversion: Moderate
Blend value · Realmo final
$19.00M
Range $17.10M – $20.90M · ±10% · vs last sale $19.00M (Jan 26 2024)
Last sale anchor
$19.00M
Jan 26 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$210 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$213,466
Tax year 2024
Assessed value
$16,038,735
Assessed 2024
Previous assessed
$16,038,735
+0.0% YoY
Effective rate
1.33%
On assessed value
Assessed land
$3,280,937
Assessed improvement
$12,757,798
Applied tax rate
13.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
2018
Heating
NONE
Units
1
Total area
90,646 SF
Lot
5.79 ac (252,212 SF)
Zoning code
INDUSTRIAL (M ZONE)
APN
217-560-49-00
UPID
US09-6909030
Jurisdiction
SAN DIEGO
Zoning & alternative use
INDUSTRIAL (M ZONE) · San Marcos, CA
Zoning INDUSTRIAL (M ZONE) · permitted uses
INDUSTRIAL (M ZONE) · San Marcos, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
San Marcos. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$25.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$28.5M
RETAIL STORES
Est. value
$27.5M
WAREHOUSE, STORAGE Current
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2018
Heating
NONE
Units
1
Lot
5.79 ac
Current owner
From public records · entity-resolved
Gki San Diego LLC
Entity
Mailing address
9520 PADGETT ST STE #216, SAN DIEGO, CA 92126-4452
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 26, 2024
$19,000,000
Gki San Diego LLC
Bre Bosstick Norman Owner LLC
Grant Deed
—
Jun 9, 2021
—
Bre Bosstick Norman Owner LLC
—
Deed
related
—
Jun 4, 2020
—
Bre Bosstick-norman Owner LLC
—
Deed
related
$75,000,000 · Pcred Lending III LLC
Nov 9, 2018
$34,629,000
Bre Bosstick-norman Owner LLC
Raf Group Bosstick LLC
Grant Deed
—
Feb 9, 2018
—
Raf Group Bosstick LLC
—
Grant Deed
related
$24,350,000 · City Nat'l Bk
—
—
Bre Bosstick-norman Owner LLC
—
Deed Of Trust
related
$75,000,000 · Pcred Lending III LLC
—
—
Bre Bosstick-norman Owner LLC
—
Deed Of Trust
related
$75,000,000 · Pcred Lending III LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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