Listed by Palm Tree Properties
$6,000,000
6172-6196 University Ave
Details
APN 473-280-34-00 / -35-00 / 473-310-01-00
Property Type Retail, Multifamily
Sub Type Shopping Center, Warehouse
Square Footage 20,934
Units 30
Cap Rate 7.25%
NOI $435,018
Occupancy 94%
Tenancy Multi
Lease Type NNN
Lease Term 5
Pro-Forma Cap Rate 8.29%
Pro-Forma NOI $497,249
Price per SqFt $287
Year Built 1960
Year Renovated 2025
Buildings 2
Acreage 0.820
Zoning CC-4-3 / RS-1-7 | Central Urbanized Planned District
Parking Spaces 28 spaces
Parking per 1,000 SqFt 1.34
Investment Type Stabilized
Ground Lease No
Dock High Doors 3
Retail | 7.25% CAP | 20,934 SqFt
Marketing description
This +/- 20,934 SF retail/mixed-use asset spans three parcels at the high-traffic corner of University Ave and College Ave. Zoned RS-1-7 and CC-4-3 within the Central Urbanized Planned District. Located in the Mid-City Eastern Area and a designated Transit Priority Area, the property offers strong visibility and long-term upside potential near housing and public transit.
Investment highlights
- 8.29% Proforma Cap Rate — Clear Leasing Upside
- Several leases are below market; as Halal Market (2033), FuelThyCells (2029), and others roll, proforma NOI exceeds $497K.
- Signalized Corner on University Ave & College Ave
- High-visibility intersection on one of San Diego's primary east-west retail corridors. Strong pedestrian counts, transit access (MTS), and daily traffic exposure.
- Transit Priority Area & Central Urbanized District
- Located within a Transit Priority Area and the Mid-City Eastern Planning Area, the CC-4-3 / RS-1-7 zoning supports long-term repositioning potential.
- 3 New Suites Created from 1 — Immediate NOI Lift
- Units 6192–6196 underwent full renovation: 1 unit split into 3, 3 new bathrooms, fire-rated walls, ADA compliance, and new HVAC/plumbing/electrical.
- 94% Occupancy with 6 New Leases in 2025, +1 New in 2026
- Lease activity in 2025 demonstrates strong market demand at current rents. Multiple tenants have 3- and 5-year terms with 3% annual escalations embedded.
- 30 Revenue-Generating Units Across 4 Categories
- 9 retail suites, 3 dock-high warehouse bays, 17 small-bay industrial workshops, and 1 apartment. Diversified income base insulates against single-tenant vacancy risk.
Listing Contacts
Listed by Palm Tree Properties
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$435,018.00
$36,251.50/mo
Valuation Metrics
0
DSCR
7.25%
Cap Rate
7.25%
ROI
Map
Zoning
CC-4-3 CommercialNeighborhood CommercialCommercial Community
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View all 188 uses
View all 188 uses Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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