Investment Overview

Marcus & Millichap is pleased to present Prospect Square, a rare ±33,055 SF mixed-use coastal investment offered as a leasehold interest. Originally built in 1984 with steel-frame construction over a three-story subterranean concrete garage, the property has been meticulously maintained and underwent extensive renovations in 2022 and 2024. Recent upgrades include replacement of the cooling tower and package units, modernization of elevator cabs and mechanicals, plumbing and waterproofing enhancements, and comprehensive fire and life safety improvements. Prominently located on Prospect Street in La Jolla Village, Prospect Square enjoys unmatched visibility directly facing the iconic La Jolla Cove and just one block from the Pacific Ocean. This generational asset is situated in one of San Diego’s most prestigious and supply-constrained coastal markets, offering investors an irreplaceable location with enduring demand. Currently 91.70% occupied, the property is anchored by Cody’s Restaurant and Beeside Colony, two acclaimed coastal dining destinations, along with The Agency Real Estate, a premier luxury brokerage. The carefully curated tenant mix of retail and office users provides stable in-place income with minimal landlord responsibilities. In addition, the property offers meaningful upside through targeted leasing strategies, including vacancy lease-up and the conversion of existing gross retail leases to NNN structures, which together support a pro forma cap rate of 10.56%. With a proven track record of high occupancy, consistent cash flow, and an income-generating three-level parking garage, Prospect Square presents a rare opportunity to secure a long-term ground lease interest in one of Southern California’s most exclusive coastal markets.