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2886-2888 Mission Blvd 3,424 SF 50% Leased Retail Building San Diego, CA 92109 For Sale
Investment Highlights
- 10 Sources of Income on the Property Including 2 Commercial, 1 Coffee Cart, 6 Studio Apartments, and Laundry
- Located in South Mission Beach Near Belmont Park
- Both Commercial Spaces are Vacant, 1 has Grease Trap, Hood, and Sink
- Building Size: 3,424 SF Lot Size: 2,058
- Owner-User or Investor Opportunity
- Recently Remodeled Throughout the Building
Executive Summary
The Franco Realty Group is pleased to exclusively present a rare coastal mixed-use investment opportunity in the heart of Mission Beach — one of San Diego's most supply-constrained and tourism-driven submarkets. Situated directly on Mission Blvd with 40 feet of street frontage, the property comprises 8 units totaling ±3,424 SF: six renovated studio apartments and two ground-floor commercial spaces, generating up to 10 sources of income including laundry and a boutique coffee shop tenant.
With both commercial spaces currently vacant, the offering presents immediate value-add upside through lease-up at market rents, complemented by a stabilized residential income stream. Pro forma Year 1 NOI of $169,379 reflects a 5.13% cap rate, growing to 5.71% in Year 2 as rents escalate. Gross scheduled income is projected to reach $242,946 by Year 2, with total returns improving from 3.55% to 4.93% cash-on-cash.
One commercial space is plumbed for a kitchen with a grease trap and previous hood — ideal for a food & beverage operator. The MBPD-NC-S zoning also allows for potential conversion of commercial space to residential, adding further long-term optionality. SBA financing may be available for owner-users.
Steps from Belmont Park, Mission Bay, SeaWorld, and the Pacific Ocean, this asset offers durable, tourism-backed income in a location where new supply is virtually impossible — positioning it well for premium rents and long-term appreciation.
With both commercial spaces currently vacant, the offering presents immediate value-add upside through lease-up at market rents, complemented by a stabilized residential income stream. Pro forma Year 1 NOI of $169,379 reflects a 5.13% cap rate, growing to 5.71% in Year 2 as rents escalate. Gross scheduled income is projected to reach $242,946 by Year 2, with total returns improving from 3.55% to 4.93% cash-on-cash.
One commercial space is plumbed for a kitchen with a grease trap and previous hood — ideal for a food & beverage operator. The MBPD-NC-S zoning also allows for potential conversion of commercial space to residential, adding further long-term optionality. SBA financing may be available for owner-users.
Steps from Belmont Park, Mission Bay, SeaWorld, and the Pacific Ocean, this asset offers durable, tourism-backed income in a location where new supply is virtually impossible — positioning it well for premium rents and long-term appreciation.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,424 SF
Building Class
C
Year Built
1927
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.57
Lot Size
0.05 AC
Zoning
MBPD-NC-S
Frontage
Amenities
- 24 Hour Access
- Corner Lot
- Signage
- Waterfront
- Air Conditioning
Moderately walkable
70/100
Very drivable
80/100
Minimal public transit
10/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 423-712-06 | Improvements Assessment | $636,724 |
| Land Assessment | $2,440,778 | Total Assessment | $3,077,502 |
Property Taxes
Parcel Number
423-712-06
Land Assessment
$2,440,778
Improvements Assessment
$636,724
Total Assessment
$3,077,502
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2886-2888 Mission Blvd
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