Prospect Square 1025 Prospect St 33,056 SF Retail Building La Jolla, CA 92037 $10,900,000 ($329.74/SF) 7.75% Cap Rate

The Totah Group of Marcus & Millichap presents Prospect Square, an approximately 33,055-square-foot mixed-use coastal investment offered as a leasehold interest. Constructed in 1984 with steel-frame architecture atop a three-story concrete subterranean garage, the property has benefited from substantial renovations in 2022 and 2024. Upgrades include replacement of cooling towers and packaged units, modernized elevator cabs and mechanical systems, enhancements to plumbing and waterproofing, and comprehensive improvements to fire and life safety infrastructure.
Located on Prospect Street in La Jolla Village, directly opposite La Jolla Cove and within one block of the Pacific Ocean, this asset resides within one of San Diego’s most prestigious and supply-constrained coastal markets.
Prospect Square is currently 91.70% occupied and features anchor tenants such as Cody’s Restaurant and Beeside Colony—both recognized coastal dining establishments—alongside The Agency Real Estate, a leading luxury brokerage. The property's blend of retail and office tenants delivers consistent income with limited landlord obligations, while presenting value-add opportunities through targeted leasing strategies, including vacancy lease-up and transitioning existing gross retail leases to NNN formats, aiming for a pro-forma cap rate of 10.56%.
Demonstrating a history of sustained occupancy and dependable cash flow, complemented by a three-level income-producing parking facility and prime coastal location, Prospect Square offers investors an appealing opportunity to secure a long-term ground lease interest in one of Southern California’s most exclusive markets.
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