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4224-4228 El Cajon Blvd 6,752 SF 100% Leased Retail Building San Diego, CA 92105 $2,995,000 ($443.57/SF) 3.80% Cap Rate
Investment Highlights
- Preliminary plans submitted — streamlined path to permits under Complete Communities Tier 3 Overlay
- Covered land play ±6,752 SF existing retail, all tenants month-to-month
- High visibility corridor with Walk Score® 93 & Transit Score® 56
- Large parcel: ±12,279 SF with 123’ frontage on El Cajon Blvd
- Near-shovel-ready – can advance directly to construction documents & permits
- Infill redevelopment corridor with active pipeline projects and public-private support
Executive Summary
Property Type: Retail / Redevelopment
Lot Size: 12,279 SF (0.28 acres)
Existing Improvements: 6,752 SF retail (built 1942)
Frontage: 123’ on El Cajon Blvd
Zoning: Complete Communities Tier 3 Overlay (6.5 FAR, no parking requirement)
Tenancy: all month-to-month leases
Price: 2,995,000 ($243/SF land, $443/SF building)
Development Highlights
Preliminary Plans Submitted: Concept for 78 multifamily units + 5,000 SF ground-floor commercial
Entitlement Status: No affordable housing requirement; project can proceed directly to construction documents and building permits
FAR Potential: 69,000 buildable SF
Location Features
Walk Score 93 – Walker’s Paradise
Transit Score 56 – Good Transit
Located in the heart of City Heights on a highly visible corridor with strong redevelopment momentum
Close to major employers, retail, and transit connections
Investment Opportunity
4228 El Cajon Blvd offers investors a rare covered land play in a rapidly evolving San Diego submarket. With all tenants on short-term leases, immediate income is coupled with a clear path to redevelopment. The site’s Complete Communities Tier 3 zoning and submitted plans make this a near-shovel-ready opportunity for multifamily developers.
Lot Size: 12,279 SF (0.28 acres)
Existing Improvements: 6,752 SF retail (built 1942)
Frontage: 123’ on El Cajon Blvd
Zoning: Complete Communities Tier 3 Overlay (6.5 FAR, no parking requirement)
Tenancy: all month-to-month leases
Price: 2,995,000 ($243/SF land, $443/SF building)
Development Highlights
Preliminary Plans Submitted: Concept for 78 multifamily units + 5,000 SF ground-floor commercial
Entitlement Status: No affordable housing requirement; project can proceed directly to construction documents and building permits
FAR Potential: 69,000 buildable SF
Location Features
Walk Score 93 – Walker’s Paradise
Transit Score 56 – Good Transit
Located in the heart of City Heights on a highly visible corridor with strong redevelopment momentum
Close to major employers, retail, and transit connections
Investment Opportunity
4228 El Cajon Blvd offers investors a rare covered land play in a rapidly evolving San Diego submarket. With all tenants on short-term leases, immediate income is coupled with a clear path to redevelopment. The site’s Complete Communities Tier 3 zoning and submitted plans make this a near-shovel-ready opportunity for multifamily developers.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
6,752 SF
Building Class
C
Year Built
1942
Price
$2,995,000
Price Per SF
$443.57
Cap Rate
3.80%
NOI
$113,810
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.55
Lot Size
0.28 AC
Zoning
C - Complete Communities Tier 3 Overlay – 6.5 FAR, no parking minimum, high-density mixed-use zoning with submitted plans for 78 units + retail.
Parking
9 Spaces (1.33 Spaces per 1,000 SF Leased)
Frontage
123’ on El Cajon Blvd
Amenities
- Bus Line
- Pylon Sign
- Signage
- Signalized Intersection
- Air Conditioning
Walk Score®
Walker's Paradise (93)
Nearby Major Retailers
Property Taxes
| Parcel Number | 471-051-15 | Improvements Assessment | $474,206 |
| Land Assessment | $675,640 | Total Assessment | $1,149,846 |
Property Taxes
Parcel Number
471-051-15
Land Assessment
$675,640
Improvements Assessment
$474,206
Total Assessment
$1,149,846
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4224-4228 El Cajon Blvd
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