6172-6196 University Ave 20,934 SF 95% Leased Retail Building San Diego, CA 92115 $6,000,000 ($286.62/SF) 7.25% Cap Rate

6172-6196 University Avenue is a 20,934-square-foot retail and mixed-use investment property located at the signalized corner of University Avenue and College Avenue in San Diego’s Mid-City corridor. The property spans three legal parcels totaling approximately 0.82 acres and includes 30 revenue-generating units across a diversified mix of retail, warehouse, small-bay industrial/workshop, and residential uses.

The asset is 94% occupied and benefits from strong recent leasing activity, including six leases signed in 2025 and one additional new lease in 2026. Several tenants have multi-year terms and built-in annual increases, while portions of the rent roll remain below market, creating a clear path for future NOI growth as leases roll. At the $6,000,000 asking price, the property offers an approximately 7.25% current cap rate based on in-place NOI of approximately $435,018 and an 8.29% proforma cap rate based on projected NOI of approximately $497,249.

Ownership has completed substantial 2024-2025 improvements, including fire/life-safety upgrades, ADA work, stormwater BMP compliance, electrical improvements, plumbing, HVAC, and a full renovation of the 6192-6196 wing, which was converted from one unit into three leasable suites. These improvements strengthen the property’s operating profile and reduce the near-term burden on incoming ownership.

The location offers excellent visibility along University Avenue, one of San Diego’s primary east-west commercial corridors, with approximately 30,000+ vehicles per day, nearby transit access, and proximity to SDSU, I-8, City Heights, Mid-City, and surrounding residential density. The site is located within a Transit Priority Area and the Central Urbanized Planned District, giving investors a combination of durable in-place income, leasing upside, and long-term repositioning potential.